The new program as presented by two Mexican
Banks offering mortgages for Americans and Canadians in Mexico requires a
little more attention than your regular Peso Mortgage Loan for Mexican
Nationals does.
How so?
Simply, because the mortgage requirements
criteria are a bit different that the regular Peso Mortgage for National’s
criteria is. Not to mention the
terminology and proper documentation analysis required to approve the loan.
Therefore, and as we have already been
contacted by a couple of real estate agents who have submitted files through a
couple of mortgage brokers with no immediate results, we have decided to put
the following guidelines forward to assist you in the process of mortgage
broker selection and prompt expedition of your loan request.
-
First and Foremost, your mortgage broker needs to be an approved broker
with these two banks (approval process required).
-
Language barrier issues should be avoided (this new process is a bit
complicated based on the documentation requirements and proper guidance and
avoiding confusion is a must). We have
found out that different versions of government requirements by other than a
specialized mortgage broker only confuses the client, especially and
considering the new immigration laws being recently instated.
-
The Novelty of the product. Being
that this is a new product even for the banks involved, do not expect to be
able to walk into the bank and have a regular peso mortgage executive help you
in the loan application process. You
might be lucky to find out the bank executive even knows about the
program. Both Banks/Lenders are still in
the learning curve.
-
Based on the above assumption, the learning curve for the underwriting
department, or risk department as they call it in Mexico, may still be a little
confusing as to the proper documentation and what to look for in such
documentation. This process we experienced during the learning process curve of
Scotiabank and other lenders in the past.
Do not expect anything different this time around.
-
Allow your client enough time to fulfill the new requirement pertaining
to government documentation being requested for the approval of the loan.
-
As of right now, I know of only a handful of bank approved brokers that
may be able to put a package together, a couple of them being former Scotiabank
and Bancomer USD Mortgage Loan Executives.
One of these Scotiabank former USD Mortgage Loan Executives being Edgar
Valdez, whom is now part of our Mexico Realty Solutions Company project.
-
Last, but not least, ask all the right questions, and find out how much
does your mortgage broker knows about the process and the compliance
requirements from the lending institutions involved in the process.
And Good luck! Bon Chance! Buena Suerte! In your search for a peso mortgage loan for the purchase of your piece of paradise in Mexico.
New Peso Mortgages For
Americans and Canadians Now Available!!!
As of
right now there are no USD Mortgages for Americans and Canadians being offered
by any bank or financial institution in Mexico, though as we said in our last
editorial/newsletter, a program in the works.
However,
a new Peso Mortgage Program for Americans and Canadians has just been
launched.
The
program will approve American and Canadian Loan applicants based on their US or
Canada credit history, employment and income verification.
Here are
the terms:
Type of
Credit – A Peso Loan for Property Acquisition Only
Minimum
loan - $50,ooo usd.Max. will determined on a client qualification basis.
Loan to Value (LTV) – 60% of the price or appraisal value, whichever is lowest.
Interest rate – Starting at 9.9% annually.
Term – 20 yrs.
No Prepayment penalty
DTI – 33% back end
Credit Score – 680 or better
FM3 Visa Government document required
WE WOULD LIKE TO WELCOME EDGAR VALDEZ FORMERLY WITH SCOTIABANK MEXICO’S VACATION HOME USD MORTGAGE PROGRAM TO OUR TEAM AS A CORPORATE PARTNER.
EDGAR
WILL BE MANAGING OUR MEXICO CITY, DISTRITO FEDERAL OPERATIONS.
EDGAR
CEL. CONTACT PHONE NO. IS (558) 535-9680.
This article is courtesy of Enrique (Henry) Saldana – Mexico Realty Solutions www.mexicorealtysolutions.com; moneylendingbus@hotmail.com
Tel: (984) 147-1305 – Cel: (984) 111-8743
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