Cross Border Investment would like to take this opportunity to provide essential information pertaining to mortgages for Mexican nationals. The mortgage industry for primary residence purchases has seen an increase in 2014 - along with property values. Many people are taking advantage of lower interest rates and a steady economy to become property owners. The primary focus of Cross Border Investment is to match our clients with the best loan conditions according to the client’s qualifications – typically providing significant savings. Cross Border Investment is located in Puerto Vallarta, Jalisco although we close mortgages throughout all of Mexico on a regular basis. Cross Border Investment has agreements with 9 different banks, offering approximately 95% of the mortgages available. There are literally thousands of mortgage options available for Mexican buyers! The mortgage conditions vary from bank to bank. However, we have provided a general summary: · Down payment: If the property’s value is under $4,000,000 pesos, generally a down payment as little as 10% is available (when the property is co-financed – i.e.: Confinavit, Fovisste – as little as 0% down is available). If the property is valued over $4,000,000, generally 30% down payment is required. · Interest rates: If the down payment is 30% or more, the interest rate is usually 8.50%. If the down payment is less than 30% the interest rate is usually 9.5%-11.0%. · Mortgage term: The maximum mortgage term is usually 20 years. Please note that the term of the mortgage + the age of the client cannot be more than 85 years (though many banks max out at 75 years). Most mortgages do not have a prepayment penalty. For more detailed mortgage conditions, please visit the following link: http://www.crossborderinvestment.com/loan-terms-a-interest-rates-peso.html As per the process, we have provided the most important steps below: 1. Preapproval 2. Bank Approval 3. Appraisal 4. Notario 5. Deeding + funding For more detailed information on the process of purchasing a property via a mortgage, please visit the following link: http://www.crossborderinvestment.com/the-mortgage-process-in-mexico.html As per qualifying for a mortgage, all the banks have two basic requirements. The first requirement is that the applicant earns enough income to afford his current debt payments + the mortgage payment. The second requirement is that if the applicant has a credit history, it needs to be clean and without any significant late payments. No two applicants are the same, so it is important to contact your Cross Border Investment loan officer to discuss the best way to assure the most desirable mortgage conditions. Thank-you for your attention, and we look forward to making your dreams a reality. Kind Regards, Cross Border Investment josh@crossborderinvestment.com Niza Business Center | Río Amarillo 216 | Fluvial Vallarta | Puerto Vallarta, Jalisco | 48312 MEX: (322) 222-1113 | MEX toll-free: 01-800-841-5363 | US/ CND toll-free: 1-888-201-1095 www.crossborderinvestment.com www.hipotecariacbi.com

National Marina Day 2014 June 14th is National Marina Day 2014, A nationwide boating event dedicated to grow boating participation across North America. Marine businesses collaborate to hold events to introduce the public to boating through on-water and landside activities at marinas in every corner of the country.

 

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