New information about loans and home financing is now available
Collateral International, LLC is providing financing in Mexico. Financing in Mexico can be a complex process. Collateral makes the process of buying a home in Mexico less burdensome. We interface with Mexico realtors and developers on an ongoing basis. We have been providing vacation home financing for US citizens so they can live well in Mexico.
http://collateralinternational.com
Collateral International
210 Automation Way
Birmingham, AL 35210
Local: 205-951-7330
Toll-free: 1-800-370-1130
info@collateralinternational.com
The Laredo National Bank, serving two nations since 1892.
Sandra H. Salinas
Vice President
(956) 723-1151 ext 3749
shsalinas@lnb.com
Spencer McMullen
USA 1-805-563-3300, ext. 105
or
1-805-689-9733
SKYPE: Quality_Mortgage
LOANS FOR CONSTRUCTION
&
PURCHASE OF PRIVATE HOMES IN MEXICO:
INTERCON BANK
Intercontinental National Bank
5631 Broadway
San Antonio, TX 78209
(210) 645-3700
Steve.Pritchard@InterConBank.com
~~ Mortgage program that provides to American Citizens that have their primary residence in the USA who are building, aquiring or remodeling a second residence in Mexico ~~
Available for American, Canadian, British, and Mexican citizens.
Residential
loans, purchases, refinancing, and construction loans.
US: (303) 531-5070
Mortgage Trust Loan Program
Ed Flower, CEO
NC Phone (919) 824-3131
MI Phone (734) 854-3060
OH Phone (614) 378-4025
Fax # (859) 201-1161
Titan Reserve Hotline 638-107-8266
Titan Reserve Mexico Loan Application
Mortgage Trust Program Outline
HABI Fin 2021
Monte Libano No. 245}Lomas de Chapultepec
Mexico 11000 D.F. Mexico
Tel: 202-6777 Fax: 520-9227
Empresa Administradora ARSA de C.V. Hábitat 2000
Oficina Matriz:
Av. San Antonio No. 200 Col. Ciudad de los Deportes
C.P. 03710, Mexico, D.F.
Tel.: 598-9018 Fax: 598-9375
Mortgages In Mexico has been very busy. As anticipated, this is definitely the year of the Canadian!! We have had approximately 50% of our new loans since the first of the year with Canadians. We now have two (2) excellent sources of Canadian money available. These programs vary in length from 20 to 25 years. Interest rates vary from 7.5% to 9%, and the down payment requirement is from 25-35% down. We also have money for those difficult to qualify "self-employed" Canadian and US buyers. We are able to qualify these buyers with 6 months of bank statements instead of using the (usually) limited income shown on their tax returns. We are still going strong with US buyers as well.
The question on everyone's mind is will interest rates in Mexico come down as a result of the recent Federal Reserve drops in the US. The answer is no. The Federal Reserve changes are designed to affect short-term rates, and in fact the LIBOR index (used to determine what a new adjustable rate payment will be) has come down over 1%. This is good news for people who have adjustable rate loans. Unless and until short-term interest rates remain low for a long period of time, there will not be a drop in interest rates for Mexico loans. The risk factor for Mexico loans has already been calculated into our existing rates, and in spite of the ups and downs in the US markets over the last year and a half, we haven't seen any changes in our Mexico rates - it is somewhat, but not totally insulated from the US markets.
Mortgages In Mexico is anticipating the return of GMAC back into the market sometime this month. They have been purchased by a Wall Street brokerage company who has been eager to get into the Mexico mortgage market. We anticipate being able to loan in excess of $1 million loan amounts, and a stated income program. This fits very well with the financially sophisticated client who prefers not to divulge every detail of his/her financial life. GMAC will be known under a different name when they come back into the market.
We are also anticipating new and improved guidelines from GE. GE recently lowered their maximum loan amount to $1 million. We believe we will once again be able to loan in excess of $1 million with GE as well. We will be getting specific guidelines probably by the end of February and will keep you posted on the changes. We know there are new procedures which will prevent delays that were caused by "multi-level" approval processes. This meant we had to get a loan approved by several different levels of management, which added time and requirements. Our primary underwriter will have authority to approve loans up to $1 million. This will be a HUGE time savings. Previously the underwriter could only approve loans up to $300,000 before it had to get further approvals from upper management.
We continue to see more and more, larger loans. Since the first of the year, we've taken several loans in the $600-800,000 range, one for $900,000 and 2 loans of $1 million or more. In addition to GE and GMAC coming back into the market with loans of more than $1 Million, we currently have a lender doing these larger loans. These loans can also be made to previous customers of yours who want to take some cash equity out of their homes in Mexico that you sold them. We call this a "cash-out" refinance. Existing homeowners/investors see what is going on with increasing prices in Mexico, and they want to invest in other properties in Mexico. The US market is a good 2 years away from starting to go back up, and these savvy investors want to park their money in good investments. Mexico real estate is an excellent choice. Now may not be a good time for investors to pull equity out of their real estate in the US because the values of their homes (and available equity) continue to go down.
It may be easier to refinance a Mexico home right now than it is in the US!
The information on this page is provided for the convenience of our clients. The inclusion of a finance company's name on this page should not be construed as a recommendation or endorsement by Cozumel Living.
MORE TO COME!!
Cozumel Living is a multi-listing company, so we can assist you with other listings in town. If you would like additional information on these or any other properties, please contact us.
Nancy Edwards |
From the US dial: You can also reach us directly from the states by dialing this Dallas number: (214) 329-4088 |
Avenida Rafael E. Melgar, |
General Office Email: cozumelliving@hotmail.com
Revised March 2008