Mexico Financing

Mexican Mortgage Terms

noreply@blogger.com (Mexipreneur) — Tue, 29 Jan 2008 20:18:00 +0000

Shopping for a loan for a new property in Mexico? One of the most common questions is "What are the terms?" The simple answer is: terms vary. The terms of the loan, just like loans in the US, largely depend on your credit score, the down payment amount, and what type of loan you choose. The better your credit score, the better interest rate you will get.

To see the latest daily rates, please visit our website at www.mexquestmortgage.com

Crime in Northern Baja

noreply@blogger.com (Mexipreneur) — Tue, 22 Jan 2008 21:39:00 +0000

There has been a lot of press lately about crime in Northern Baja, more specifically on the toll road from Tijuana to Rosarito. Bandits, posing as policemen, are pulling over unsuspecting travelers and taking everything from money to watches to cars. This is frightening news even to the most experienced Baja traveler. The most important thing is not to drive this road very late at night or early in the morning (when it is still dark out). The problem has been brought to the attention of the Mexican government and they have placed Green Angels (Angeles Verdes) along the toll road for extra protection. The continued bad press will hopefully be motivation enough for the government to make the roads safe again and boost tourism.

Newsflash - New airport planned for Baja

noreply@blogger.com (Mexipreneur) — Mon, 21 Jan 2008 20:39:00 +0000

According to the Gringo Gazette, their is a new airport planned for north of Loreto (in Baja California Sur). This privately owned new airport will be south of Mulege and make it easier for tourists to access the area. The cost of this project is expected to be in the hundred millions.

SPOTLIGHT: Mulege

noreply@blogger.com (Mexipreneur) — Thu, 17 Jan 2008 19:45:00 +0000

I had been hearing about Mulege for years. All I knew was that it was about halfway down the Baja, on the Sea of Cortez. Recently I had the opportunity to see it firsthand on my roadtrip down the peninsula.

Mulege is one of the most beautiful places that I have ever seen. The water is shades of turquoise, green, and deep blue. The bay is flanked by huge islands that look like something out of a movie.

For those that want to escape the hustle and bustle of the bigger cities and enjoy some peace and quiet, this is the place for you. It is a great place for fishing, as it is where the cold currents from the North and the warm currents from the South meet. Mulege is also extremely popular with sailors. The town has a river running through it and is almost jungle like.

Stay tuned for an update this afternoon...

noreply@blogger.com (Mexipreneur) — Thu, 17 Jan 2008 17:41:00 +0000

Property in Mexico as an Investment

noreply@blogger.com (Mexipreneur) — Sun, 13 Jan 2008 01:32:00 +0000

Buying property in Mexico continues to be a great investment. If you do your research and choose your property wisely, you can create an unbelievable stream of monthly income by renting your property as a vacation rental. Areas like Los Cabos, have a high season which runs from late October to May, and condo/home rentals are in high demand.

If you plan on buying property to use as a vacation rental, I suggest you look in areas like Los Cabos, Puerto Vallarta and Cancun/Riviera Maya. Why these three areas? Cities like Rosarito, San Felipe, and Rocky Point can all be reached by car from Arizona and California. To get to Los Cabos, Vallarta and the Riviera Maya, people have to travel by plane which translates to a longer stay in most cases (not as many "weekenders").

What is LTV?

noreply@blogger.com (Mexipreneur) — Thu, 03 Jan 2008 18:20:00 +0000

When shopping for a loan, you will probably hear a number of acronyms and terms that are foreign to you. One of the most commonly used loan terms is LTV, or loan-to-value. So, what is LTV?

The loan to value ratio is a measurement of risk. Underwriters will look at the mortgage amount divided by the appraised value of the property to arrive at the LTV. The higher the LTV ratio, the greater the risk of the loan. Customers with a high LTV who are approved may be required to purchase mortgage insurance or pay extra points.

FORMULA

LTV Ratio = Loan Amount/Appraised Value of the Property

New Development on the East Cape

noreply@blogger.com (Mexipreneur) — Wed, 02 Jan 2008 18:01:00 +0000

The East Cape, located east of San Jose del Cabo in the popular Los Cabos area, is getting a new marina along with several new housing developments. The whole project will offer more than 400 marina channel lots. It will be the first marina on the eastern side of the cape.

To read the article visit: Cabo Riviera Marina

Developer from UAE breaking into the Mexico Market

noreply@blogger.com (Mexipreneur) — Wed, 26 Dec 2007 18:37:00 +0000

Mazatlan will soon be home to Hydra Waves, the first international development by Hydra Properties, a leading developer from the United Arab Emirates. The first phase of the project will be a 37 story tower with luxury amenities such as a gym, a spa, shops, and restaurants.

This project is only the beginning of Hydra Properties international expansion.
To read more about the ground breaking ceremony:
Hydra Properties expansion into Mexico

Las Posadas - A Mexican Holiday Tradition

noreply@blogger.com (Mexipreneur) — Tue, 18 Dec 2007 17:41:00 +0000

The month of December in Mexico is all about celebration. From the Virgin of Guadalupe Day on December 12th up to Noche Buena, or Christmas Eve, the streets are filled with festive decor and celebrating townspeople. One popular Mexican tradition around the holidays is known as "Las Posadas" which is the re-enactment of Jesus and Mary's search for shelter the night that Mary was to give birth to Jesus. People fill the streets of small towns and go house to house singing songs asking for shelter and neighbors sing back. The procession usually ends up at the local church, where the participants are let in and enjoy local treats like warm churros, candy, and more.

This tradition can be seen throughout Mexico, but it is especially popular in small towns. Many Mexicans who have immigrated to the US continue the tradition in the Latino communities.

The numbers are in - and Mexico is booming

noreply@blogger.com (Mexipreneur) — Mon, 17 Dec 2007 18:35:00 +0000

The beginning of Mexico's high season begins on Thanksgiving weekend. Although things may be slow in the US, Mexico tourism continues to flourish. The high numbers of tourists also translate to many people purchasing vacation homes.

To read more of the article, visit:
High-Season Numbers Point to Promising Year for Tourism and Real Estate in Mexico

Border Wait

noreply@blogger.com (Mexipreneur) — Wed, 12 Dec 2007 18:32:00 +0000

Just a note for those of you who think about moving to Northern Baja and commuting across the border for work...border times are increasing, sometimes it can take over 3 hours on weekends to cross. You may apply for the SENTRI pass which will cut your crossing time substantially, but the more people who are issued these passes means the more people waiting in line to cross.

The new passport requirements will go into effect January 1, 2008. All passengers trying to cross from Mexico into the US will be required to present their passport to the immigration official. It is yet to be seen whether this will speed up or slow down the process. My guess? The number of people who didn't know they had to have a passport will hold up the line and make the wait even more unbearable.

Cash Out Refinancing in Mexico

noreply@blogger.com (Mexipreneur) — Mon, 10 Dec 2007 15:59:00 +0000

MexQuest Mortgage now offers cash-out refinancing! This is a great option for those of you who own your property outright, but want to take the equity to purchase a new home, or those of you who want to use the money for another project. There are many options, contact us today for rates and more information.

Cash Only Society - No more!

noreply@blogger.com (Mexipreneur) — Thu, 06 Dec 2007 16:00:00 +0000

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!

Guess who is coming to San Miguel de Allende?

noreply@blogger.com (Mexipreneur) — Wed, 05 Dec 2007 16:47:00 +0000

The quaint town of San Miguel de Allende is getting a luxury resort in 2009. Rosewood Hotels, creator of the fabulous Rosewood Mayakoba in the Riviera Maya, is going to open an ultra-luxe resort in San Miguel de Allende which will be a welcome addition to the famous colonial town. The hotel will have 63 rooms, private residences and a spa.

Rosewood also has another property in Mexico - Las Ventanas al Paraiso in Los Cabos.

New Currency Converter

noreply@blogger.com (Mexipreneur) — Mon, 03 Dec 2007 16:36:00 +0000

Whether you are converting dollars to pesos or pesos to euros, our new currency calculator can help you find out the daily exchange rate.

Look for the currency calculator on the right hand side of the page.

$7 billion dollar port to be built in Mexico

noreply@blogger.com (Mexipreneur) — Fri, 30 Nov 2007 16:19:00 +0000

Mexico is going to start taking bids in early 2008 for the construction of a $7 billion dollar port, which will become the largest port on the west coast.

The site for the new port is Punta Colonet, south of Ensenada in Baja California Norte.

For the article, visit Mexico Port

What is "Menaje de Casa"?

noreply@blogger.com (Mexipreneur) — Thu, 29 Nov 2007 15:23:00 +0000

When you plan a move to Mexico, there are certain things that you will want to take with you. You may hear the term "menaje de casa". So, what does it mean? Menaje de casa is a list of items to be imported into Mexico. Mexican Customs is VERY strict about what you can and can't bring into the country. For example, you cannot label a box with clothes and shoes in it "Shoes and Clothes". You must be very specific. Example: 5 pairs of shoes, 15 shirts.

For a list of what can be imported, visit your local Mexican consulate before you go. This can save you a lot of time and headaches. You must submit your list or menaje to your consulate for approval. Any electronics must have the model number written down next to the product description. The list must be translated in Spanish.

A Golfer's Paradise

noreply@blogger.com (Mexipreneur) — Wed, 28 Nov 2007 15:34:00 +0000

If you love to golf and love luxury, then check out the Capella resort in Punta Maroma, Mexico.

More info here

Useful website for information on Mexico

noreply@blogger.com (Mexipreneur) — Tue, 27 Nov 2007 15:22:00 +0000

If you want to find out about all Mexico has to offer, the Mexican Board of Tourism has a great site with tons of information. The website is offered in a number of languages, which allows people from all over the world to access the site.

The website has in depth information on a number of cities and activities.

Check it out: Visit Mexico

Condotels in Mexico

noreply@blogger.com (Mexipreneur) — Mon, 26 Nov 2007 15:01:00 +0000

What do you get when you cross a condo with a hotel? A Condotel! Condotels are the new rage and are popping up all over Mexico.

Condotel owners have the ability to rent out their condos when they aren’t in town, which is a good option for people who want to invest in a vacation home while earning rental income. The developments have their own property management teams who will make sure your condo is well taken care of in your absence. They can handle all the details of renting your condo.

Another benefit of purchasing a unit in a condotel is that you have room service and a cleaning crew at your disposal. Feeling hungry but don’t feel like going out? Just order room service!

Loans in Mexico and the Mortgage Meltdown in the US

noreply@blogger.com (Mexipreneur) — Fri, 23 Nov 2007 15:14:00 +0000

When you turn on the news or pick up a newspaper these days, it is common to see headlines like "Mortgage Meltdown" or "Subprime Crisis". Foreclosures are at record highs and many people are close to losing their homes. In this post, I will explain what this means to Mexico.

Loans for Mexican properties are not "subprime loans"
Up until a few months ago, consumers were able to buy property in the US with no money down (100% financing) and no documentation of assets/employment verification. This meant that people were getting in way over their heads because they were getting approved for large amounts of money that they did not have the ability to pay back. Loans in Mexico do not fall into the subprime category. Documentation is required as well as a good to excellent credit score.

Property values in most areas of Mexico are appreciating
Mexico has been experiencing a boom for the past few years, and continues to see appreciation in resort areas. Unlike the US, prices are not dropping by 20% or 30%. Resort areas are seeing an increased number of baby boomers buying 2nd homes or primary residences.

Strong Canadian currency
The Canadian economy is stronger than ever. It reached parity with the US Dollar last month and today it has surpassed the US Dollar. Canadians have more purchasing power and many are choosing to buy in Mexico.

Holidays in Mexico

noreply@blogger.com (Mexipreneur) — Thu, 22 Nov 2007 14:20:00 +0000

If you are buying property in Mexico, it is important to know about Mexican holidays. You may need to talk to the notario, make a bank transaction, etc, but be surprised to find that no one is working on one of these days.

MEXICO HOLIDAYS
January 1-New Year's Day
January 6-Three Kings Day (Tres Reyes)
February 5-Constitution Day
February 14-Valentine's Day
February 24-Flag Day
March 18-Oil Expropriation Day
March 21-Benito Juarez's Birthday
April 30-Children's Day
May 1-Labor Day
May 5-Battle of Puebla Day
May 10-Mother's Day
May 15-Teacher's Day
Third Sunday of June-Father's Day
September 15-16-Mexican Independence Day
October 12-Columbus Day
November 1-All Saint's Day
November 2-All Soul's Day
November 20-Revolution Day
December 12-Virgin of Guadalupe Day
December 24-Christmas Eve
December 25-Christmas Eve
December 28-Day of the Holy Innocent
December 31-New Year's Eve

Please note that not all holidays are observed by banks and companies (example: Teacher's Day).

Zihuatanejo to get a new Viceroy hotel and residences

noreply@blogger.com (Mexipreneur) — Wed, 21 Nov 2007 15:05:00 +0000

The reknowned Viceroy hotel chain is set to expand its Mexico footprint by adding a luxury resort and residences in the Zihuatenejo area in 2010. This will be the chain's 2nd beach resort in Zihuatanejo, the first being The Tides resort on Zihuatenejo Bay.

The architectural firm of Denniston International hopes to create a luxurious, yet relaxed atmosphere. For more information on The Kor Group's properties, please visit: www.viceroyhotelsandresorts.com

Do I need to speak Spanish to live in Mexico?

noreply@blogger.com (Mexipreneur) — Fri, 16 Nov 2007 16:20:00 +0000

Many people are enticed by the thought of living in a foreign country. New adventures, new food, a new language, new friends...

If you don't speak the language of the area you are planning to move to, don't worry! The very best way to learn a new language is by immersion. It is difficult at first--not understanding what they are asking or not knowing how to get your point across--but it does get better. You can use sign language, draw things on napkins, or even play charades to communicate in your new language. I highly suggest watching the local tv channels and reading the newspapers in Spanish. While it may seem like you aren't getting anywhere at first you will be amazed at how many words you start to pick up.

In Mexico, the locals are very appreciative of anyone who tries to speak Spanish. Your effort shows that you are respectful of the culture and interested in getting to know the people.

On the other hand, if you have a difficult time learning languages or memorizing, don't despair. There are plenty of expat communities where the main language spoken is English, however, learning Spanish will make your life much easier and your new life in Mexico much more fulfilling.