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The ABC's of Home Purchasing-Playa del Carmen
Mortgage Watch
The continuous changes in the mortgage industry,
and troubled real estate market in the USA, can only cause worry to those that most
commonly draw HELOC Mortgage Loans (Home Equity Lines of Credit) on their
properties in the USA to purchase property in Mexico.How do you solve this problem? Here are a
couple of things you might want to consider.
First, you can try and practice the ABC's of
home purchasing, and second you can try getting a Mortgage Loan in Mexico (a US
Dollar Loan) that will not reflect in your USA or Canadian credit report and
therefore, will not affect your purchasing power in either country.
Here is how to do it:
1.
The ABC's of Home Purchasing.
If you are purchasing a home in Mexico and would
like to consider obtaining a mortgage loan for that purpose, the first thing
you need to do is the following;
(A) - Apply for a mortgage
loan.
Applying for a mortgage loan prior
to purchasing a property will permit you to know exactly what amount you may be
able use to buy a piece of real estate and under what mortgae loan terms.
Getting a loan, if properly handled, gives
you an added value to your purchase since you will not be using your home
equity to obtain the funds required for the purchase of your dream home.
(B) - Bid on a property.
This gives you negotiating power when
presenting your offer, if you already have a pre-approval when you negotiate
for the price of the property.
Having a
pre-approval can insure you better terms at the negotiating table since the
seller will know you are a qualified buyer and he/she will be able to fulfill
the sales purchasing contract you are entering into.
(C) - Close on the property.
When closing on the property through the
process of a mortgage loan, the purchaser can rest assure all the property information
and documentation has been throughly analyzed and reviewed by both the Notario
closing on the deal and the bank's legal department.
2.
When a mortgage loan that will not
reflect on your credit report either in the USA or Canada and thus not
affecting your purchasing power in either case.
This can be accomplished by virtue
of getting a Mexican home mortgage purchasing loan.
But ..."I do not want to pay those high
interest rates offered by the Mexican banking home mortgage industry"... you
may say.
Well, you do not have to do
that since you could get a competitive USD mortgage loan in Mexico through a
Mexican banking instutution.
Contact us
for further info.
Thus, knowing the ABC's of home purchasing in Mexico
can be of great assistance to anyone searching for a home in Mexico.
You must get professional advice when doing
this.
Contact your real estate broker or
contact a professional mortgage broker doing mortgage loans in Mexico for the
best advice possible.
This article has been provided by Enrique
(Henry) Saldana, Mexico Mortgage Solutions Cel:
(984) 116-8528 or
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
.
Please contact us for furhter information.
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