OWNING A HOME AT LAKESIDE

Bank mortgages are rare, mostly due to high bank interest rates on loans. Most homes and land are purchased for cash, or owner-financed with a substantial down payment. However, with a substantial down payment, an increasing number of banks and financial groups are offering mortgage financing at relatively competitive rates.

Foreigners have been able to legally own land in Mexico for some time, with certain restrictions on land within 50 kilometers (approximately 31 miles) of a beach, or 100 kilometers (approximately 62 miles) of a national border. In addition, there are restrictions on Ejido (government-owned) parcels. However, proper legal steps, such as deed searches, etc., should be taken the same as anywhere else. Property taxes are surprisingly low.