FINANCING OPTIONS

All costs need to be taken into account when purchasing a new home or remortgaging, so that you can produce an accurate budget, which will help to ascertain if what you are trying to achieve is the sensible way forward and actually achievable.

The cost of closing any real estate transaction is far more than just the purchase price. And, if you’re also acquiring a new mortgage there are additional expenses you should be aware of and understand. Some of these costs include items such as escrow; legal representation; lender fees; homeowner’s insurance; title insurance; property taxes, and sales taxes pertinent specifically to Mexico property purchases (not for refinancing).

Also, Mexico has its specific ownership laws governing foreigners owning real property and those laws vary depending on the proximity of the property to the ocean. Property ownership in these restricted areas carries additional costs and legal considerations.

Fees to Expect When Buying a House:
There are fees to process your loan application. These fees typically include:

• Credit Report Fee

• Underwriting Fee

• Commercial Appraisal Fee

• Document Preparation Fee

 
Fees related to Buying a Home:
These fees can be quite substantial and generally increase in line with the value and where the property is situated. We will of course use our expertise to guide you through the relevant costs and try to minimize these as far as possible.

• Cadastral Appraisal Fee

• Escrow Fee

• Wire Transfer Fee

• Recording Fees

• Tax Status Research Fee

• Acquisition Tax

• Closing Coordination Fee

• Fideicomiso Fee

• Notario Publico Fee 

Lender’s Fees:

• Loan Origination Fee

• Loan Processing Fee

• Funding Fee

Source:
Global Mortgage Company
(866) 509-4657
Info@GlobalMortgageMexico.com
www.GlobalMortgage.mx