Why Are US Citizens Buying Homes In Cabo?
U.S. citizens are traveling again to Los Cabos, drawn by its obvious appeal. Cabo’s influx, though, is driving new interest among smart investors for mortgage financing of destination Cabo residences. MoXi (Global Mortgage) meets that growing need by offering U.S. citizens secure cross-border financing. The good news is that you can both protect your residential investment and live as your heart desires in Cabo.
Cabo’s Obvious Appeal
Cabo’s appeal is no secret, as recent national stories again attest. Pristine sandy beaches ring the leisure-bustling aquamarine region at Baja California’s tip. World-class resorts line the eighteen miles of modern highway between the exciting contemporary port of call Cabo San Lucas and the old-world-Mexico town San Jose del Cabo. The region’s allure includes:
- 350 sunny days a year in an arid climate with low humidity
- thousands of hotels, villas, and condos, including several renowned ultra-luxury locations
- an active and healthy lifestyle including plenty of golf and many spas, products, and treatments relying on Mexican traditions
- the widest variety of Pacific Ocean and Sea of Cortez water sports, including whale watching and glass-bottom boats
- dining choices including restaurants, snack bars, and taquerias drawing on a strong farm-to-table movement
- modern transportation, including new roads and easy airline access on several major airlines serving dozens of U.S. locations
- a warm, friendly, and generous local population that speaks English and welcomes U.S. citizens
Advantages to a Cabo Residence
Cabo’s allure makes many visitors wonder what owning a Cabo residence and living in Cabo might be like. The answers bring these pleasant surprises about the advantages of owning and enjoying a Cabo property:
- very low property taxes
- low insurance, utility, and other carrying costs
- low maintenance and homeowner’s association costs
- low cost of living
- high rental demand
- a large expat community to enjoy
- many events, activities, and services especially for expats
- a strong healthcare system
- reliable cross-border travel access
An Underdeveloped Property Market
Despite the region’s beauty, bustling character, old-world charm, and the plain advantages of living in Cabo, the residential market for a long time remained underdeveloped. Much of that suppressed demand had to do with the absence of a reliable mortgage market. U.S. citizens who could pay cash for a Cabo property did so. But government involvement discouraged foreign investment and undermined lender confidence. Most banks exited the mortgage market after 2011, leaving U.S. citizens wishing to finance a Cabo purchase, construction, or renovation, with only expensive and risky mortgage options.
Mortgage Financing Now Available
Times have changed. Mexico’s leaders increasingly recognize the value to the country and its people of strong foreign investment. While mortgages have historically been unavailable or unduly risky and expensive, investors are now finding new confidence in Cabo’s property market. In fact, the financing experts at MoXi (Global Mortgage) have lender commitments available to them to qualify many U.S. buyers of Cabo property for comparatively low interest rates in secure mortgages.
MoXi (Global Mortgage) also offers premier staff and service to secure buyers an investment-worthy mortgage on their dream Cabo home. Its goal is to help its mortgage clients live as they most desire while protecting the assets they’ve earned. MoXi offers fixed rates reflecting good credit history and favorable loan-to-value ratio, and with no prepayment penalty or balloon payment. You can also qualify based on rental income, with additional terms applying. And to top it off, MoXi offers a post-closing one-pay program for insurance premiums, property taxes, and homeowners association dues. Apply now.
Did you know that MoXi funds & services loans in USD, is regulated and audited in the US & Mexico, and ensures compliance throughout the term of your loan?