Offering a 'Novel' Mortgage Option in Mexico

Desarrollado Homex S.A. de C.V. and HSBC Mexico S.A. are planning to offer a new mortgage option to the former's clients in an agreement the companies said is "the first of its kind."The new option combines two lines of credit, one for the downpayment followed by one for the mortgage, according to the two companies. Under the agreement, Homex's clients would first obtain the downpayment loan from HSBC and then, once it is paid, HSBC then would grant the second loan for the mortgage. "The agreement benefits Homex clients, who have completed the HSBC Mexico S.A. pre-approval process, by providing them with the opportunity to acquire a home faster by making the [downpayment] through a special credit and not having to depend on personal savings," Homex said. Homex can be found on the Web at http://www.homex.com.mx.