A Quick Update

In 2010, we moved back to the small town in Colorado that I never stopped missing while we lived in Mexico. Now I sometimes miss Mexico, but I wouldn't travel as freely as we did when we were there, camping out in remote areas and so forth.

Mexico today is in a period of change, and in many ways it is more dangerous now. That said, I have plenty of American friends who still live there very happily, just taking a few more precautions than they did in the past.

Just to say!

Rosana

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Expedia is my favorite place to book airfare, and they handle hotels, car rentals, cruises, etc. I like the organization of the site for figuring out what flights I want. Click on the suitcase to take a look.

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Tripbase Blog Awards 2009

Tripbase Blog Awards 2009

April 4, 2007 — I think that headline is very significant. Since Felipe Calderon became President here, Mexico began offering long-term mortgages to foreigners.

As I see it, this is a wide-open door for far more boomers to retire in Mexico.

With real estate prices in the Lake Chapala area not exactly bargain basement, many people who might like to retire here or in other areas popular with expats will now be able to purchase a house. Renting first is a very good idea, of course, and rentals are often good deals, but if you’ve been a homeowner for decades as we have, owning a place comes naturally.

I read an article about this in one of the local papers,  so I stopped in at one of the many real estate offices in Ajijic to ask a few questions. The realtor said that these mortgages are already available, through Bancomer, one of the big banks. (I don’t know if Bancomer is handling them nationwide or just here, nor do I know if they are offered outside of the areas where foreigners are numerous.) He said the mortgages are available with a 30% down payment on homes that sell for at least $100,000 US. They currently run around 7 to 9% and are for 15 to 30 years. I didn’t think to ask what kind of income documentation might be required.

As I’ve blogged before, Kelly and I got very lucky in finding our charming tiny cabin for very little, and we own it free and clear. I must say this is a very nice feeling… but I still think mortgages will be popular here with Americans and Canadians. One friend of mine thought that a long-term mortgage could be risky business, but hey, in some ways it’s less risky than having your cash tied up in an expensive house!

My mind is a little boggled by the thought of even heavier traffic through Ajijic on the carretera (highway), but I’ve tended to think that a lot more “gringos” would be coming anyway. By what amount this will increase the expat population, time will tell.

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