Friday, November 24, 2006

GE Money for Real Estate in the Riviera Maya

by Sabrina Boyd, Mortgages in Mexico

Hello All, here is the information Mortgages In Mexico has been waiting on from GE Capital!
We have a 30 year fixed loan program - 8.99% - excellent rate! It's a 10/20 - fixed for 10 years and adjusts for 20 - total of 30 years - 8.625% (8 5/8%) We also have 5/25 - fixed 5 years, adjusts for 25 years - total of 30 years - 8.375 (8 3/8%) and a 3/27 - fixed 3 years, adjusts for 27 years - total of 30 years - 8.25% - this rate has gone up from the 7.99 we've all known (interest rates continue to go up in the US and this increase in the cost of money is reflected in our Mexico loan programs)

Cash-out Refinance loans are now available - maximum cash out $500,000. Loan amount will be limited to 70% of original sales price, or 50% of current appraisal.

This loan program is limited to $10 Million throughout all of Mexico, so if you know anyone who wants to take advantage of this, tell them to act quickly. Likewise, now is a good time to go through your database of previous clients you've sold a home to and let them know this is now available. By taking cash out of their homes/condos, this will give them the money to invest in additional properties in Mexico. They know what the appreciation has been in their current homes, so they will want to take the existing equity in their homes and leverage it into an additional property or two. This is smart money - making your equity work for you, rather than being tied up in an existing property.

Right now is an excellent opportunity to contact your existing clientele and create some new business for yourself in the coming high season.
As you are probably aware, the SRE permits are taking up to 8-9 weeks to get. We are now ordering them locally in Puerto Vallarta, so the time is less, but because the Office of Foreign Ministry in DF will be closed for 3 weeks in December/January, you will need to adjust the closing dates in your contracts to reflect this - realistically we're looking at February at the earliest, and likely your new transactions will be going into March - crazy I know, but it is the same situation whether buyers are paying cash or getting a loan.

The SRE permits are required for the fideicomiso, so unless your buyer is a Mexican National, there is no way around getting the SRE permit, so prepare your sellers they're in for a delay in closing their property.

Mortgages In Mexico is here to take care of all the finiancing needs for you and your clients. Remember, we have loans for new construction, and commercial money for hotels and development of condos where the loan amount is $5 Million or greater. If you know your buyers are coming into town, it is always a good idea to have them pre-qualified before they arrive.

This way, they are almost identical to a cash-buyer - we only have to work on the property side of the loan file if we have the buyers already qualified, and you won't be wasting your valuable time with buyers who may not be able to afford what they want. Hang on to your hats - it's already turning into a very busy high season! I look forward to working with you and your clients.
Sabrina Boyd is a Personal Mortgage Consultant at Mortgages in MexicoShe works by Referral Only. She can be reached by email at mortgagesinmexico@msn.com
Mortgages In Mexico US 760.494.8847 toll free 866.300.2914 Mexico 555.350.8784 fax 760.454.1699

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