Lehman Brothers Resort Home Lending is now offering mortgage packages Mexico, Costa Rica, the Bahamas, the Dominican Republic, Panama, Canada and the United Kingdom.
One, three, five and 10-year adjustable-rate mortgages amortized over 30 years will be available to U.S. borrowers in Mexico, Costa Rica and the Bahamas beginning June 21 2008.
Mortgages offered by Lehman Bros will only accelerate the trend of Americans moving to warmer and cheaper climates to stretch the dollar.The focus of the Lehman Bros loans for retirees and vacation homes will begin in Puerta Vallarta and Los Cabos.
This should protect buyers from less the scrupulous builders and agents. Transacting in another country can be difficult and its easy to be taken advantage off. Having Lehman Bros. agents on the property should be very reassuring.
Mortgage competition, somewhat limited in many of these countries should cause rates to begin to drop as the competition for new buyers increases due to a greater ease of buying and the vetting of these properties. This should also help to keep rates competitive and prices down.
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