Guide to Mortgage Loans in Mexico. Very few people can buy their own home or property without the help of financing. Therefore, the advantages of having a mortgage. It is always best to talk to a mortgage specialist to make sure you make the best decision.
Mortgage Broker - Mortgage Broker
In Mexico, property is acquired by foreigners through trust. As a result, the person who buys the property may occupy it, but the trust bank and the mortgage bank have an interest in the property. The mortgage lender requires an advance, equivalent to 35% of the total value of the property you buy, to lend you money. Therefore, a mortgage lender will give you a $ 65,000 mortgage ($ 100,000 worth of property = - $ 35,000 deposit). Interest rate is the percentage charged for the loan. The mortgage interest rate or mortgage rate is the amount in% charged on the mortgage. There are 2 types of mortgage rates: Fixed Mortgage Rates and Variable Mortgage Rate.
The fixed mortgage interest rate means that, be warned, your interest rate will remain fixed for a certain period of time. - That will not change over the duration of your mortgage. You will be able to find out monthly how much you pay and how much you owe to the lender and what you need at the end of the term. The variable or floating mortgage rate is the Adjustable Rate Mortgage (ARM) that changes when the interest rate rises or falls during that time period. A mortgage broker is an independent agent that works for you, the borrower, and is an intermediary between the bank and you. As mortgage brokers arrange a mortgage several times a year, you can usually get better service from those who if you approach your lender