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Hi everyone,
This is my first time posting, but I have been lurking for a few years.
Chris, we have been shopping for a condo in Playa as well. I heard last week that the last mortgage provider (Scotiabank) had pulled out of the business. I then contacted the mortgage broker I had been dealing with, and she has informed me that the rumor is not true. Scotiabank is apparently changing their product (?), and has temporarily suspended taking new applications, but should be up and running in a month or so (Mexican time).
I know that doesn't help you much if you need to close right now, but if you still have a few months, it may be encouraging. Unfortunately, interest rates were around 8% with Scotiabank, and without any competition, aren't likely to go back down right now.
I'm sure you are investigating your other options:
1) getting a Home Equity Line of Credit (HELOC) with much lower interest rates, or
2) an unsecured personal line of credit (hopefully lower interest than the Mexico mortgage), or
3) arranging financing through the developer - you may be able to get interest only payments for 4 years or so, the time it takes you to get the mortgage situation worked out, or find a partner...
I wish you suerte!
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