I did a HELOC with my bank in the U.S., which I think has been the safest/easiest path to go for my Mexican condo purchase. Reasonably low interest rate, much lower than the 7% that you can get by developer financing. Always best to keep debts and loans within your own country I think for various reasons.
A HELOC can be a decent option. But HELOCs have adjustable interest rates tied to the prime rate in most cases. This is the rate that’s increasing in the US now with the recent fed rate hikes.
Great info. This helps me so much. Love your channel. How about a video on how much restoring an old house costs and the process to get the correct help and services for restoring a property.
I'm inheriting a house in Jalisco and I'm trying to figure out where to start with either restoring or completely demolishing the house and rebuilding. Amazing channel brotha!
There is a reason that info is left out, the best option is a personal loan with your best bank in the US, a credit union for example; and use as payment for home without a getting loan in Mexico, for dual citizens there is a program from Bancomer to pay the home in Mexico from the US
@@Frknlpz7 as a bank professional I can tell you that personal loans are very limited and even if your income is in the `1% meaning extremely high they won't offer more than 100k due to the high percentages they offer for personal unsecured loans with rates of 7-20%. Your best bet will be to get a home equity loan against a current home as you can withdraw the funds without any issues from your bank or credit union & with credit of 700+ rates are usually less than 7%. This again only works for people that only have loans in the US and leaves first time buyers home out of the picture which sucks. For First time buyers and do not own a home in the states it's nearly impossible to purchase a home in Mexico because in-house loans from builders are usually 30% down to reserve & 30% upon delivery which is is insane. no one has that kind of money and if you do you are usually not looking for a loan.
I do not suggest Moxi if living in the state of Yucatan. Basically client is spending thousands of dollars in fees while the Notario is saying this will not work within the state.
Taking Paul's advice, I was able to contact Moxi, although It took several attempts and days. The rep informed me that Moxi has no office in Quintana Roo and only does a limited business there. When they do finance in Q. Roo, the financing terms are quit a bit higher and more restrictive. Since Moxi wasn't a good option, I became a patron in order to ask Paul directly for info on similar companies. He replied quickly but he could only provide a couple of names that he "heard of". Disappointed that Paul's very exclusive endorsement of Moxi was essentially useless in Q Roo, the Mexican state where he hails from. A lesson learned about paid endorsments.
MOXI's big lending caveat : Currently, Global Mortgage (MoXi) offers competitively priced mortgage loans from $150,000 - $ 2.5 million on residential property in Mexico up to 60% of the appraised value of the property (Loan-to-Value - “LTV”) to qualified individuals. For example: For a $ 400,000 home, the maximum loan amount would be $ 240,000.
It's funny, I love visiting Mexico, but I have no interest in living in Mexico or buying property there. However, that doesn't stop me from enjoying the information contained in the videos. Thanks!
I wish you wouldve covered a cash transaction. Best methods to send large amounts of money to mexico from Canada or USA for purchasing property or for just moving to Mexico permanently. And maybe which mexican banks are from the best ones to choose from.
If I have the cash, what is the best way to transfer the money from the US to Mexico? My bank in the US is giving me the worst exchange rate to wire the money directly. I'll be losing over 10% just in the currency conversion...
Hey Paul question on conversion. I have heard you note that you have a software or something that alerts you when the pesos to USD are higher. Could you please share with me what that is? Thank you so much for all you do for us
Paul - Could you please comment on how one goes about paying for utilities, taxes, etc. when you don't have a temp/perm residency and are unable to open a mexican bank account. If a person purchased a property via fideocomiso, how does one take care of the maintenance/running costs if we can't have a bank account in Mexico without a residency card, can we have utilities or taxes in our name? What is the work-around for this situation. Thank you sir.
Yes, the utilities can be in your name (even renters have to do so sometimes when they’re not included in the rent, especially electricity and wifi.) Gas is delivered, usually anyway, you flag the truck to exchange your tank. You can pay your bills directly at the office or even better, at any OXXO (the equivalent of 7/11) which are found everywhere. I recharge my Telcel phone plan, takes less than a minute... and buy a bonus snack 🤔😛
Im Mexican and I fins this very interesting. It is true that mortages here have usurous interest rates. Many people buy a vacant lots with what money they can scrape and build it up little by little as money starts coming in.
I’d find the “Qroo” of PR and compare their sets of pros and cons. Kinda not right to ask him to weigh in on an area he isn’t intimately familiar with. Like me asking him to do the same comparing retiring in Mexico verses Ireland!
Great video! We have rental properties in the US and are not ready to sell them pr gove up the rental income, but if we do, wonder if we could do a 1031 exchange to buy a part of the capital gains in Mexico.
Great information. I have been sharing these latest videos with my brother, who is looking to buy in PV. Thanks. I don't know if he has subscribed yet.
Fedeicomiso should cost $600. Moxi will charge between $600 and $3,000. and $1,000 to $2,000 annually. If you do this outside of Moxi, you avoid the upcharge.
Great videos Paul. Glad you made it to retirement. I just pulled the plug after 26 plus years (Thank you 3 at 50). Do you have a video about paying income taxes in Mexico? I'm wondering if I retire in Mexico with a California Pension, do I have to pay the Mexican Govt. any income taxes. Should I worry about transferring money from my South Dakota bank account to my Mexican bank account. Will Mexico want a piece of that money?
There is a tax agreement between the U.S. and Mexico and your pension will still be taxed in the U.S. Transferring money to Mexico to use does not trigger any taxes on the Mexico side. No worries there.
We have an offer on our house in Puerto Penasco. Buyers want us to "carry" for 2 years. Offer is $350,000.00 with $100,000.00 downpayment, then 2 years financing (5%) with a balloon payment. Is this a good idea? Do we contact a Mexican lawyer?
Hi Paul. Are there any private lenders in Mexico? Possibly individuals who have money to lend. In Canada there's many options for private lenders if you don't qualify for a traditional mortgage with the bank. Rates are higher, but its an option here.
That's an interesting question. Nothing comes to mind, but based on the average interest rates in Mexico, I suspect that if they do exist, they're pricey.
Good job my friend...thanks for the information...my brother just bought a place in San Carlos Mexico....and loves it...I will be going down there soon to visit..had you been there yet?
Paul -- Can you use Moxi in a "Construction Loan" situation where you already bought the lot but still need to build the home or does the home/condo already need to be built to use Moxi? Keep up the great work!
You could buy without the fideicomiso as a citizen. That would be a plus. If you worked in Mexico and earned credits, another finance option could be through Infonavit México.
Qroo paul I contacted Moxi regarding a mortgage loan in Mérida and to my surprise the don't give loan for purchases in the city. Something about not being able to find the titles on properties here. I asked about a new build and they still will not give you a loan. Do you know of another company that do.
Man Paul I'm in Cancun and I got a good opportunity to buy 3 fully furnished apartments for $128,000 but moxi aka global mortgage min I'd $250,000 loan I tried another one and their minimum is $140,000 with 40% down. Help me Paul.
I was wondering if you have an answer to our situation. Just over two years ago we bought property from a developer building a new community in Talpa. The house is 90% finished with a few bugs that need correcting. We have been able to live at the house when we come in the winter and summer months. But so far we have not been able to close on the property because the developer has been having documents problems. He had us at a notary once but not for closing. He blamed the pandemic and now waiting on the documents from Mexico City or some where. We have paid for the house except for less than $5000 USD which was to be paid at closing. We have a attorney in PV but she is waiting on the documents she needs. My question is , can we sell this house without closing on it since we do not have titles yet? We are going back in August again.
I think you are probably on the hook til this thing closes at this point, you may otherwise lose money you've already given them. It's a ridiculously long process with the notary and documents, mine took probably 6 or 7 months to finally straighten it all out.
The only way would be if the developer allowed someone else to buy it because he or she is still the owner at the moment. We actually bought our condo this way. The original buyer bought from the developer but had not closed. The process was dragging on 2-years due to document issues etc. With the consent of the developer, we bought the condo and were able to close about 6 months later. Without the developer's okay, you will not be able to sell until the property the closing and the house is yours.
The requirements are getting mire stringent. I received perm residency, but I bought a 500 k property. Get online and look at your local Mexican Consulate for requirements as they vary. You might qualify for temp residency based upon retirement income.
MOXI will only finance up to 65% of the value of the property you want to buy and they will not finance property that is priced less that $150,000 USD.
Indeed, Mexico has a type of special mortgage loans which amount borrow and monthly payments are based on the person's salaries and other qualifiers. I don't qualify for it because I worked in the US most of my life; I am US pensioner. So, got a 11 years bank's mortgage loan with fixed rate of 11% and no penalty for early payment. I paid it off within two years and saved some money. This was my best personal option due to the fact that I lost all my money and first property with the unscrupulous builder when fist I returned to Mexico.
I bought my Cabo condo for $145K USD cash through an American notary. It was a bit scary but since the former owner was an American, I trusted them. And I got an official Fedeicomiso document when the deal was completed. There probably wasn't the Moxie company at that time but I would definitely look into them today if I was going to buy another condo. Thanks Paul!😎🌴🌵🌞
The only one that you could not use is that particular cross-border mortgage company. I am sure there are others catering to Canadians, but I do not have any specific company names or links to share at this time.
More info next time please. Such as after your 50% what are the income requirements what is expected? If you live in your new house in Mexico and still owe half. Rentals, retirement, pension or a job in Mexico for younger people?
To be honest . As an American they will double charge you because you’re not a Mexican citizen. If you’re a Mexican citizen they don’t charge you as much as an American period . I will be a Mexican citizen
It's interesting that Paul blasts the Mexican banks illustrating high interest rates, but then does an ad for Moxi, that he claims is a great company to do business with, and does not give any sample interest rates and details. I can only wonder why? So how about another quick video describing in detail examples of what your sponsored ad. for Moxi offers? As Paul didn't want to provide any MoXi information, as he was "sponsored," I took a look at MoXi and here are the key details that I found. I looked at Yucatan as it's where I live. And FYI, there is rampant real estate fraud in Mexico, so be very, very careful. MoXi's minimum loan is $300,000 where the loan to value is 50%, so your house must be at least $600,000 or they won't have any interest! Minimum FICO score is 720 meaning you must have good credit in the US. If you don't, I don't think you can afford a $600,000 house anywhere. Loans are for 15, 20 and 25 years without an age limitation. Why? I think you know. The base interest rate is ~8% PLUS 1% Risk pricing + .5% fee, for setting up loan (base closing and approval fees, of ~$11,000 for $300,000 in this example + fees for everything you can imagine. And many things you don't imagine, such as a fee to collect your monthly payment, $65 a MONTH or $780 a year! Read the fee structure here (I counted TWENTY FIVE fee line items. drive.google.com/file/d/1Eb23tjLu0xV6xGUdAbiHwMAMgqv2hRBI/view?usp=sharing I suggest just refinancing your house in the US or Canada and using that money to buy a house for cash. It's a lot simpler and less expensive.
The interest rates in Mexico have been consistently the same since I ran the numbers over two years ago for a blog article. The developer interest rates have been the same for the last five years. Although those numbers are consistent, the numbers on the U.S. side have been lower than both but still vary more depending on the FED etc. I did not want this video to become outdated within a month or so but citing rates for the cross-border or personal loans originating in the U.S. Moxi does do 72-hour approvals if you are curious what rate you would qualify for.
I looked at one cross border rate, advertised at 3% but when I calculated the 20 year cost, it was 23% due to internal tricks. You made a point of using Mexican bank interest rates, but no comparison with your Moxi company, who is paying you to persuade people to visit them. Just clear, concise information is all that's requested as on May 2022. That has not been provided as you are pushing people to interact with Moxi because you are paid to do so!
@@allanzfs He gave an option outside of Mexico Banks. Do your research and decide if it works for you. Its always helpful to have information and options. Final decision is yours.
I'm not "souring other peoples' posts," I'm commenting on Paul not providing consistent information. It's inconsistent because of the information he likely doesn't provide is from a company that pays him.
Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bit.ly/3SICdD0
Boost Your Spanish ruclips.net/video/Nzc1oRSAPQ0/видео.html
Thanks! I am looking for that other video! So, to the description box I’ll go! Hasta pronto!!
I did a HELOC with my bank in the U.S., which I think has been the safest/easiest path to go for my Mexican condo purchase. Reasonably low interest rate, much lower than the 7% that you can get by developer financing. Always best to keep debts and loans within your own country I think for various reasons.
That's actually a really good idea. Never thought of that.
Can I ask who you bank with that enabled you to do so?
A HELOC can be a decent option. But HELOCs have adjustable interest rates tied to the prime rate in most cases. This is the rate that’s increasing in the US now with the recent fed rate hikes.
Yes that is a risk with interest rate hikes, which is why that one is my priority to pay down with any extra money before my primary mortgage.
What’s the interest rate? 👀
I think you are probably the best practical RUclips program on Mexico.
Thank you, Sue.
Great info. This helps me so much.
Love your channel.
How about a video on how much restoring an old house costs and the process to get the correct help and services for restoring a property.
Great suggestion!
I'm inheriting a house in Jalisco and I'm trying to figure out where to start with either restoring or completely demolishing the house and rebuilding.
Amazing channel brotha!
I really appreciate your integrity
Best content on Mexico living. Thanks!
I was excited to learn about Moxi but they don't cover loan amounts under 250k USD. So really only relevant for higher priced homes.
There is a reason that info is left out, the best option is a personal loan with your best bank in the US, a credit union for example; and use as payment for home without a getting loan in Mexico, for dual citizens there is a program from Bancomer to pay the home in Mexico from the US
@@Frknlpz7Also a Heloc if someone can get one
Veltra Capital provides loans under 250k USD for Americans and Canadians looking to buy or refinance homes in Mexico
@@Frknlpz7 as a bank professional I can tell you that personal loans are very limited and even if your income is in the `1% meaning extremely high they won't offer more than 100k due to the high percentages they offer for personal unsecured loans with rates of 7-20%. Your best bet will be to get a home equity loan against a current home as you can withdraw the funds without any issues from your bank or credit union & with credit of 700+ rates are usually less than 7%. This again only works for people that only have loans in the US and leaves first time buyers home out of the picture which sucks. For First time buyers and do not own a home in the states it's nearly impossible to purchase a home in Mexico because in-house loans from builders are usually 30% down to reserve & 30% upon delivery which is is insane. no one has that kind of money and if you do you are usually not looking for a loan.
Excellent job Paul!
Thanks!
I do not suggest Moxi if living in the state of Yucatan. Basically client is spending thousands of dollars in fees while the Notario is saying this will not work within the state.
Taking Paul's advice, I was able to contact Moxi, although It took several attempts and days. The rep informed me that Moxi has no office in Quintana Roo and only does a limited business there. When they do finance in Q. Roo, the financing terms are quit a bit higher and more restrictive.
Since Moxi wasn't a good option, I became a patron in order to ask Paul directly for info on similar companies. He replied quickly but he could only provide a couple of names that he "heard of".
Disappointed that Paul's very exclusive endorsement of Moxi was essentially useless in Q Roo, the Mexican state where he hails from. A lesson learned about paid endorsments.
THANK YOU SO MUCH!! Looking forward to the best Banks and Money transfer videos :)
More to come!
Just what I was looking for!
MOXI's big lending caveat : Currently, Global Mortgage (MoXi) offers competitively priced mortgage loans from $150,000 - $ 2.5 million on residential property in Mexico up to 60% of the appraised value of the property (Loan-to-Value - “LTV”) to qualified individuals.
For example: For a $ 400,000 home, the maximum loan amount would be $ 240,000.
MoXi now lends up to 65% LTV. On a $400k purchase price, the max loan amount is $260k.
@@alexkoper3916 doesn’t move the needle materially but good to know !
@@ctownas totally get it!! :)
@@alexkoper3916 OMG 😳 😂
@@alexkoper3916 so how is the rest of the purchase financed???
It's funny, I love visiting Mexico, but I have no interest in living in Mexico or buying property there. However, that doesn't stop me from enjoying the information contained in the videos. Thanks!
Great info as always. Thanks Paul. 🙏👍
Thanks for watching, Carlo. :)
Thank you - this is very helpful information for us since we have been wondering a couple of years down the road how we are going to do this. 💗
Glad it was helpful!
Wonderful Job . Thank you for all info 🙏
Our pleasure!
Epic, Paul! Great Video 😃
Thanks! 😀
Another homerun video with information that I have not seen elsewhere.
Thanks, Wayne.
luv qroo paul's straight shootin' style
Thanks, Bake.
Thanks! Wow, you gotta have a ton of cash to buy a house in Mexico.
I wish you wouldve covered a cash transaction. Best methods to send large amounts of money to mexico from Canada or USA for purchasing property or for just moving to Mexico permanently.
And maybe which mexican banks are from the best ones to choose from.
I plan to cover transfers in another video. I have covered smaller transfers (under $10k) in other videos.
@@qrooes please, transfers superior to at least 500k. Thanks in advance!
If I have the cash, what is the best way to transfer the money from the US to Mexico? My bank in the US is giving me the worst exchange rate to wire the money directly. I'll be losing over 10% just in the currency conversion...
Hey Paul question on conversion. I have heard you note that you have a software or something that alerts you when the pesos to USD are higher. Could you please share with me what that is? Thank you so much for all you do for us
Thanks for the information, Paul.
Thanks for watching, Cindy. :)
Good advice, thanks for sharing
Glad it was helpful!
Thank you? For info bro
Am cirzen looking at my
Options to buy know
Nothing to big but!
Decent! Under 80k👍🏾
I was told that it would cost over two million United States of America dollars to get a small apartment in Mexico
No not even close. Costs depend on where you live and your price range. You get as expensive as you want or as cheap as you want.
@qroo Paul & Linda
How about a video on loans /options for "construction loans" where land has been purchased but still need to build a the home?
Great info! Thanks
Great info thank you
Paul - Could you please comment on how one goes about paying for utilities, taxes, etc. when you don't have a temp/perm residency and are unable to open a mexican bank account. If a person purchased a property via fideocomiso, how does one take care of the maintenance/running costs if we can't have a bank account in Mexico without a residency card, can we have utilities or taxes in our name? What is the work-around for this situation. Thank you sir.
Yes, the utilities can be in your name (even renters have to do so sometimes when they’re not included in the rent, especially electricity and wifi.) Gas is delivered, usually anyway, you flag the truck to exchange your tank. You can pay your bills directly at the office or even better, at any OXXO (the equivalent of 7/11) which are found everywhere. I recharge my Telcel phone plan, takes less than a minute... and buy a bonus snack 🤔😛
Im Mexican and I fins this very interesting. It is true that mortages here have usurous interest rates. Many people buy a vacant lots with what money they can scrape and build it up little by little as money starts coming in.
Interesting. Thanks for watching, by the way. Un saludo.
Fascinating, had no idea something like MOXI was an option. Seems like a better arrangement than anything else I've seen.
Thank you so much this was very helpful
Awesome. Thanks for watching. :)
@@qroo of course may I have your e mail. If it's okay I wanted to ask you some questions.
Could you show benefits of live in mexico vs Puerto Rico …. It seams like Puerto Rico has less obstacles since it is a US territory.
I’d find the “Qroo” of PR and compare their sets of pros and cons.
Kinda not right to ask him to weigh in on an area he isn’t intimately familiar with. Like me asking him to do the same comparing retiring in Mexico verses Ireland!
Greetings from Yucatan
Great informative video. Thank you
Glad you enjoyed it!
Thank you so much
Great video! We have rental properties in the US and are not ready to sell them pr gove up the rental income, but if we do, wonder if we could do a 1031 exchange to buy a part of the capital gains in Mexico.
Can we compare it with Banco del bienestar Banco
Excelente ❤
So helpful!
Glad it was helpful!
Great information. I have been sharing these latest videos with my brother, who is looking to buy in PV. Thanks. I don't know if he has subscribed yet.
Yes he has!
Thanks for sharing!
Glad to see you here, Reinvent. :)
Misión 7
Fedeicomiso should cost $600. Moxi will charge between $600 and $3,000. and $1,000 to $2,000 annually. If you do this outside of Moxi, you avoid the upcharge.
Fideicomiso charges vary according to property cost as I believe the annual fee does. I think $600 US would be for an inexpensive property.
@@PaulBeet That is correct Paul... I pay $459.00 annually for my $330,000 home is Baja through Banco Monex... if that helps.
Your videos are so helpful. I've learned so much from you & Linda. Thank you!
Great videos Paul. Glad you made it to retirement. I just pulled the plug after 26 plus years (Thank you 3 at 50). Do you have a video about paying income taxes in Mexico? I'm wondering if I retire in Mexico with a California Pension, do I have to pay the Mexican Govt. any income taxes. Should I worry about transferring money from my South Dakota bank account to my Mexican bank account. Will Mexico want a piece of that money?
There is a tax agreement between the U.S. and Mexico and your pension will still be taxed in the U.S. Transferring money to Mexico to use does not trigger any taxes on the Mexico side. No worries there.
3 at 50 is the best. Got 4 to go
Current rate w MoXi is" Estimated Interest Rate-10.4%"
Thank u
I recently saw another video where you talked about another company that finances. Can you point me to it?
does moxi work with other countries ? like in central America?
Contacted MOXI a week ago and haven't heard from them. This coming from a couple who have a 780ish individual credit score.
Thanks for the feedback. I'll reach out to them and see what the issue is.
@@qroo They replied. They were having problems with their email system. Thanks
Unfortunately Moxi does not offer land construction/land financing. Any idea who does?
We have an offer on our house in Puerto Penasco. Buyers want us to "carry" for 2 years. Offer is $350,000.00 with $100,000.00 downpayment, then 2 years financing (5%) with a balloon payment. Is this a good idea? Do we contact a Mexican lawyer?
im curious why would people not native from Mexico buy property there? would it be for living there or making profits there?
Could I ask what would be the best finance option for foreigners who aren’t American, such as those from the UK like me.
Can you rent to own a home in mexico?
Hi Paul. Are there any private lenders in Mexico? Possibly individuals who have money to lend. In Canada there's many options for private lenders if you don't qualify for a traditional mortgage with the bank. Rates are higher, but its an option here.
That's an interesting question. Nothing comes to mind, but based on the average interest rates in Mexico, I suspect that if they do exist, they're pricey.
It is always worth asking the seller if they are willing to seller-finance a percentage of the purchase price :)
Thanks!!🌞
Thanks for watching!
Awesome video! Thanks for the info about MoXi!
What is an option for loans under $250k?
Does a citizen get better rates?
Good job my friend...thanks for the information...my brother just bought a place in San Carlos Mexico....and loves it...I will be going down there soon to visit..had you been there yet?
No, we haven't been there yet.
@@qroo if you ever decide to go to San Carlos....I will get you on touch with him...he will show you around. Be safe down there ...
Paul -- Can you use Moxi in a "Construction Loan" situation where you already bought the lot but still need to build the home or does the home/condo already need to be built to use Moxi? Keep up the great work!
You will have to check with them directly. I am not sure.
@@qroo I heard back from them and they DO NOT provide loans for new construction -- only pre-built homes.
Great question. Thanks for the follow up.
Is there something similar for financing a car in mexico?
What if you're a dual citizen? What's the best option that way? I think it'd be great to lose the fidecomismo cost
You could buy without the fideicomiso as a citizen. That would be a plus. If you worked in Mexico and earned credits, another finance option could be through Infonavit México.
@@qroo I would still be working and earning in United States but i would reside in Mexico
Are mortgages different for Mexican citizens?
Qroo paul I contacted Moxi regarding a mortgage loan in Mérida and to my surprise the don't give loan for purchases in the city. Something about not being able to find the titles on properties here. I asked about a new build and they still will not give you a loan. Do you know of another company that do.
No, I don't know of another company that offers mortgages in Merida.
Can you please post the link to the Condusef simulator??
phpapps.condusef.gob.mx/condusefhipotecario/index.php
What about for Brits
Timely information for us!
Hubby just filled out the form and put Qroo Paul down for using them!
Thank you so much!
Man Paul I'm in Cancun and I got a good opportunity to buy 3 fully furnished apartments for $128,000 but moxi aka global mortgage min I'd $250,000 loan I tried another one and their minimum is $140,000 with 40% down. Help me Paul.
Moxie will not help unless you are buying property that’s over $350,000. Ridiculous. You need to add this to your video.
😮
I was wondering if you have an answer to our situation. Just over two years ago we bought property from a developer building a new community in Talpa. The house is 90% finished with a few bugs that need correcting. We have been able to live at the house when we come in the winter and summer months. But so far we have not been able to close on the property because the developer has been having documents problems. He had us at a notary once but not for closing. He blamed the pandemic and now waiting on the documents from Mexico City or some where. We have paid for the house except for less than $5000 USD which was to be paid at closing. We have a attorney in PV but she is waiting on the documents she needs. My question is , can we sell this house without closing on it since we do not have titles yet? We are going back in August again.
I think you are probably on the hook til this thing closes at this point, you may otherwise lose money you've already given them. It's a ridiculously long process with the notary and documents, mine took probably 6 or 7 months to finally straighten it all out.
The only way would be if the developer allowed someone else to buy it because he or she is still the owner at the moment. We actually bought our condo this way. The original buyer bought from the developer but had not closed. The process was dragging on 2-years due to document issues etc. With the consent of the developer, we bought the condo and were able to close about 6 months later. Without the developer's okay, you will not be able to sell until the property the closing and the house is yours.
Lol! Sounds like you got dicked, bucko.
You always provide great information! I look to your channel when I have serious questions (beyond best restaurants and beaches)
I was in tijuana but I wanted to live across the border in Mexican American
QRoo what we do without you! Such great videos! Thank you
Just a heads up, the links on your site and your email just lead to the json file of the article
Thanks for the info.
s it rue that you must have $41,000 in order to move into Mexico?
The requirements are getting mire stringent. I received perm residency, but I bought a 500 k property.
Get online and look at your local Mexican Consulate for requirements as they vary. You might qualify for temp residency based upon retirement income.
I checked on it but their fees are pretty large and interest rate of 8-9%.
That's very rypical for cross-border mortgage companies.
Hey great information as always Paul
Debt free n minimalist lifestyle is best for us N I struggle with no STUFF ha
Take care
J&D
Debt free has been our strategy since 2015. It's the way to go. Take care guys.
MOXI will only finance up to 65% of the value of the property you want to buy and they will not finance property that is priced less that $150,000 USD.
Very nice. Didn't know about Maxi. Nice service and wonder if there are cross border financing from other countries. Hate the US knowing anything.
How do Mexicans buy houses?
There are different ways but a common one is through a government program called Infonavit.
Indeed, Mexico has a type of special mortgage loans which amount borrow and monthly payments are based on the person's salaries and other qualifiers.
I don't qualify for it because I worked in the US most of my life; I am US pensioner. So, got a 11 years bank's mortgage loan with fixed rate of 11% and no penalty for early payment. I paid it off within two years and saved some money. This was my best personal option due to the fact that I lost all my money and first property with the unscrupulous builder when fist I returned to Mexico.
Most people pay in cash.
Wow this video is just a paid advertisement all
I bought my Cabo condo for $145K USD cash through an American notary. It was a bit scary but since the former owner was an American, I trusted them. And I got an official Fedeicomiso document when the deal was completed. There probably wasn't the Moxie company at that time but I would definitely look into them today if I was going to buy another condo. Thanks Paul!😎🌴🌵🌞
Did that notary finance it for you?
Awesome, makes me almost envy Americans. Do you know of any such options for Canadians, perchance?
The only one that you could not use is that particular cross-border mortgage company. I am sure there are others catering to Canadians, but I do not have any specific company names or links to share at this time.
More info next time please. Such as after your 50% what are the income requirements what is expected? If you live in your new house in Mexico and still owe half.
Rentals, retirement, pension or a job in Mexico for younger people?
To be honest . As an American they will double charge you because you’re not a Mexican citizen. If you’re a Mexican citizen they don’t charge you as much as an American period . I will be a Mexican citizen
Those are not mexican banks those are European banks well some are mexicans that why is so much
Good info, but I think I would rather buy outright instead of being a slave to the creditor but thats just me.
I prefer that route also but some folks don't have that much cash lying around.
Moxi is a no for sure.
We love your Videos, but we are not Americans, so not always helpful for us.
this video is only for north americans, not foreigners.
Yes. It says Americans in the title.
@@Mexicobeanpole they changed it retroactively after my comment. You can hear him say foreigners in the intro. Xo
It's interesting that Paul blasts the Mexican banks illustrating high interest rates, but then does an ad for Moxi, that he claims is a great company to do business with, and does not give any sample interest rates and details. I can only wonder why? So how about another quick video describing in detail examples of what your sponsored ad. for Moxi offers?
As Paul didn't want to provide any MoXi information, as he was "sponsored," I took a look at MoXi and here are the key details that I found. I looked at Yucatan as it's where I live. And FYI, there is rampant real estate fraud in Mexico, so be very, very careful.
MoXi's minimum loan is $300,000 where the loan to value is 50%, so your house must be at least $600,000 or they won't have any interest!
Minimum FICO score is 720 meaning you must have good credit in the US. If you don't, I don't think you can afford a $600,000 house anywhere.
Loans are for 15, 20 and 25 years without an age limitation. Why? I think you know.
The base interest rate is ~8% PLUS 1% Risk pricing + .5% fee, for setting up loan (base closing and approval fees, of ~$11,000 for $300,000 in this example + fees for everything you can imagine. And many things you don't imagine, such as a fee to collect your monthly payment, $65 a MONTH or $780 a year! Read the fee structure here (I counted TWENTY FIVE fee line items.
drive.google.com/file/d/1Eb23tjLu0xV6xGUdAbiHwMAMgqv2hRBI/view?usp=sharing
I suggest just refinancing your house in the US or Canada and using that money to buy a house for cash. It's a lot simpler and less expensive.
The interest rates in Mexico have been consistently the same since I ran the numbers over two years ago for a blog article. The developer interest rates have been the same for the last five years. Although those numbers are consistent, the numbers on the U.S. side have been lower than both but still vary more depending on the FED etc. I did not want this video to become outdated within a month or so but citing rates for the cross-border or personal loans originating in the U.S. Moxi does do 72-hour approvals if you are curious what rate you would qualify for.
I looked at one cross border rate, advertised at 3% but when I calculated the 20 year cost, it was 23% due to internal tricks. You made a point of using Mexican bank interest rates, but no comparison with your Moxi company, who is paying you to persuade people to visit them. Just clear, concise information is all that's requested as on May 2022. That has not been provided as you are pushing people to interact with Moxi because you are paid to do so!
@@allanzfs He gave an option outside of Mexico Banks. Do your research and decide if it works for you. Its always helpful to have information and options. Final decision is yours.
Stop being a "lemon" and souring other peoples' post allani
I'm not "souring other peoples' posts," I'm commenting on Paul not providing consistent information. It's inconsistent because of the information he likely doesn't provide is from a company that pays him.