# Mexican Mortgage



## gwizzzzz (Apr 21, 2013)

I am a Canadian looking for a mortgage in mexico any ideas


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## AlanMexicali (Jun 1, 2011)

gwizzzzz said:


> I am a Canadian looking for a mortgage in mexico any ideas


Any Mexican I know who has a house mortgage has put up another house [paid off] as collaterol. No first time buyers who do not work for the Federal, State or Municipal gov´t.s [they have mortage loans taken out of their pay, not all do this as it is high interest, about 9 to 11 % and not all municiplaities offer it] seem to get mortages here except in URBIVILLA type residencias that are federal gov´t mortages Infonavit. Foreigners don´t qualify for these.

I have heard of banks in Canada giving out mortages in resort condo areas where the developers are connected somehow to these banks and probably even helped finance the condos.


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## maesonna (Jun 10, 2008)

Because the climate and style of building is different than in Canada, a very common way of financing house construction is to avoid mortgages altogether. Instead, a young person or couple saves up until they can construct one room. They build it and live in it while saving up more. When they have enough for the next construction project, they add another room, and so on; when the whole footprint of the house is complete, the next project is to add the upstairs. My siblings-in-law are middle-class and university-educated, and they did it this way.


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## thinkering (Apr 24, 2013)

maesonna said:


> Because the climate and style of building is different than in Canada, a very common way of financing house construction is to avoid mortgages altogether. Instead, a young person or couple saves up until they can construct one room. They build it and live in it while saving up more. When they have enough for the next construction project, they add another room, and so on; when the whole footprint of the house is complete, the next project is to add the upstairs. My siblings-in-law are middle-class and university-educated, and they did it this way.


Very true. I had this conversation with my brother-in-law. He spent 8 years building his house, started off with just the property and living in a tent on it, slowly adding some concrete every few months as the money came in.

Not my preferred style, but he did not pay a single penny in interest, ever.


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## bradweis (Feb 12, 2014)

have a look for an international broker, this is the one id use Overseas Mortgage - Mortgage 
they will help you with any country 
hope this helps


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