In the past, buying property was a cash only deal. If you wanted a $300,000 home, you had to come up with $300,000 in cold, hard cash. While it did make things easier for the seller, it kept many buyers out of the market.
The entry of cross border loans has greatly changed the real estate market in Mexico. Now, developers are offering their own financing, mortgage brokers are providing loans from several different lenders, and Mexican banks have even started offering loans to foreigners.
Many people still are not aware of all of the financing options that exist. They say it is still a "cash only society". Those days have come to an end!
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Of course with no current account, overdrafts or credit cards available, you would have to ensure you kept an eye on every penny. If something unexpected happened near the end of the month, such as your car breaking down or you going into bad credit, there would be no option to borrow the money to cover the cost until you got your wages in cash again. Having a current account to help keep your money safe and pay bills is something most of us just take for granted. How easy it would it be to cope financially if these accounts were no longer available from banks and credit cards just simply didn’t exist?
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