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5 Things to Know as an American Financing a Luxury Vacation Home or Retirement Condo in Mexico

Posted on Feb 07, 2011 - 09:00 AM | General | Comments (0)

“Is it difficult to finance a vacation home in another country, like Mexico?”

If you’ve done your “homework” and decided to purchase a luxury vacation or retirement condo in Mexico, your next concern may be how to obtain financing. After all, financial news in our country has emphasized that home financing may include a struggle; it’s understandable if you assume it will be more difficult to finance property in a foreign country. If you’re an American financing a home in Mexico, the good news is that it’s not difficult, as long as you work with the right development companies and banks.

International banks make this process as simple and as streamlined as possible. The first key is to understand the universal basics of smart home financing.

Use a reputable bank that understands the market you are entering. An example of bank that finances retirement and vacation homes in Mexico is Compass Bank. The bank you use should specialize in international mortgages and provide you with experienced staff.
Know ahead of time how much you can afford and get pre-approval before shopping, just as you would for any home purchase. It’s a waste of everyone’s time to skip this step.
If you are working with a construction company, make sure that it’s reputable, legitimate, and reliable. For instance, Las Villas de Mexico is on the NYC Stock Exchange and is internationally known as the biggest development company in Mexico. Working with a well-known development company will also provide your lender with increased confidence and security.
If this is a second home or vacation home, the investment may also provide you with income. This is something to keep in mind when determining what you can afford.
You may need to include letters from recommendation from your American bank as well as documentation for up to a year of statements and transactions. Have these documents assembled and ready so that the process does not unnecessarily lag.

Get the vacation home of your dreams with Las Villas de Mexico and Homex.

Homex Tourism created Las Villas de Mexico to intentionally blend the best of home ownership with luxury hotel amenities to provide residents with a comfortable, relaxed, and privileged lifestyle. Their communities in Cancun, San Jose Los Cabos, and Loreto offer Americans looking for vacation villas and condos beautiful scenic landscapes and the best of Mexico, right at their front door. Prices range and financing through a major international bank is not difficult. To see a gallery of homes or learn more about Las Villas de Mexico and Homex, visit www.lasvillasdemexico.com.

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