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  Aug 10, 2014.    

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Mortgages And Finance

There are many mortgage and finance options for buying property in Cozumel.

Find out how to get pre-approved at the best rates.

Cozumel mortgages and finance

Finance Your Dream Cozumel Property

In the current economic climate you might expect it to be difficult to find financing for Cozumel real estate. You'd be wrong.

Buyers can now look to three options for financing their dream property in Cozumel: a mortgage in their home country, developer financing or, increasingly, Mexican home loans.

Although the first two options have long been available, the third - loans for foreigners from Mexican lenders - has become much easier in recent years.

Mexican Mortgage Loans

New competition in the market for overseas borrowers means a good range of Mexican mortgages is now available, and often at a lower cost than a loan back home.

This accessibility is partly due to the highly liquid market for domestic loans in Mexico, the Mexican government has predicted that loan credit could rise to 21% of the country's GDP in 2011.

Seven large banks dominate the Mexico loan sector - including Citigroup from the States, British international bank HSBC, and Spain's massive Santander - but many other competitive smaller lenders also serve overseas borrowers and can offer Cozumel property loans.

Loan Back Home

It is still worth comparing loan terms and costs in Mexico with a loan from a bank in your home country, there can be large differences in certain cases.

In the U.S. and parts of Europe mortgage loans have become more difficult to obtain in recent years, but there is still money available - even for overseas property - if you present a sound investment and have the means to repay.

You may want to pre-qualify for a loan before starting your Cozumel property search in earnest. This way you can go shopping knowing exactly how much you have to spend.

Developer Financing

Of course, if you're buying a new property in Cozumel from a developer, you should also ask what financing is available "in-house". Many developers recognize the difficulties for buyers to obtain loans from banks and offer very attractive payment options directly instead.

If you are planning your Cozumel real estate purchase for investment as well as pleasure, you will want to factor in the cost of the loan or financing when calculating its potential return on investment too.

This is Cozumel's professional real estate partners offer personal advice on loans and finance for buying Cozumel properties. Contact us for more information or to pre-qualify for a loan.

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