What services does MyCasa.mx offer?

At MyCasa.mx, we specialize in assisting U.S. and Canadian citizens in purchasing real estate in Riviera Maya, Mexico. Our services include property search, legal advice, transaction support, and connecting clients with trusted third-party rental administrators. Afterwards we help you get the most of your property with professional design and rental strategies.

Why buy property in Riviera Maya?

Riviera Maya offers a vibrant blend of natural beauty, rich culture, and robust investment opportunities. Properties here are desirable for vacation rentals due to high tourist traffic, making it a profitable investment for those looking to rent out their homes while they are abroad.

What types of properties can I buy?

We offer a wide range of properties including condos, houses, and luxury villas. Whether you are looking for a cozy beachfront condo or a spacious house for potential retirement, we can help find the right property for your needs.

Can I see the properties remotely?

Yes, we provide virtual tours and detailed online listings for all our properties. Our aim is to make your buying experience as seamless as possible, regardless of where you are located.

How does the vacation rental process work?

When you choose to rent out your property, we connect you with reputable third-party rental administrators who handle everything from marketing to maintenance, ensuring your property is well-managed and profitable.

What are the legal considerations for foreigners buying property in Mexico?

Foreigners can safely invest in Mexican real estate through a fideicomiso (bank trust) or by establishing a Mexican corporation, depending on your long-term goals. We provide expert legal guidance to ensure your investment is secure.

What should I consider before buying a property in Mexico?

Consider factors like location, type of property, potential rental income, legal requirements, and your long-term plans in the region. We advise all our clients to think about their future intentions—whether it’s renting out the property, using it as a vacation home, or eventual retirement.

How can I get started with MyCasa.mx?

Simply contact us through our website, and one of our agents will reach out to discuss your real estate needs and how we can assist you in finding your dream property in Riviera Maya.

Are there financing options available for foreigners?

Yes, there are financing options available for foreigners. We can guide you through the different options and help you find the best solution based on your financial circumstances.

Who manages the property when I am not there?

We partner with experienced rental administrators who specialize in managing vacation rentals. They will take care of everything from tenant screening to property maintenance, ensuring your investment is hassle-free.

What makes MyCasa.mx different from other real estate agencies in Riviera Maya?

Unlike other agencies, MyCasa.mx offers Mexico’s first buyer-facing, video-enhanced MLS-like system. This platform showcases over 800 top properties in Riviera Maya through detailed video walkthroughs, drone footage highlighting the location, and audio descriptions covering key details like square footage and HOA fees. Our system provides a comprehensive view of each property in less than three minutes, ensuring you don’t miss out on any spectacular deals.

How does MyCasa.mx help overcome the challenges of no MLS system in Mexico?

Our unique video-enhanced platform allows buyers to explore all available properties in the region, including resales, pre-constructions, and new constructions, which are often overlooked due to the lack of a centralized MLS system. This comprehensive visibility into the market ensures you have access to the best deals and a true sense of each property’s potential.

Tell me more about the MyCasa Real Reality Show.

At MyCasa.mx, we produce the world’s only real reality show about buying real estate in Riviera Maya. Unlike other pre-scripted or post-purchase produced shows, our reality series documents the actual buying experiences of our clients, in real-time. Hosted by Raul Morales, our engaging and humorous CEO, these shows are not just entertaining but also provide valuable insights into the safe and correct procedures for buying property in the area.

How can the MyCasa Real Reality Show benefit potential buyers?

The show offers viewers a firsthand look at the real estate buying process in Riviera Maya. By watching real buyers navigate the market with our guidance, you can learn essential tips and tricks for making informed decisions. It’s a fun, educational way to understand the local real estate market from the comfort of your home.

Move to Mexico 2025: Real Estate Financing for Foreigners

2023-02-11 by My Casa

Can I Finance A Property In Mexico?

Yes, you can finance a property in Mexico! Options include cash purchases, developer financing, and cross-border mortgages. This guide will help you understand your options, navigate legal requirements, and make informed decisions when purchasing property in Mexico.

Your first step in this process will affect the entirety of the experience. Enlist the help of one of Mycasa's Licensed Real Estate agents and receive expert help and advice about all your financing options.

Foreign buyers exploring mortgage options in Mexico.

Key Takeaways
Overview of Financing Options
Securing A Mortgage from Mexican Banks
Cross-Border Loans
Understanding Fees & Closing Costs
Tips for a Smooth Process
Other Articles About Relocating
What are Clients Saying About Mycasa Real Estate?
Frequently Asked Questions

Key Takeaways

Foreign buyers can secure mortgages in Mexico, even without residency, though terms might differ from those in their home countries.
Major financing options include cash purchases, developer financing, and cross-border mortgages, each with unique pros and cons.
Closing costs can range from 5% to 10% of the property value, so budgeting is essential.

Overview of Financing Property In Mexico

For many foreign buyers, financing is a key consideration when purchasing property in Mexico. Fortunately, several options are available to meet varying needs. Understanding Mexican real estate laws and financing options is crucial to avoid pitfalls and streamline the process.

There are 4 general methods for acquiring property with financing in Mexico. They are ranked below in order of most desirable, quickest to close, and least expensive in terms of closing costs.

1. CASH - most purchase transcations are done in cash. With a cash purchase, you can more easily take advantage of presale/preconstruction opportunities for large discounts which developers are open to negotiate when you offer down payments of more than 30%. 30% down payments are typically the minimum and no discount is typically offered. Resale transactions can be handled with cash or financing and all funds go to escrow until closing. There will be no lending closing costs above & beyond your purchase closing costs with this option.

2.DEVELOPER FINANCING - a small number of developers offer financing with terms such as these.

50% down payment
50% financed for 5-10 years
Interest Rates starting at 8 or 9%

3.PERSONAL LENDING - Many clients own property back in their home countries with little to no balance outstanding on any mortgages. Home Equity Lines of Credit (HELOC) loans are quick to close (usually less than 30 days) and don't carry anywhere near the closing costs of a typical home mortgage. Cash-out refinance mortgages are another option but those instruments will take longer and be more expensive to put in place. Personal loans and withdrawal from retirement assets are another viable option. As with all financial advice, seek an opinion from your accountant.

4.CROSS-BORDER MORTGAGES - an increasing number of companies are now offering mortgages for Canadian & U.S. citizens to be able to buy property in Mexico. These programs will be very similar to mortgage offerings in your home country and will require identical paperwork, underwriting procedures, and time. This is the most expensive option of all and should be the last one considered because of the time & expense. You will see loan programs with terms of 5 - 30 years with rates starting in the 8s or 9s as of this writing. Minimum down payments can be as low as 10% depending on the program, property type and credit score (a minimum of 680 but the higher the better as score affects interest rate).

Securing a mortgage from Mexican banks.

Securing A Mortgage From Mexican Banks

Contrary to many articles that you'll read on the internet, Mexican banks are not lending to foreign nationals directly unless they have credit & income WITHIN Mexico.

Mortgage brokers operating within Mexico may have specialized lending programs with Mexican banks but you will have to apply with them instead of walking in to a bank branch in Mexico.

Cross-Border Loans

Advantages of Specialized Lenders

Specialized lenders offer unique solutions, such as using retirement savings or home equity loans from foreign properties. They simplify cross-border transactions.

Common Requirements

Expect additional documentation, such as a fideicomiso (for coastal properties) or setting up a Mexican corporation.

Specialized lenders and cross border loans for property in Mexico.

Understanding Fees and Closing Costs

Typical Fees and Charges

Notarization Fees: 1%-2% of the property value.
Property Acquisition Tax: 2%-5%, depending on the location.
Transfer Taxes: 1%-3%.

Hidden Fees to Watch Out For

Registration fees based on property value and location.
Maintenance fees for communal areas in gated communities.

Tips for a Smooth Financing Process

Working with Real Estate Agents

Engage experienced agents to navigate market conditions and legal requirements.

Consulting Financial Advisors

Advisors provide strategies for currency exchange and financial optimization, ensuring seamless transactions.

Tips for a smooth financing process when buying property in Mexico.

What Are Clients Saying About Mycasa Real Estate?

"We have been beyond pleased...we felt in good hands the entire process." Jodi Ribar. Google Review

"...and within 5 minutes, she called me." Leanne Knox. Google Review

"He is incredibly knowledgeable about the area, knows all the details about the property..." Claudia Ruiz. Google Review

"She listened to every single detail of what I was looking for in a property..." Kendra Mangana-Adams. Google Review

Ready to book a trip and shop for your dream home, plan your trip with Google Travel

Frequently Asked Questions

Can foreign buyers get mortgages in Mexico? Yes, foreign buyers can secure mortgages without residency.

What are the typical interest rates for Mexican mortgages? Interest rates are higher than in the U.S. or Canada, but specialized lenders may offer competitive rates.

What documentation is required to apply for a mortgage in Mexico? You’ll need proof of income, credit history, property documents, and other financial records.

Are there additional costs to consider? Yes, closing costs and hidden fees like transfer taxes and maintenance fees should be factored in.

Ready to explore your financing options? Reach out to Mycasa’s licensed real estate agents for expert guidance today!

Overhauled 1/15/25

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