International Living Postcards– your daily escape
Wednesday, Oct. 12, 2005
Puerto Vallarta, Mexico
Dear International Living Reader,
We’ve just learned that reasonably priced financing for foreigners is now available in Mexico. We’re still going through the fine print, but basically some of the world’s largest residential lenders have now entered the residential market here.
Mexico is the most popular country with U.S. expats, yet until now, financing–if you could get it–was at such bad terms as to be prohibitive; 14% interest rates were the norm. But that’s all about to change…
The way real estate has been "officially" valued in Mexico (and in many cases, still is) is artificially low, which traditionally discouraged U.S. financial institutions from entering the market. But with title insurance readily available on properties in Mexico, and with true recorded values becoming more commonplace (not to mention rapidly appreciating prices), U.S. lenders are now ready to dip their toes in Mexican waters.
Broadly speaking, you can get a 20-year loan (in U.S. dollars) for 70% of the value of the property, with a fixed interest rate of 7.99%.
Even though the loan is secured against the Mexican property, the application process is the same as in the U.S., since that is where the loan originates.
Plus, if you’re already living and working in Mexico, you can get the loan in Mexican pesos. The interest rate is higher (it starts at 12%), but you can get a loan for up to 80% of the value of the property.
We’ll have full details on these new financing options at our Live and Invest in Mexico Seminar, Nov. 13-15. We’re hosting it in Puerto Vallarta…not exactly a selfless choice–we love this city and are looking for a vacation home here right now. Vallarta is cosmopolitan and the beaches are some of our favorite in Mexico. Plus, there’s a long track record of foreign ownership and you’ll find one of the only functioning multiple listing services in the country…and there’s something to suit every price range.
We hope you’ll join us in Vallarta…but places are limited to 80 people. Conference Liaison Patricia Goltry can tell you more, call her toll-free in the U.S. at 866-381-8446. If you miss out on the Seminar but want to know more about Vallarta…or the recent financing breakthrough…drop us an e-mail.
Suzan Haskins and Dan Prescher
For International Living in Mexico
E-mail: mexico@internationalliving.com
P.S. You have one day left to get your $100 Early Bird discount on our Live and Invest in Mexico Seminar–where you’ll discover the best opportunities for comfortable living and profitable investing along Mexico’s sunny Pacific Coast.
