Mortgage in Mexico for U.S. citizen
Does anyone know of mortgages a U.S. citizen can get to purchase property in Mexico? I'd like to get one similar to what we get in the U.S. in term of 10- 20% down payment and a 20-30 year fixed term.
Any links/ resources/ or investors interested is appreciated. Thanks in advance!
Hi Jay, I've had friends who were Americans who lived in Mexico and from what they told me, Mexico is much more challenging to get a mortgage and the terms are worse compared to American mortgages. From what I was told the rates were much higher there besides other differences.
Hi Jay, you'd need to get a mortgage in Mexico. Forget 10 - 20% down, as 35% is the absolute minimum and it's most often 50%. Also, interest rates are significantly higher.
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@Jay Johnston
As mentioned they are a lot more expensive and require a lot more down. Also they are much shorter time period
You typically will not find a 30 year note
As mentioned by @Chris Seveney, you can't get 30 years. But you can get 20 or 25, which is what you're looking after if I'm not mistaken.