Can I get a mortgage in Mexico?
Yes, you can get a mortgage in Mexico, but there are some specific requirements and considerations. Here are some key points:
- Eligibility: You’ll need to meet certain financial criteria, such as proof of income, a good credit history, and possibly a larger down payment.
- Specialized Lenders: Some lenders, like Intercam Bank with their Dream Loan product, cater specifically to foreign buyers, including US and Canadian citizens.
- Documentation: Additional documentation may be required, such as proof of residency, visa status, and details about the property.
- Restricted Zones: Certain areas, like the 100 km border strip and 50 km coastal area, have restrictions, but these can often be navigated through a fideicomiso (trust agreement).
- Interest Rates: Rates can be higher compared to other countries, so it’s important to shop around and compare offers.
It’s advisable to work with a local real estate agent or a financial advisor who specializes in assisting foreigners with mortgages in Mexico. They can help guide you through the process and ensure you meet all the necessary requirements.
Are you considering a specific area or type of property in Mexico?
