Explore the world of mortgages in Mexico and discover the perfect financing solution for your dream home. From interest rates to eligibility criteria, our comprehensive guide provides insights into the Mexican mortgage market. Get expert advice, understand the application process, and make informed decisions with our in-depth resources. Find your way to homeownership in Mexico with confidence and ease.
INTERCAM DREAM LOAN MORTGAGES (HIGHLIGHTS)
ELIGIBLE AREAS: Yucatan, Playa del Carmen, Cancun, and other select locations throughout Mexico.
CRTIERIA:
- Canadians/ Americans
- Property must have a minimum value of $250,000 USD
- FICO score of 700 or higher
DETAILS:
- Loans are in USD
- Financing for up to 65% of appraisal value
- 5 to 25 year terms (in 5 yr increments)
- Interest rates between high 7% range to high 9% range, depending on credit score, etc
- Interest only on remaining unpaid balance
- No penalties for early repayment
CONDITIONS:
- ONLY applies to finished properties (no land or incomplete pre-construction)
- Title must be registered or able to be registered (newly completed projects)
- Appraisal and valuation of the property must be done by Intercam or designate
- There must be a title report and title insurance
- The buyer (borrower) must have life and home insurance re this purchase
- The buyer must have a guarantee and restricted zone fidi w Intercam
DOCUMENTS REQUIRED:
- Valid passport
- SIN/ SSN
- 3 years previous tax returns (to verify income)
- Marriage certificate (if applicable)
PROCESS:
- Complete a profile on intercamdreamloan.com to determine eligibility (usually takes up to 7
days for a determination)
- Once eligible, complete an application
- Transact as usual (offer, deposit, contract, etc.) with respect to the specific property
- Closing (includes fidi, insurance policies, etc.)- ideal timeline is 2 months
- Post-closing process (registration and issuance of deed, etc)
OTHER:
- Participation of agents/ sellers is required to ensure disclosure of required documents to finalize the application and ensure a smooth transaction and closing process.
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