Plaza Solare
Local 204
Cancun, QR 77500
Phone: 998-184-5266 Mobile: 602-908-2268 Email Mary Kate

FINANCING IN MEXICO


If you are a foreign resident (WITH TEMPRARY OR PERMANENT RESIDENT CARD, see below for more information) in Mexico and are planning to finance either a new or resale home or apartment, we can help you achieve your dream.

We work with a group of dedicated mortgage brokers whose main interest is to serve as the Customer’s mortgage advisor. This is, we have access to the mortgage products of the main chartered banks in Mexico (Bancomer, Scotiabank, HSBC, Santander, etc.) Their job is to look for the best option for you pressure-free and bias-fee.  This means they do not represent the interests of any specific bank, they represent YOU and have access to these major lenders which allow us to compare all of their products and provide you with the best possible option according to your specific needs. In other words, they do all the mortgage shopping for you and help you take an informed decision. Furthermore, we work hand to hand with you through all the complex process of acquiring your home in Mexico, from choosing the best mortgage until the moment you sign your deed with the Notary Public.  They have already 10 years of experience in the Mayan Riviera and have helped a significant number of customers with all of their mortgage needs.

In order to apply for a mortgage in Mexico you must meet the following criteria:

  • Be a foreign resident with status with either TEMPORARY or PERMANENT resident card.  This card is applied for by contacting the Mexican Consulate in your country of origin.  You can check online for the instructions and requirements to make this an easy process for you.
  • Have a bank account opened in Mexico and a good credit history with the Credit Bureau in Mexico (in certain cases no credit history may suffice).
  • Proof of income: this is typically through bank statements and/or pay stubs from a Mexican company (the last three months are normally required).
  • Minimum age is 22 years old.
  • Proof of address in Mexico (either rented or own) Copy of electric, water bill, etc.

In Mexico, you can finance up to 90% of the property value (not including closing costs).  There are two types of interest rates, fixed and variable, which fluctuate from 8% to 11%. The amortization periods go from 5 to 20 years maximum and the closing costs are around 6%.  Keep in mind that in order to buy in the coastal area of Mexico as a foreign resident, you will have to get a Restricted Zone Bank Trust (fideicomiso).

 

Services include:

  • Mortgages (resale or new homes)
  • Restricted zone trust (fideicomiso)
  • Mortgage substitution (refinancing)
  • Lot financing
  • Lot and construction financing
  • Re-financing

 

 

Should you require further information, feel free to contact me. I will be happy to connect you with expert mortgage advisors to answer all of your simplest and most complicated questions. Services are available in Spanish, English and French.  It is a New Year and time to start enjoying your life in Paradise!


How Much Can You Afford?


Our calculator will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.

If you have any questions, please don't hesitate to contact me.

Required Fields
Term In Years:     
Interest Rate:      %
Cost of Home:  $
Down Payment:  $  
Annual Insurance:  $  
Estimate Insurance to 0.43% of Cost
Annual Property Tax:  $  
Estimate Tax to 1.2% of Cost
Monthly Income:  $
Monthly Debt:  $
Optional Fields
Gross Debt Service Ratio (GDS):     
Total Debt Service Ratio (TDS):     
Condos Fees:  $
Results
  Receive this Detailed Analysis

Your Monthly Payments
 
Loan Amount:
Loan Insurance (%):
Total Loan (Mortgage) Amount:
 
Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:
Income Needed to Qualify for the Mortgage
Total Monthly Loan Payment:
Total Monthly Debt Payment:
Monthly Loan Insurance (%):
Qualifying Income of % GDS Ratio:
Qualifying Income of % TDS Ratio:
What You Can Afford
We are using the % ratio.
Cost of House:
Down Payment:
Loan Value:
Monthly Principal & Interest:
Monthly Insurance:
Monthly Property Tax:
Monthly Condo Fees:
 
Cost of House = [(Monthly income x Debt Ratio) – monthly tax – monthly insurance – condo fee] /
(monthly interest rate/ function of interest rate)
Renting
Monthly Rent: $
Annual Rental Increases:  %
Monthly Renter Insurance: $
Savings or Investment Rate:  %
 
Owning
Planned # of years in home: 
Yearly appreciation of the home:  %
Annual home maintenance:  %