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There ARE Mexican Mortgages Available!

We sat down to talk with Joshua Rappaport, Founder/Owner/ Operator of Cross-Border Investment (CBI) and Cristina Roaf, one of his top sales executives, to get the low-down on traditional mortgages available to purchase property in Mexico. For the past several years mortgages have been available for U.S. and Canadian citizens and residents. The loans are issued by Mexican banks that accept foreign borrowers. Josh shares, “You can’t go into a U.S. or Canadian bank and get a mortgage using a property in Mexico as the collateral.  I entered the Mexican mortgage industry in 2006. Since then, I’ve been committed to forging relationships at the highest levels with Mexican banks. At Cross-Border Investment, we have been able to leverage those relationships to the best benefit of our clients. We have access to loans that are exclusive to CBI.”

Prior to the international banking crisis of 2008, American banks teamed up with Mexican banks to offer USD mortgages in Mexico.  The underwriting was done in the U.S. and the Mexican banks took care of working with the Mexican Notarios. In Mexico, the Notary Public is an attorney empowered by the Mexican government to validate and give formality to certain transactions, including real estate purchases.  All real estate transactions that exceed a certain amount must be performed before a Notary Public.

“We not only help our clients find the right financial product for their personal situation, we follow through with the execution of the entire purchase process.  We act as the closing coordinator and work with the Notaries,” explained Josh. “We work closely with real estate agents in the closing process since they are the professionals that are referring our clients.”

“One of the most important contributions we make to the closing process is helping our clients understand the nuances of an international real estate transaction,” Josh continued.  “While the overall process may be familiar….identifying a property, making an offer, negotiating contingencies, opening escrow and providing all the personal data for creation of the property title….there are some uniquely Mexican factors to consider,” added Cristina.  “Just as everyone’s experience may differ in the U.S. or Canada, the same applies in Vallarta. Some conditions for loan approval are uniquely Mexican, for example the life insurance requirement and the corresponding medical exam.”

“The bank trust is also another uniquely Mexican factor, “Josh noted. We spend one-on-one time with our clients to make sure they understand not only the differences in processes, but the uniquely Mexican relationship with time.  Things move more slowly in Vallarta than what someone in a U.S. or Canadian market may expect.”

The JG Group has worked with the bilingual team at CBI and can recommend, without hesitation, the knowledgeable and responsive approach they take with every client.  Don’t hesitate to click here and start talking with Cristina Roaf. Whether you are considering your retirement home or an investment property with proven ROI, she can help your Vallarta vision come true.  Let her know that The JG Group sent you!

Click here to learn more from CBI about loan-to-value ratios, interest rates, payment terms, income documentation and credit score requirements.  Getting pre-qualified for a mortgage gives our clients peace of mind and the ability to evaluate properties they may have considered out of reach.  

Don’t wait.  The only regret our clients express is not having started sooner.