Moskito Real Estate: Financing in Mexico

If you’re looking at property in the Riviera Maya, the first thing you want to have clear is where the money is going to come from when you are ready to buy. 99% of the purchases we deal with here at Moskito, when it comes to foreign buyers, are cash deals.

This doesn’t mean you arrive in Mexico with a briefcase full of cash to buy your home, it does mean that you will have to secure funds or have funds available when it comes time to buy, because financing for foreigners, although it is available, is not very common and also comes with high-interest rates.

Here are your financing options when buying a property in the Riviera Maya.

1. Pre-Sale Properties

We put this option in the #1 position because there is a huge supply of presale properties right now. This is a good option for you because you reserve your unit, you pay the downpayment at the time of signing the purchase contract, and then typically you have 1-2 years to pay the final balance, either making payments along the way or one lump sum payment at delivery. You can also find presale projects with discounted prices depending on the size of your down payment, saving you money in the beginning and making you money by the time you close, because the value of your property and the prices in the project will have increased.

2: With a Banking Institution.
If you are Mexican and have accounts here, we can direct you to a financial advisor and see the possibilities of obtaining a mortgage loan and negotiate the price on that. If you are Mexican, but you do not have accounts in Mexico, we can also find credit institutions that will provide you with a mortgage loan according to your income and assets.

If you are a foreigner, as we mentioned, it’s not as easy to obtain financing here in Mexico, but it is doable and we can direct you to an advisor and see what percentage of the loan you will reach. The first step if you need financing is to get prequalified. As a pre-qualified buyer, when we find your property, you’ll be ready to make an offer as a serious buyer. This will be much more helpful when negotiating with the seller, to show that the money is there and you are ready to move forward.

Note: Bank financing is not available for pre-construction properties.

3: Direct Developer Financing
There are a handful of developments that can give up to 50% of the value of the sale price in financing and with very attractive payment schemes. If this is something that interests you, ask your Moskito agent to send properties that offer developer financing.

Talk with your agent at Moskito from the beginning about what your financial situation is when it comes to buying a property in the Riviera Maya so that they can point you in the right direction and send you properties that fit your needs.

If financing is something you need, it’s very important that your agent knows that from the beginning and can discuss your options and the right type of property for you.