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HOW IS BUSINESS IN MEXICO??

By
Real Estate Agent with Century21 Arizona West

Doug Jones  has worked with me in  Rocky Point.   He has  a tremendous work ethic,  a great ability to  move through a difficult  transaction to the close,   we recommend him to all of our buyers.  

Enjoy his input  and I always have time for your  referrals.

Charlotte.

 Mortgages In Mexico celebrates 4 years in business in Mexico!  There are NO shortcuts to learning the mortgage business in Mexico - it is learned one loan at a time, and we continue to be a leader in the number of closed loans every month.  We have been very busy this summer and in fact had our best closing month ever in July!

 

The 10 top trends we are seeing (with further explanations below):

•1.    More buyers in Mexico are using financing for the purchase of their property

•2.    Money in the US has nearly dried up

•3.    Pre-sale condo buyers are now looking to finance their final purchase and take cash out now

•4.    More real estate agents and developers recognize the benefits of sending their buyers to Mortgages In Mexico rather than going direct to Laredo/Bancomer or Scotia

•5.    More agents and developers are realizing that not all mortgage brokers are the same - some are better than others. 

•6.    Processing and closing times are much faster and much less frustrating now than in the past

•7.    Our loan amounts are increasing

•8.    More buyers are purchasing another property in Mexico and using financing - again! 

•9.    Refinancing existing property in Mexico is becoming more popular. 

•10. More Canadians are using mortgages to purchase in Mexico. 

 

Further explanations of above top 10 trends:

 

•1.    This is a direct result of the economic problems in the US.  Previous "cash-buyers" now recognize the importance of maintaining a strong cash position in the US, so rather than put all their cash into a Mexico property, they are getting a loan and conserving their cash in the US as a reserve for uncertain times, and for potential good investment opportunities in the US.

•2.    The traditional sources of "cash" for many purchasers in Mexico has been getting an equity loan in the US or selling stock.  Right now, with falling housing values in the US, even if equity loans are still an option, the amount that can be borrowed has gone down significantly.  The stock market is very low, so people do not want to sell their stock right now.  This means the best source for money is with Mortgages In Mexico.  We have all reliable money sources.

•3.    Economic conditions are much different than when they first contracted to purchase their condo.  If you have any buyers you're working with on a pre-sale condo that is nearing completion, please call me so we can go over the excellent options of closing on a loan simultaneously with the transfer of title.

•4.    We do a much better job of processing the loans for submission to the underwriter.  The local reps for Scotia and Laredo are NOT compensated on commission, so new loans that they have to process mean more work and no additional pay.  With Mortgages In Mexico processing the loans, the reps still get credit for the loan, but we do all the work.  Like you, we DO get paid on commission, and we don't get paid until the loan closes, so we have strong incentive to get the loan closed.  Our success in closing loans that we start working on is over 95%, so we're getting the job done.

•5.    You will continue to see more and more new loan brokers work the Mexico market.  Most of these new brokers are working the Mexico mortgage market as a "part-time" endeavor.  They are also doing loans in the US, or they may be doing other businesses and are doing the mortgage business as an "add-on" business to what they are already doing.  With part-time businesses, you get part-time results.  Stay with the proven professionals in the Mexico market.  Mortgages In Mexico only does loans IN Mexico and nowhere else.  Develop a good relationship with Mortgages In Mexico and we'll take good care of all of your future business with us.

•6.    We have an excellent loan processing team, and the lenders are getting much faster as well.  We can close loans currently (based on a current 3 week approval time for SRE permits) in 60 days, and we've been able to close some in less.  We still would like to see 90 days written into the contract.  If this isn't acceptable to the seller, contact us so we can see how easy or difficult the buyer is to get approved.

•7.    Agents, developers and buyers are now comfortable with us getting the loan closed, so they are now more comfortable with us working their larger transactions.  We are THE experts in working with sophisticated borrowes.  I am an income tax expert.  We have been successful to get borrowers approved and closed when they weren't successful using other mortgage lenders.  Of course, we would rather be called first to do the loan.  It saves time, and is less frustrating to your buyers.  We can now offer 80% loan to value loans to most of our buyers.  This depends on their credit scores.

•8.    Clients who already own one property that has a mortgage in Mexico can now purchase another property and put a new mortgage on this new property.  Previously buyers were restricted to only one mortgage loan in Mexico.  We now have an excellent loan source that allows more than one property to have a mortgage loan in Mexico.

•9.    It is very likely that people can pull cash out of their Mexico property more easily than they can their property in the US.  Contact all of your previous buyers and let them know this is an option that will generate more cash for them.  With more cash-in-hand, they may be interested in purchasing another property in Mexico.  Now is certainly a great time to invest again in Mexico.

•10. The current loan programs let Canadians finance their new and existing (if they refinance) properties at the same rates and terms as US citizens.

 

Doug Jones, President                                                               Joy Jones, Partner

                                                    
918-398-9588 (Canada/US)                                                    918-770-8571 (Canada/US)
555-350-6331 (Mexico)                                              558-525-5241 (Mexico)
617-600-9675 (FAX)                                                   617-449-9622 (FAX)
044-322-135-5822 (PV cell)                                       044-322-135-5087 (PV cell)
doug@mortgagesinmexico.com                                joy@mortgagesinmexico.com

www.MortgagesInMexico.com                                  www.MortgagesInMexico.com
The Trusted Name in Mexico Home Loans               The Trusted Name in Mexico Home Loans

 

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Comments (4)

Jose Gonzalez
Tu Casa Real Estate - Salem, OR

I would like to congratulate the Mortgages in Mexico team.  Dealing Internationally takes patience, hard work, and the never give up attitude. 

I feel if we all offer these options to our spehere of influence, we would increase our sales.  Cash on hand, property equity in the US are low during these times.  What is not affected is many industry's income.  Medical, tech/software are two industries in which people have the ability (stable income/ low risk of unemployment) to use financing to purchase in Mexico. 

Spread the word!

Sep 08, 2008 06:34 AM
Jack Climer
Jack Climer Realty, LLC - Springfield, MO

Thank you for the information, I am trying to learn as much as i can on mexico real estate.

Sep 10, 2008 01:28 PM
Charlotte Bohner
Century21 Arizona West - Wickenburg, AZ

Jack,

Let us start a regular conversation  I would love to share anything  I can.

Charlotte

 

Sep 11, 2008 09:34 AM
Keller Williams
Keller Williams Central Oregon Realty - Bend, OR
Central Oregon Realty

Feel free to contact my dear friend Taner Sirin.  He is the Team Leader for Lloyd of Mexico Real Estate Co. with offices in Ajijic (Lake Chapala), PV and San Miguel de Allende.  Taner moved to Lake Chapala from N. San Diego County, CA. 4 years ago and works with builders, developers and more and also facilitates a "Mexico Immersion" program that teaches all of the in's and outs of purchasing in MX.  It is very in depth and excellent.  I highly recommend Taner and have known his family here in the states and they are rock solid! 

Taner is fluent in many languages including spanish and speaks english as his first language.

Here is Taners contact information.... Tell him "Mike Sent Ya!" 

Taner Sirin

Colon 29-B / Ajijic, Jalisco, C.P. 45920

Phone: (52) 376 766 0040

Cell:  (52) 1 331 331 3196

taner@lloydajijic.com

www.lloydajijic.com

www.vitamexico.com

 

Nov 30, 2008 11:08 AM