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.
Showing posts with label mortgages mexico. Show all posts
Showing posts with label mortgages mexico. Show all posts
Friday, October 26, 2007
Monday, October 15, 2007
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
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
Monday, October 8, 2007
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.
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.
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