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Residential Mortgage Quote
| Loan Purpose | |||
|---|---|---|---|
| Property Type | |||
| In USD | In CAD | In MXN | |
| Property Value | |||
| Loan Amount | |||
| Less Lender Fee | |||
| Net Loan Amount | |||
| Down Payment | |||
Monthly Payment |
|||
| Country | Mexico | |
|---|---|---|
| State | ||
| Municipality | ||
| CAD/USD Rate: | Estimated | |
| MXN/USD Rate: | Estimated | |
| Amortization: | 30 | Years |
| Term: | 60 | Months |
| Loan to Value | ||
| Rate Lock | 90 days | |
| Interest Rate | ||
The interest rates assume borrowers have credit scores of 700+, lower credit scores may be subject to different interest rates and loan terms. Interest rates, loan terms and costs may vary by property type, use and location.
Total Funds Required
Property purchased in the restricted zone by a foreign individual must be purchased through a Fideicomiso (Bank Trust). The costs associated with acquiring the property and establishing a Bank Trust are incurred regardless whether the property is financed or not (Closing Costs). Following are the total funds required to complete your transaction including the estimated Closing Costs. Closing Costs are itemized on the following page.
| In USD | In CAD | In MXN | |
|---|---|---|---|
| Down Payment: | |||
| Estimated Closing Costs: | |||
| Total Funds: |
Transaction Closing Costs
The following Closing Cost estimate includes costs associated with both acquiring your new property and establishing a Fideicomiso.
1. Notary Fees |
USD | CAD | MXN |
|---|---|---|---|
| Notary Fees | |||
| Subtotal | |||
2. Taxes and Duties |
USD | CAD | MXN |
| Registration Public Registry | |||
| Transfer Tax | |||
| Government Closing Documents | |||
| Appraisal | |||
| Subtotal | |||
3. Trust Fees & Expenses |
USD | CAD | MXN |
| Foreign Affairs Fee & Registration | |||
| Banking Trust fees (recurring annually) | |||
| Subtotal | |||
4. Legal Costs |
USD | CAD | MXN |
| Escrow | |||
| Legal Fees | |||
| Subtotal | |||
Total Property Acquisition Costs |
USD | CAD | MXN |
| Grand Total |
Loan Details and Disclosure
| Fideicomiso Required | Yes | We only finance residential real estate held in a Fideicomiso (Bank Trust). There are no exceptions permitted. |
|---|---|---|
| Loan Term | 60 Months | Loan terms of 36 and 60 months are available. The 60 month Term has been used to calculate this quote. |
| Amortization Period | 30 Years | The loan will be fully amortized (i.e. repaid in full) upon expiration of the Amortization Period. |
| Nominal Interest Rate | The NIR or face rate is the interest rate charged for this mortgage financing and is calculated compounded semi-annually not in advance. | |
| Payment Frequency | Monthly | Mortgage payments are due on the first day of each month. The first payment is due the month following the initial mortgage advance. |
| Currency | Canadian | All mortgages are advanced and repaid in Canadian currency. |
| Additional Products | n/a | Unlike other lenders, our mortgages are not contingent on borrowers purchasing multiple financial service or products. |
| Prepayment | None | Our loans are open to repayment with notice, bonus or penalty, but are subject to any costs associated with discharging its loan. |
| Maximum Loan Amount | The maximum loan amount currently available is the lesser of 65.0% loan to value or $400,000 USD. | |
| Mortgage Qualification | Required | A Borrower will demonstrate an ability to pay both our mortgage payments and the property operating costs based on: 1) their personal income; 2) if applicable, potential rental income from the property, or 3) a combination of both 1 and 2. In instances where a property is strictly an investment property qualification will be based on the property’s net operating income. |
| Eligible Properties | In Mexico we will finance: single family detached homes, duplex/single family attached homes, row townhouses and apartment style condominiums. For new construction, the property must be 100% complete and ready for occupancy. We currently does not provide construction financing in Mexico. | |
| Cross Collateralize | Available | Given we lend in Canada, the U.S. and Mexico, where it is advantageous to the borrower, Our can take mortgage security on more than one property located in any of those three countries. |
Loan limits, interest rates, fees and exchange rates are subject to change without notice.