Welcome to RE/MAX Real Estate Service, Cabo San Lucas

Joyce Reddeman
Local Cell: (624) 129-9238
Email: joycer@remax.net

Greg Reddeman
Local Cell: (624)129-9667
Email: greddeman@remax.net

Office Local: (011- 52) (624)144-4169
Office Toll Free from U.S.A. / Canada:  1-800-817-1791
Home from U.S.A. / Canada:  1-(587) 329-1389 (Calgary)

Blvd. Marina 20 Local #7
Colonia Centro, C.P. 23450

Cabo San Lucas, Mexico

www.WeSellCabo.com


Mexico Mortgage Update


Ryland Apsey 
President Mexico Capital Mortgage

Mexico

Mortgage

Update

 

Options for US & Canadian Citizens who do not reside in Mexico remain much the same since late 2013. The large Banks, the  likes of which offered us pretty decent interest rates from 2005 through 2012 which ranged from around 6% -9% have not yet decided to again create programs for our market.

At this time all we have is high risk hard money lenders who fund quickly and easily, approve most borrowers… however at a high Price.

Interest rates are 14% - 16% with 35% required as a down payment with up top a 30yr amortization. Typical loan approval timeline is around one week and funding timeline is as little as 45 days with longer closing periods applying when seller documents offer complications.

We have had several potential lenders approach us in 2014, however when it came time to move forward with a transaction, they were unable to perform. That said, as of now there are no new lenders in the market who we can confidently represent as being a reliable source for non-residents of Mexico that offer lower rates.

Regarding residents of Mexico with all their documentation in order, rates are at a long time low starting at 8.49% with a maximum loan term of 20yrs. Life insurance and home owners insurance are standard requirements of these programs. We will keep you posted as new programs become available.

 

 

 

 

 

 

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