First of all, let us congratulate you on making the decision to purchase a property in Mexico. Now, let MortgagesInMexico.com walk you through the process...
Decide where you want to buy in Mexico and what type of property, i.e., single-family home, condo, etc. If you have not yet decided on a specific property, we recommend you be pre-approved before writing a contract. This gives you the peace of mind that your financing is lined up before committing your earnest money deposit (usually 10% of sales price in Mexico). It also gives you a stronger negotiating position with the sellers because they view you the same as a cash buyer. We will provide you with a loan approval letter to submit with your contract. Sellers want a quick close and few or no contract contingencies. A pre-approval for your Mexico loan will put you on the same closing timeframe as a cash buyer.
Once you've settled on an area, click on "Select Area/Loan Officer" on our website to be put in contact with the Loan Officer assigned to that region.
Gather your personal information. Click on the "Requirements/Documentation" section of our website to educate yourself. Once you submit an application, we will provide you with a detailed checklist of documents you need to send to us. This will be specific to your particular application requirements.
Contact your loan officer either via email, phone or fax and provide them with the details of your transaction.
Give your loan officer the following: - Your Name - Your Address - Where you are going to be buying - What price range you're planning to purchase within - Tell them when you want to purchase - If you're working with a real estate agent or developer, provide them with the agent's name & contact information
If you choose not to be pre-approved (see above), ask your loan officer to pre-qualify you PRIOR to beginning your property shopping. This can be done easily in a few minutes on the phone based on unverified information, and it will clearly identify for you how much purchasing power you have. A pre-approval comes directly from the lender based on verified information and takes 2-3 weeks to get. A pre-qualification comes from the loan officer and is based on unverified information provided by you on the phone or in your application.
When you're ready...
- Ask your loan officer to provide you with an Application Form and a Credit Authorization Form to begin your loan process
You can click on "Apply Online" to submit your application electronically. Or, if you'd prefer, you can fax an application to your loan officer. We are also happy to take your loan application over the phone. Discuss with your loan officer which option you would prefer and they will gladly assist you.
