Thursday, May 17, 2012

Update: Mortgages Available In Mexico

This post serves as an update to the article that I had previously written: "Paying for your Piece of Paradise in Mexico: Your options for financing".

In that article, I mentioned Scotiabank as a possible lender.  However, Scotiabank has temporarily suspended it mortgage program in Mexico as it works to improve service and their business model. They have not provided a timeframe on when they plan to re-initiate their re-vamped program.

Mortgages, while being a standard product in other parts of the world, are a new and emerging business in Mexico. There are some growing pains to be expected along the way as the process works itself out. Meanwhile, there are options that remain for funding from your home country and domestically from a company called Mortgages in Mexico, who continue to offer Mortgages using private funding and bank funding as it becomes available.

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Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors