Title Insurance in Mexico

Although title insurance is not required in order to purchase property in Mexico, it is highly recommended. Many people are under the impression that a fideicomiso (bank trust) will protect their title. This is not true. The fideicomiso acts as a fiduciary, but it does not protect the title. The piece of mind that you will get by knowing that you own your property has a clear title is well worth the price. Even if you do not purchase title insurance when you first purchase your property, you can still purchase a title insurance policy at any time. Title insurance companies may be able to find descrepancies or other issues that your notary or lawyer may not be able to find. If you are going to finance your property in Mexico, a title insurance policy is required by most lenders.

Stewart Title and First American Title both have a strong presence in Mexico and their experts can help you with your title insurance policy. As foreign investment in Mexican real estate becomes more and more common, we can expect to see the entry of other title companies into the Mexican market.

Great things about living in Los Cabos

Many people ask me why I love living in Mexico. Where do I even begin? Is it the hospitality of the Mexican people or the beautiful beaches or the icy cold Coca-Cola in a glass bottle? Is it the low cost of living or the excellent food? It is all of these things and more that I love living in Mexico.

AMPI Los Cabos (the Mexican Association of Realtors) has compiled a list of the Top 10 reasons for buying real estate in Los Cabos, and I have to say, I agree with all 10!

Check it out:
10 Reasons to Buy Real Estate in Los Cabos

Loan Calculator tool for loans in Mexico

There are a number of factors that will determine which interest rate you will pay when you obtain financing for a home in the US or Mexico. Sometimes you just want to get a ballpark figure of how much your monthly payments will be. The MexQuest Mortgage Calculator is a great tool for those who want to see more or less what their mortgage payments will be.

The calculator, located on the right hand column of this blog as well as on www.mexquestmortgage.com, allows users to enter the purchase price of their home or condo in Mexico and calculate monthly payments on a home loan.

NOTE: The interest rate used in the calculator is the average daily rate. Your rate could be lower or higher depending on the loan program, your credit score, and the terms of the loan. Contact me for more information and to see which loan program is best for you.

Looking for the next big thing in Mexico

A lot of people want to know what the next big investment hotspot in Mexico is going to be. Unfortunately, there is no simple answer. There are so many wonderful places in Mexico, that it is hard to pick just one. Baja California has been a longtime favorite, with cities like Los Cabos and Rosarito attracting scores of Americans and Canadians looking for a more peaceful life. In the past few years, Sonora, home to Rocky Point (Puerto Penasco) and San Carlos has been booming with developing. Puerto Vallarta still remains high on the list for those looking for a vacation home or primary residence in Mexico, but most of the new development is taking place in Nuevo Vallarta and the Punta Mita area.

Mexico's east coast is famous for the Riviera Maya, which is a peninsula that is comprised of Cancun, Playa del Carmen, Tulum, and other smaller towns. This whole area has seen an influx of new hotels and residential projects.

My suggestion is that you visit the location before you buy. If possible, rent a house or a condo and spend a few weeks there so you can really get to know the town. Also, read all you can before you buy. Did you know that Rocky Point is getting a new airport and a new superhighway? Did you know that Ensenada will be home to the largest marina on the west coast? Ask local realtors about future improvements to the city, as they may have inside knowledge that you couldn't find elsewhere.

SPOTLIGHT: Ensenada

Ensenada, home to one of the largest ports on the Pacific West coast, is located 80 miles south of San Diego. Its location makes it the perfect weekend getaway for visitors from Southern California. Ensenada is probably best known for its fishing, but it has quickly established itself as an up and coming cultural center.




Some of the best wines in Mexico come from Ensenada and the Guadalupe Valley. Its temperate climate is very conducive to producing wine. What goes better with a great glass of wine than a great meal? The innovative chefs in the region have put Ensenada on the map, making it one of the finest culinary centers of Mexico.


Another popular attraction in Ensenada is whale watching. Every year, from late December through March, visitors can witness the California Gray whales off of the coast. The whales migrate south to the warmer waters of the lagoons of Baja. Many companies offer whale watching day trips that leave around 11am and return at 3pm.





If you are looking for nightlife, Ensenada has it. Hussong's Cantina, Baja's oldest bar and home of the Margarita, is a great place to eat, drink, and be merry. If you are looking for something a little more wild, try Papas N Beer. This establishment has been a favorite of spring breakers and cruise ship passengers for years.





Ensenada offers something for everyone. Whether you are looking to party or just sit back and enjoy the scenery, you will not be disappointed.

Moving to Mexico? A few resources to get you started

Moving is a stressful experience, whether it is down the street, to a different state, or halfway around the world. Most of the stress that we bring upon ourselves is caused by fear of the unknown. What neighborhood should I live in? Do they have good schools? Who will I get to move my furniture? What are the people like?

A great way to calm your fears is to do RESEARCH. Yes, RESEARCH! Reading up on your new hometown in Mexico will give you an insight as to what it will be like when you get there. There is no substitute for experiencing it first hand, but it can definitely help answer some of your questions.

Here are a number of great resources to check out before making your big move to Mexico:

Solutions Abroad

MexOnline

MexConnect

Escape Artist

Some of these sites have forums where you can ask questions about anything from finding a good mechanic to where to pay your property tax bill.

Best of luck on your move!

If you have any questions, feel free to ask me : elizabeth@mexquestmortgage.com

Construction Completed on Las Ventanas Project in Puerto Nuevo

Las Ventanas is an exclusive community of 38 homes in Puerto Nuevo, Baja California built by Irvine, California developer Waterfront Development Company. This project's completion represents a development milestone in Northern Baja as it is the first major project completed by a U.S.-based developer.

Irvine, CA (PRWEB) September 22, 2007 -- Irvine developer Waterfront Development Company announced the completion of construction at Las Ventanas in Puerto Nuevo, Baja California. "As the first U.S. developer to complete a project in northern Baja, we are proud of the quality of construction and attention to detail that we were able to bring to the project in concert with our Mexican construction partners," said Stephan Erkelens, managing partner of Waterfront Development Company.

Las Ventanas is an exclusive gate guarded enclave of 38 single family homes located 30 minutes south of the U.S. border and represents the high point of quality and livability in the area. With prices that are a mere fraction of those found north of the border, buyers have been attracted to the project in gratifying numbers. "Sales in the past six months have averaged a million dollars a month and we have just four units left to sell," said Robert Donnell of Beachfront Baja, the San Diego-based marketing firm selling Las Ventanas. "With prices in the area rising based on demand and the cost of construction, these remaining homes are being sold for less than their replacement value and represent a genuine buying opportunity for those looking for a beachfront house in Baja, that is ready to move into, now -- for less than the price of a condo," said Donnell.
More information is available on their website. http://www.las-ventanas.com/

Moving to Mexico: Telecommunications

If you are planning on moving to Mexico, there are a number of telecommunication solutions to choose from. Take into consideration where you will be calling the most. If you plan on making local calls within Mexico, you might want to ditch your US cell phone for a Mexican cell phone. Carriers vary from city to city, but Telcel by far has the largest network in the country.

If you will be going back and forth between the US and Mexico, several of the wireless carriers have special international calling plans with reduced rates. AT&T has just announced a special Mexico calling program for their customers. Another great option for your home in Mexico is to set up a Vonage line. You can have a US area code that will ring in Mexico. That way, when friends and family call you from home they won't be charged international rates! Vonage is easy to set up and only requires a hi-speed internet connection.

Telmex can be very expensive. Calls to the US can be over $1 USD/ minute!!!

WIRELESS CARRIERS IN MEXICO
Telcel
Telefonica
Iusacell
Nextel
Unefon

LANDLINES IN MEXICO
Telmex

VOIP
Vonage

Secondary Mortgage Market in Mexico

Last week I explained in a post that the main reason that interest rates are higher for home purchases in Mexico was because mortgages in Mexico are a fairly new product and the second mortgage market has not been fully developed.

In October, HSBC became the first non-government issuer to sell mortgage backed bonds in Mexico to the tune of 3.5 billion pesos ($321 million USD). This is a huge development in Mexico's mortgage market and other banks are sure to follow suit.

To read more about HSBC and the secondary mortgage market:
HSBC article

Baja California Meeting Point

I recently attended the Baja California Meeting Point and was amazed by all of the development going on in the Sea of Cortez region. The Sea of Cortez is flanked by the Mexican States of Sonora, Baja California Norte, and Baja California Sur. The cities that are seeing the highest number of new developments are Rocky Point (Puerto Penasco), San Felipe, Loreto, the Tijuana-Rosarito-Ensenada corridor, and the Los Cabos/East Cape area. Cities like La Paz, San Carlos, and Kino Bay are also starting to see a number of new developments springing up.

The developments are becoming more and more sophisticated, with each developer trying to out do another with added amenities. One particular development I looked at will have a state of the art clubhouse, a gym over looking the ocean, and miles of exercise trails. Another development will have a mini-market and dry cleaners on-site so that residents can take care of their errands without leaving the property.

More and more people are choosing homes in Mexico as their primary residence. With the availability of high-speed internet connections and VOIP phones that allow you to call anywhere in the world for pennies on the dollar, working from a foreign country has become easier than ever.

I invite you to check out some of the new developments in the Sea of Cortez area by visiting:
Baja California Meeting Point

Let's Go Fishing - Los Cabos Bisbee Tournament

For all of you fishing enthusiasts out there, the Los Cabos Bisbee Tournament is just around the corner. The tournament takes place from October 19-21 in Cabo San Lucas. This is one of the biggest billfish tournaments in the Americas, with a purse of over $4.7 million.

Visitors from around the world converge on Cabo for this exciting offshore tournament. The tournament concludes on the 21st, with an awards ceremony at 8pm at the Baja Cantina Beach Club.

For more information on the tournament, please visit the official website:

Bisbee Tournament

The difference in interest rates between loans in the U.S. and Mexico

If you've ever looked into obtaining financing for a home in Mexico, you will notice that the interest rates for home loans are slightly higher than in the U.S.. There are a few reasons behind this.

The primary reason that the interest rates are higher for loans in Mexico is that there has been no competition in the secondary mortgage markets in order or in the capital markets to purchase these loans.

Financing in Mexico for U.S. citizens began in 2005, when GE Money introduced its "Mexican Dream Mortgage" product. The product was created out of a growing need to provide financing for baby boomers who where looking to buy property abroad.

Since the product is still in its infancy, the market is still changing. Once the loans become more more marketable in the secondary mortgage markets, financial analysts say we will see a drop in interest rates, making them comparable to the rates we would see in the U.S.

It is only a matter of time before we see this happen, as GE Money expects dollar mortgages to surge in 2008.

Currency exchange services - HiFx

So, you've decided to pack up everything and move to Mexico. You've got things to pack, friends to say goodbye to, paperwork to organize, and a number of other things waying on your mind. Moving to a foreign country can be a stressful process and many people overlook one of the most important issues: the exchange rate.

Whether you are an expat sent abroad to work with a large compensation package, or a retiree seeking a new life in Mexico while living on a fixed income, protecting yourself against fluctations in the exchange rate can result in big savings for you and your family.

HiFx, a currency exchange service, can help you with the purchase of a home abroad, fixed international mortgage payments, international relocation, complex international business transactions, and other money transfers.

Why choose HiFx?
Better exchange rates than your bank
Simple, jargon free advice
30,000 customers a year & growing
Fix rates for up to 2 years
Fast, highly secure services

I highly recommend contacting HiFx to find out more about how they can facilitate the currency exchange process. Visit their website at http://www.hifx.com/ for more information.

Green Retreat in San Miguel de Allende

By Alia Mansoori

Turning right off the road linking the colonial Mexican towns of San Miguel de Allende and Dolores Hidalgo, I headed into the mountains. The smooth pavement of the two-lane highway ended abruptly, and my tiny green-and-white taxi struggled over thick rocks and through even thicker clouds of dust from the arid road, toward the plateau nearly two miles away.

To the right, enormous sprinklers watered verdant patches of alfalfa for a wealthy rancher's prized horses to feed on. To the left, a leathery-skinned old man pulled a sleepy donkey along a desiccated soccer field bordered by enormous cacti.

We passed the village of Morroquin, where colorful paper flags on strings — remnants of a fiesta — blew in the light breeze, toward the smaller village of Mesita. But the nearly intolerable ride was a small price to pay for the oasis that awaited.

On 15 acres of rural Central Mexico mountainside sits the eco-conscious Sagrada Wellness, a boutique hotel and yoga retreat, where guests are immersed in everything from holistic health and cooking classes to yoga, Spanish classes, spa treatments, art and horseback riding. Architect Scott Currie and his wife, Eva Inglizian, a licensed acupuncturist and herbalist, created the Sagrada after living in San Miguel de Allende for a year and yearning for a peaceful refuge to call their own and practice their crafts: sustainable architecture and Eastern medicine.

"There's really nothing like this around here," says Inglizian, sitting in the outdoor dining area, as we ate a lunch of yellow rice, beans, sliced nopales (cactus) salad with fresh cheese, homemade corn tortillas, fresh salsa and guacamole, all made with locally grown, organic ingredients.

Touring the Sagrada grounds with Currie and Inglizian is more than a welcome tour you might get at any small hotel; it's an ode to the Earth and the marriage of the past and present.

To read more of the story, please visit:
Green Retreat in San Miguel
http://www.statesman.com/life/content/life/stories/travel/09/16/0916mexicospa.html?cxtype=rss&cxsvc=7&cxcat=48

Developer and Construction Loans Available in Mexico

MexQuest Mortgage offers developer and construction loans in Mexico!
Are you dreaming of building your new home in one of Mexico's booming resort towns? Let us help you acheive your dream with our construction loan. Our knowledgable representatives will guide you through the loan process and be there for you every step of the way

DEVELOPER LOANS

MexQuest can consummate any number of transactions, including mortgage loans ranging from 5 million to 500 million dollars for multi-family, office, retail, industrial, hotel, mixed-use, and self-storage properties. Our consortium, or "pool", consists of banks, non-depository institutions, insurance companies, pension funds, savings and loans, thrifts, and private investors. We offer many major loan programs, including fixed rate, floating rate, mezzanine, bridge, acquisition, and construction funding.

Loan amounts 5 million to 500 million dollars

6 month adjustable, 2, 3, 7, 10, and full term fixed programs

Your choice of 10, 15, 20, 25, and 30 year amortization schedules

Interest only options are available

Loans are available in Mexico

Closing typically is 60 to 90 days

Maximum LTV is 80% and 90% CLTV for construction