DEVELOPER CARRY-BACK REFINANCE PROGRAM SCENARIOS
Refinance your developer carry-back loan with NO out of pocket expenses.
We have provided two different example scenarios for your convenience. These examples are based on the most common developer carry-back refinance loan requests. We also provide refinance options for non developer carry-back loans. Please visit our Closing Cost Example page for an idea about the closing costs required when refinancing a home in Mexico. Remember that all costs will be rolled into your new lower interest rate loan. Contact us for more details.
1. If you secured developer financing when you purchased your home, put 30% or more down, and obtained your own bank trust in the process:
You are the legal owner of your home given the bank trust is in your name. Your loan will be structured as a refinance loan. We will refinance your current loan and roll in all closing costs up to 80% of the original purchase price so that there is no out of pocket expense to you.
2. If you secured developer financing when you purchased your home, put 30% or more down, and did not obtain your own bank trust in the process:
You are not the legal owner of your home given the bank trust is either not in your name or does not exist. Your loan will be structured as a purchase loan given there was no legal transfer of ownership when you bought the home and the bank trust, if present, is still in the developer's name. We will complete the purchase of your home; you will be the legal owner and have your own bank trust upon completion of the transaction. We will roll in all closing costs up to 80% of the original purchase price so that there is no out of pocket expense to you.
For additional information please contact Carefree Mortgage's Mexico Loan Team by emailing mexicoteam@carefreemortgage.com or by phone from the U.S. and Canada by dialing 877-292-3617 and from Mexico by dialing 001-888-280-4052.
In order to begin the loan pre-approval process, please complete our short loan application by clicking here. Once you click on the Apply Now button we will contact you to discuss your loan in greater detail.
On behalf of everyone at Carefree Mortgage we look forward to doing business with you.