Cash Out Refinancing Once Again Available for US and Canadian Citizens in Mexico Patrick Harrison - pGringo.com
May 6, 2013

Puerto Vallarta, Mexico – MEXLend, the leading mortgage broker in Mexico, is once again introducing a new lender into Mexico and this time, the lender is not only offering US Dollar loans for purchasing real estate, but also for refinancing.  

"It has been a while since we have had refinancing loans available for US and Canadian citizens, so this is a product that is greatly needed," says David Schwendeman, President of MEXLend.

Many homeowners in Mexico can now take advantage of this loan product to elevate their levels of liquidity and pull cash out of their property investments.

And even better news, these loans can close fast! Once MEXLend has a complete file, they will receive an approval within hours of submission and close very quickly. There is no need for any changes to immigration status in Mexico and the lender will accept FICO credit scores as low as 620.

Although interest rates are a bit higher than most foreigners have become accustomed to, they are historically low for Mexico. This is simply because the Mexican banking industry is solvent and healthy with no need for the Mexican Federal Government to prop up their banks with falsely low interest money.

The higher interest rates can be off-set for many since this interest should be tax deductible in their home countries.  The lender will provide a loan based on 50% of the appraised value of the property for 20 years at 14% interest. There are no pre-payment penalties, so these loans make a perfect bridge loan for someone who needs quick cash.

Once their lender has a complete file, MEXLend can provide their clients with a loan commitment within hours!

To learn more about these new refinancing options or to discover other loan options available, call MEXLend toll-free at 1.800.3.Mi.Casa or in Puerto Vallarta at 322.222.7377. From the US or Canada, call 917.779.9061.

Born in Seattle, WA, Patrick Harrison has been living in PV since 2003. Drawing on his experience in entertainment, radio, retail and sports marketing in major US cities, Patrick opened his own business here in Vallarta, P. Gringo Marketing & PR, a successful Public Relations Firm that targets the English-speaking tourist and local communities. You can contact Patrick at patrick@pgringo.