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sargentodiaz
Nomad
Posts: 259
Registered: 2-20-2013
Location: Las Vegas, NV
Member Is Offline
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Buying a Home in Baja or Interior
Okay, I'm retired from the military and earn over $6k per month tax free. My wife is Mexican.
We're seriously considering buying property in Baja or near Mazatlan. I've got a few questions.
From what I've read, realtors there are not the same as stateside. How does one contact one and what are the ins and outs?
My wife and I have an account with BanNorte. Do Mexican banks make mortgage loans? What does one need to qualify. Should one pre-qualify before even
looking?
I've seen that the corridor between Tijuana and the town north of Ensenada are kind of crowded with Americans. Where would be another place to live
near or overlooking the ocean? I meed some availability to receiving medical care and could do so at a military base in San Diego. Do doctors in Baja
accept American insurance?
Thanks in advance for your advise.
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| Quote: | Originally posted by sargentodiaz
I've seen that the corridor between Tijuana and the town north of Ensenada are kind of crowded with Americans. |
Hey Sarge....it could be worse.
Banks don't finance houses and if they did, the interest rates would knock the wind out of you.
Avoid realtors unless you get a reliable recommendation. I mean, reliable.
There are lots of ocean view opportunities south of Ensenada, like right around here in Punta Banda.
Mexican docs and US insurance is unusual. If you need ongoing medical attention, stay near the border and the VA.
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DocRey
Nomad
Posts: 180
Registered: 2-27-2013
Location: SADM, Playas de T.J./Rancho Cucamonga, CA
Member Is Offline
Mood: Cautiously Optimistic
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I sent you a blurb. Check U2U.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Hey, sarge, check your u2u for some info
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
Member Is Offline
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I know of several Mexican citizens who have bank loans that were reasonable for houses. The requirements are a little tougher than the US (no
political comment here), the down payment must be higher ( again no comment), and the income to debt ratio must be much higher (right, no comment),
but they do make house loans for those that meet the requirements.
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
Member Is Offline
Mood: thriving in Baja
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www.bancomer.com/pcu/pcu_yodhm_freaq.html
Can US and Canadian citizens get an attractive dollar financing plan to buy a property in Mexico?
Yes, Fortunately the mortgage market for US and Canadian citizens buying in Mexico is changing. Just two years ago mortgage loans for US and
Canadians citizens in Mexico required a 50% down payment with over 12% interest and payment terms 15 years. Most of these loans required a collateral
property in the US or Canada. Today, our loans are available with 30% down and interest rates start at 7.5%.
What about closing costs in Mexico?
Closing costs in Mexico are considerably higher than in US (it may vary from 5 to 7% based on sales price) as well as a longer process (average
between 45 to 90 days).
Note: Since BBVA Bancomer covers the entire process from application to closing (not brokers involved) under our "One stop shop" service, we reduce
considerably time and percentage on closing costs issues. (From 5 to 6% and from 45 to 60 days maximum).
Bob Durrell
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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Considering the above requirements/restrictions, I stand by my original statement...."Banks don't finance houses and if they did, the interest rates
would knock the wind out of you."
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by durrelllrobert
Can US and Canadian citizens get an attractive dollar financing plan to buy a property in Mexico?
Yes, Fortunately the mortgage market for US and Canadian citizens buying in Mexico is changing. Just two years ago mortgage loans for US and
Canadians citizens in Mexico required a 50% down payment with over 12% interest and payment terms 15 years. Most of these loans required a collateral
property in the US or Canada. Today, our loans are available with 30% down and interest rates start at 7.5%.
What about closing costs in Mexico?
Closing costs in Mexico are considerably higher than in US (it may vary from 5 to 7% based on sales price) as well as a longer process (average
between 45 to 90 days).
Note: Since BBVA Bancomer covers the entire process from application to closing (not brokers involved) under our "One stop shop" service, we reduce
considerably time and percentage on closing costs issues. (From 5 to 6% and from 45 to 60 days maximum). |
If Bancomer is charging those rates SOMEBODY else should be less expensive
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by sargentodiaz
Okay, I'm retired from the military and earn over $6k per month tax free. My wife is Mexican.
We're seriously considering buying property in Baja or near Mazatlan. I've got a few questions.
From what I've read, realtors there are not the same as stateside. How does one contact one and what are the ins and outs?
My wife and I have an account with BanNorte. Do Mexican banks make mortgage loans? What does one need to qualify. Should one pre-qualify before even
looking?
I've seen that the corridor between Tijuana and the town north of Ensenada are kind of crowded with Americans. Where would be another place to live
near or overlooking the ocean? I meed some availability to receiving medical care and could do so at a military base in San Diego. Do doctors in Baja
accept American insurance?
Thanks in advance for your advise. |
If you don't want to be right on the beach, Dennis has a neat house with a killer view of the ocean (Ensenada bay) and the town......think it is still
for sale
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
Member Is Offline
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| Quote: | Originally posted by bajaguy
If you don't want to be right on the beach, Dennis has a neat house with a killer view of the ocean (Ensenada bay) and the town......think it is still
for sale |
Why...thank you, Terry. I owe you one.
http://micasaes.net/
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by DENNIS
| Quote: | Originally posted by bajaguy
If you don't want to be right on the beach, Dennis has a neat house with a killer view of the ocean (Ensenada bay) and the town......think it is still
for sale |
Why...thank you, Terry. I owe you one.
http://micasaes.net/ |
Jes trying to help out a couple of (Army) brothers........oh, and make mine a cold Pacifico!!
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805gregg
Super Nomad
Posts: 1344
Registered: 5-21-2006
Location: Ojai, Ca
Member Is Offline
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Just rent, then if you need to leave, you can just go
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sargentodiaz
Nomad
Posts: 259
Registered: 2-20-2013
Location: Las Vegas, NV
Member Is Offline
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Update.
My wife and I did a search and were awed by the number of truly nice homes for sale in Baja, Nayarit, and Mazatlan.
But, it really got to us the difference in doing a search for "homes for sale in ..." and "casas de venta en ...".
I was also curious about who did the listings and what kinds of companies they are. Most appear to be listed by Gringas.
My wife has a Banorte account and we understand the down is around 25% with 8-10% interest on 20 year loans - a 680 credit score or better.
Am torn between Rosarita and La Paz - the latter as it has a daily ferry to Mazatlan where he family lives.
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David K
Honored Nomad
Posts: 65411
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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Hi Dale... I am sure you will get a bunch of input. Here is mine, understand it is not from living in either place, just a lifetime of reading what
others say about and my occasionally visiting them both...
There is a HUGE difference between ROSARITO and LA PAZ... including the distance to the U.S. as well as to Mazatlan (daily ferry? I don't think so?).
La Paz is relaxed, tropical, and special in many ways. Rosarito is hyper (IMO), same climate as San Diego, congested (again IMO).
In the summer and fall... La Paz gets very hot and humid and can have hurricanes and flash floods... Many leave La Paz from May or June to Oct or
Nov... if they can.
So, as with other tropical paradises, there is some bad, with the good.
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
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From what I've heard Rosarito is heaven, all the right people have settled there. Your wife could fly to Mexico in a just a couple of hours on cheap
flights.
You would be close to medical and other things you need, just across the border. There's nothing for you down here around La Paz. You'll love it up
there. Millions call it home -- just a few old white drunks down here. Rosarito was tailor made for ex military cab driver/writers. Hey, what happened
to the reviews, the reviewers, the book?
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David K
Honored Nomad
Posts: 65411
Registered: 8-30-2002
Location: San Diego County
Member Is Offline
Mood: Have Baja Fever
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| Quote: | Originally posted by Osprey
From what I've heard Rosarito is heaven, all the right people have settled there. Your wife could fly to Mexico in a just a couple of hours on cheap
flights.
You would be close to medical and other things you need, just across the border. There's nothing for you down here around La Paz. You'll love it up
there. Millions call it home -- just a few old white drunks down here. Rosarito was tailor made for ex military cab driver/writers. Hey, what happened
to the reviews, the reviewers, the book? |
Do you know Dale... and why the comical answer?
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Osprey
Ultra Nomad
Posts: 3694
Registered: 5-23-2004
Location: Baja Ca. Sur
Member Is Offline
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I know lots of Dales and I'm a comical guy. Kinda personal there David. What are you wearing right now? What's your favorite color?
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vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
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Glad I'm in Loreto. At least the white old drunk part don't apply to me. Too far north.
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SFandH
Elite Nomad
Posts: 7433
Registered: 8-5-2011
Member Is Offline
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| Quote: | Originally posted by sargentodiaz
Okay, I'm retired from the military and earn over $6k per month tax free. |
Over $72K a year income tax free??? Retired Sargent? Wow!! Sargent Bilko would be proud.
As far as buying property in Mexico, I've been told the first step is to make sure the person selling it owns it. Frequently not the case.
Find and hire a Mexican lawyer specializing in real estate transactions.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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| Quote: | Originally posted by Osprey
............Your wife could fly to Mexico in a just a couple of hours on cheap flights...... |
I recommend Ensenada. Cultural & social events, shopping and medical, plus an established ex-pat community. A short drive (via Corridor 2000) to
the TJ airport and also the military facilities, shopping and airport in San Diego.
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