Just in ! New financing loans for Mexico !!!
( call for updates,
not on the web yet )
FULL DOCUMENTATION and STATED INCOME Best Mortgages for Mexico
MORTGAGES FOR MEXICAN REAL ESTATE
NOW AVAILABLE TO NORTH AMERICANS (US,Canada, Mexico )
We Finance Mexico !
Toll Free 1- 888- 909- 6570 ext 2
( if no answer, Please leave a message )
Ready to purchase your dream home in Mexico?
For the first time... Mortgage is available in Mexico !
Whether you're thinking about living in Mexico year round, or are a snowbird looking for a second home to escape the cold winter, or just a weekend getaway, Mexico will exceed your expectations.First Mexico Mortgage
will help you achieve your dream of owning a home in Mexico.
to pre-qualify or call toll free from the US or Canada
From Mexico dial
LIVE YOUR DREAM!!!!!!! IT HAS NEVER BEEN EASIER TO BUY A HOME IN MEXICO!
First Mexico Mortgage can help you. We Make It Happen!! We specialize in securing financing for U.S. and Canadian citizens. We now offer 30-year fixed mortgages and cash-out refinances.
Here at First Mexico Mortgage, we have designed a unique process which makes it easier for you to own your dream home in Mexico. We have put together a network of experienced professionals at all levels to ensure your ability to buy that home with all the benefits of true ownership. All of the loans that we secure are U.S. dollar based and are U.S. standardized Mortgages secured by Mexican Real Estate held in a Mexican Trust.
Our team ensures that our cross border services are as simple as possible. We are structured to help with all phases of the acquisition process. We have created critical alliances with the principal entities and developers in the market, ensuring the relationships necessary to resolve issues that may arise in a timely manner.
Our Loan Programs include:
- Fixed Rate Loans
- Adjustable Rate Loans
- U.S. Refinancing
- U.S. Home Equity Loans
REMEMBER, WE MAKE IT HAPPEN!
Here is our process for purchasing your dream home in Mexico:
Contact us to obtain a Prequalification. Getting pre-qualified for a loan before you go house hunting will greatly facilitate your negotiations and make for a smoother transaction.
Click here for our online pre-qualification formor download and print the form and fax it to our office at 1-888-0909-6570. Once the form is completed and submitted online or faxed to our office, one of our senior mortgage specialists will contact you to expedite the process.
We can refer you to a real estate agent that will help you find your dream property in the right location and price range. Once you find the home you desire, your real estate agent will work with you to submit an offer of price and terms.
Once your offer is accepted, you are ready to enter into a Convenio de compre/Venta with the seller. In Mexico the purchase contract is called the “Promise of Trust Agreement” or Promise to Transfer Beneficial Rights” depending on whether you will be establishing a new trust (for a new property) or transferring the trust (for an existing property).
Once a purchase contract is signed and deposit paid, the buyer and/or realtor must notify First Mexico Mortgage at 01-8809-6570 so that the loan application and approval process can begin.
First Mexico Mortgage will assist the buyer in completing an application form and obtain and sign the disclosures (IT IS IMPORTANT TO SIGN ALL DOCUMENTS EXACTLY AS YOUR PASSPORT IS SIGNED). Our senior mortgage specialist will take down all the information over the phone. The buyer will also be asked to provide a list of documents such as:
- Proof Of Residence - Copy Of Passport
- - For USA residents, please provide documents such as utility bills, phone, property tax bill
- - For USA citizens living in Mexico:
1. Official Residence Permit – “Forma Migratoria” (FM2 or FM3)
2. Utility bills, phone, property tax bill
- Income Verification
- - Salary Employee
1. Copy Of W2 For Last 2 Years
2. Copy Of Last 2 Pay Stubs
3. Work phone number
- - Self Employed
1. Complete 2 yrs tax returns
2. Additional items such as Business letter, CPA letter, etc.
Forms to be filled out:
- Uniform Residential Loan Application (1003)
- Mexican Law of Credit Institution Disclosures (required by the Mexican govt.)
- Authorization to Request Credit Report in Mexico
- Borrower’s Authorization
- Trust Application
- Appraiser Selection (Spanish form)
- Appraiser Selection (English form)
- Verification of Employment
- Appraisal Appointment Form
- Power of Attorney
Once the loan application, disclosures and required documentation have been completed, signed and submitted to First Mexico Mortgage, we will obtain a loan approval and commitment. Once a buyer receives a loan commitment, they will then pay their non-refundable earnest money or builder deposit.
OPEN ESCROW ACCOUNT
First Mexico Mortgage will open an escrow account on behalf of the buyer, in which earnest money and pre-payment for appraisal fees and Notario fees will be deposited and paid out as appropriate.
NOTARIO AND FIDEICOMISO
The hiring of a Notario and establishment of a Fideicomiso are probably the greatest differences from buying a house in the U.S. The bank will now request the appraisal, fideicomiso, SRE Permit and Mexican credit report. We will work with a Notario and begin the establishment or transfer of the Fideicomiso. We will work with the builder/developer to obtain the Regimen de Condominio.
SCHEDULE A CLOSING
Once all the proper documentation has been collected and confirmed by the bank, the loan documents will be prepared and the closing will be scheduled. Notary fees, expenses and taxes are given to escrow for payment to the Notario. If the buyer cannot be present at the closing, they will complete a Power of Attorney authorization.
At the closing, the seller and buyer will appear before the Notario, provide the requested identification and sign all the closing documents. Escrow will then disburse the funds minus taxes to the seller within 24 hours.
Upon funding and execution of the mortgage the seller will receive funds, and all the required documents will be submitted by the Notario to the Public Registry Offfice.
RATES & BORROWER COSTS
Loan To Value
The Maximum Loan To Value Ratio:
Purchase : Up to 80%
Refinance : Up to 70%
20-30 year loan term available
Maximum: $5 million
3-Year initial rate adjustable rate mortgage – fixed rate for the first three years starting at 8.0% then adjusts for the remainder of the 30 year term.
5-Year initial fixed rate adjustable rate mortgage – fixed rate for the first five years starting at 8.375% then adjusts for the remainder of the 30 year term.
10-Year initial fixed rate adjustable rate mortgage – fixed rate for the first ten years starting at 8.625% then adjusts for the remainder of the 30 year term.
20-Year fixed rate mortgage starting at 8.50%
30-Year fixed rate mortgage starting at 8.99%
There is a three year prepayment penalty of 3% in the first year, 2% in the second year and 1% in the third year. There is NO prepayment penalty after three years.
The minimum FICO score is 660.
Lender Closing Costs (in U.S. Dollars)
A buyer can expect to pay about 8% of the value of the property in transaction fees In general, 3% represents lender fee and 5% represents transaction fees such as appraisals, taxes, permits, trust fees and notario fees.