Loan for your RP home

[AZRob]

Anyone on here get a loan from the bank to buy your house in RP. Did you get the loan in the US or from a Mexico bank.

 

[jerry]

All pretty much snake deals according to a friend in Cabo

 

[ben21]

I think most people just do an owner carry. That's pretty much the only way places get sold in RP anymore.

 

[Landshark]

Refinance and pull the equity from a house here is another way. Between that and an owner carry you should be in business.

 

[Roberto]

US banks might loan the money if you have enough collateral in the US. Some people approaching retirement have taken a loan against a US home with the idea to sell that home when retired, pay off that note and move to Mexico with no mortgage. At this juncture there is no formal home financing as you would expect in the US. If you find someone offering financing here, snake oil does come to mind so be careful with the terms. Some owner financing but expect 3 to 5 years, 50% or more down at 8% or so. Some of the condo developers are offering terms, call Jim at the Sonoran There is an ad in Join Us for the Sky 5.9% fixed no payemnts or interest for one year, no other terms advertised. 602-476-7511. There is an ad for Puerta Privada in Join Us, 10% down, 10% in one year, no payments or interest for one year. 480-445-9200 Limited time, hurry hurry hurry, won't last long.

 

[Terry C]

Back then, the "rush" is what caused so many people to do a second or a home equity line of credit they had on their main place of residence in the US. That hurt a lot of people. Also, the "rush" people came in and offered awesome deals for places. They all should be gone now (we hope)!

 

[AZRob]

Thanks for all the feed back everyone, what everyone said makes alot of sense.