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E-MAIL:
info@RemaxCaboSanLucas.com
OFFICE PHONE NUMBERS
From LOCAL: (624) 144-4169
From U.S.A.: (619) 906-7505
(San Diego)
From CANADA: (587) 329-1389
(Calgary)
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Welcome to Platinum Capital International
Specializing in Residential, Commercial & Development Finance in the US and Mexico
Americans can now finance a home in Mexico!
We have the highest loan approval rate on loans in Mexico! Don't trust your investment to just anyone!
New guidelines! Only 25% down, or 75% LTV
Loan amounts to $5 million
30 year terms
3 different ways to qualify
Visit
http://www.platinumcapitalinternational.com/
and apply today!
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 The Fideicomiso - In spite of what you may have heard, foreignors can own property in Mexico. However, in accordance with Mexican law, foreigners can not acquire direct ownership of residential property 60 miles from the border and 30 miles from the coastline. This area is known as the restricted zone.
In the restricted zone, however, banks can act as trustees for foreignors interested in purchasing real estate. The trust is known as the Fedeicomiso. It works essentially like a trust in the US. The trust has legal ownership of the property and you own the trust. There is an initial fee to set up your trust and an annual maintainence fee. Generally, the fee to set up this trust is about $550 and annual maintainence fees are about the same.
The seller must cancel the existing trust. Your loan will move quickly, the transfer of title may not. Don't wait until the last minute! To ensure that your transaction is not held up, make sure that the seller has applied to cancel their existing trust.
Title insurance is not required in Mexico, but it is highly recommended, especially for properties not located in larger developments. We work with and recommend Stewart Title. We work very closely with developers and can help you get a discount on title services as well.
Always record the real purchase price of your home. Don't let anyone try to talk you into recording the sale for less than the amount you agree to pay. This has been a common practice in Mexico but will cost you thousands of dollars in capital gains taxes when you decide to sell. We are happy to explain how the process works...please ask.
If you're buying in Mexico and want to finance it...TALK TO US FIRST! It is extremely important to coordinate your financing at the beginning of the transaction in order to protect your deposit! In addition to important verbiage in the contract, you will also want to set up a loan contingency. This gives you time, usually 21 days, to make sure that your finances are in order and to make sure that you qualify for the loan you want. Of course, contacting us first to get pre-approved for your loan is even better because it gives you the same negotiating power as a cash buyer!
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 The closing costs for a purchase in Mexico will be higher than what you would expect to pay in the United States. A good rule of thumb is usually around 6%, but it varies depending on the purchase price and location. While your loan related fees will not be substantially different than what you’re accustomed to, the other fees you will be required to pay, including transfer taxes, value assessment, legal fees, etc., can be a bit of a shock. Knowledge is power, and we believe you should be armed with all the information you can get. Of course, when you apply for a loan, we will give you a full written disclosure (just like in the US) that will list all of the fees for your specific transaction. Below is a general estimate of what you should expect to pay for the various items that will appear on your closing statement. If you have any further questions or would like a consultation, please contact us.
Municipal Fees
Acquisition Tax = 2% of purchase price
Value estimation for property tax = .18% of purchase price
Public Registry Fee = .5% of purchase price
Certificate of Freedom from Liens = $32 |
Escrow & Title
Escrow Fee = $500
Title Insurance (not required, but recommended) = $7 per 1000
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Bank (Trust) Fees
Foreign Affairs Permit & Registration (SRE)= $955
Trust Initiation = $550
Bank Trust Fee (also paid annually) = $550
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Transaction & Legal Fees
Notario Fee = $2750
Translation Fees = $100
Transaction Fee = $550 |
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Lender Fees
Origination = Please inquire
Underwriting = $400
Administration Fee = $200
Processing = $595
Lender’s Appraisal Fee = .1% of purchase price (max $1500) | |
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