LA JOLLA, Calif. -- The new political administration in Mexico is committed to continuing the flow of foreign investment into the country - including the promotion of second homes and retirement residences - and United States mortgage lenders have taken the message to market. GMAC International Mortgage this week announced it had rolled out a 30-year, fixed-rate mortgage for Americans buying property in Mexico in addition to a "stated income" or limited documentation option for a slightly higher interest rate. Both components also are available to borrowers for "cash-back" refinances, allowing customers to pull out up to 50 percent of the cash value of their primary residence or second home in Mexico. The cash-back ratio will increase to 70 percent in January, according to Dan Bryant, dire...
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