Financing - Finance Posibilities to Purchase a Property in Los Cabos
Having a profound impact on the real estate market in Los Cabos is the availability of U.S. Mortgage financing for properties in Mexico. Until now Los Cabos was reserved for the cash buyer. If you wanted a $500,000 home you had to have $500,000 cash to buy it. With the introduction of financing, U.S. Mortgage Companies are offering long term, fixed rate financing for periods up to 30 years using your property in Mexico as collateral.
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Once the U.S. Mortgage Company has approved your loan, they will contact a Public Notary to draft the required bank trust document. The trust will be registered by the Public Notary with the Trustee bank. Afterward you make payments to the U.S. Mortgage Company as you would any loan. There are numerous mortgage brokers and banks offering a wide range of lending products to both American and Canadian Buyers. Currently El Encanto de la Laguna has numerous clients that have chosen to work with Baja Capital Mortgage (BCM). BCM is the first U.S. Owned and operated mortgage company operating from Mexico which is also a bank approved closing company. This has created Mexico's first full service brokerage fully equipped to deal with every aspect of the Mexico morgage process.
BCM LOAN PROGRAMS
BCM has partnered up with every source of funding in Mexico to offer the widest porfolio of lending products Mexico has to offer. BCM offers over 150 different loan programs with some of the basics of each outlined below.
RESIDENTIAL PURCHASE/ CASH OUT REFINANCE
30 yr. Fixed Loans starting at 8.25%
25 yr. Fixed Loans starting at 7.25%
20 yr. Fixed Loans starting at 6.875%
15 yr. Fixed Loans starting at 6.625%
10 yr. Fixed Loans starting at 6.5%
No Prepayment penalties available
For more information about financing go to www.bajacapitalmortgage.com
