subject: Buying a Playa del Carmen Villa – Is a Mexico Mortgage Right for You? [print this page] Buying a Playa del Carmen Villa Is a Mexico Mortgage Right for You?
If you are considering buying a Playa del Carmen villa, or any property in Mexico for that matter, it is worth noting that buying through a mortgage through a Mexican bank institution is possible for citizens of other countries. The following are some points the mortgages and these villas to help you decide if it is the right option for you.
Advantages of using a Mortgage from a Mexican institution. If you are considering a mortgage, there are some advantages to using a Mexican bank instead of one from your home country. They are:
Dealing directly with the bank in this country.
Using the same property you are buying as collateral.
Leaving home equity free. If you use a mortgage from a bank back home, you will need to use you mortgage your home there, tying up your valuable home equity.
Working with reliable international banks; for example, Scotiabank.
Direct payment setup for those with a Mexican bank account.
Monthly packages, which include insurance payments and mortgage payments in one amount, making management easier.
There are also a few disadvantages, which include:
Slightly interest rates than in the U.S.
Longer processing time.
More documentation requirements.
Higher credit score requirements.
Although the final result is ownership with easy monthly payments, the more complicated bureaucratic system involved can be frustrating for some buyers; while this should not be a deterrent if a mortgage in Mexico otherwise looks attractive.
Some properties, such as one new Playa del Carmen villa development also offer pre-approval on their properties, and an arrangement with a bank to make the process of buying the property through a mortgage easier and more direct. The property approval step is already completed, and there will be fewer go-between steps to reach final approval. Some developments also collect all the documents for buyers, and deal with the bank, saving the buyer time spent delivering documents between the seller and the bank.
This kind of arrangement can make the mortgage process much easier and a less complicated part of the buying experience.
Each buyer should consider the usual of deciding whether to buy through a mortgage or not, and also take into consideration the advantages and disadvantages of using a mortgage directly in Mexico.
TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely
