Entertainment Magazine: Mexico: Real Estate

The loan process to purchase property in Mexico

Q: What happens once I have submitted my loan application?

A: Your application is received by a certified Mexican loan officer who will then contact you directly to begin the loan process.

Q: How much will my up-front costs be?

A: Depending upon the value of your home, your non-refundable up-front costs (appraisal, trust application, mortgage application, and escrow fees) will range from $2,000 - $3,000.

Q: Where will my up-front fees be held?

A: An escrow account will be opened for you with well-known U.S. based Title Company (example: First American Title Company, Fidelity National Title Agency or Stewart Title) and your funds will be deposited in a U.S. bank account by a neutral party.

Q: How long will it take to close my Mexico property loan?

A: Similar to loans in the U.S., the Mexican loan process and resources will close your loan within 30-60 days.

Q: What will the closing costs be on the property I am purchasing in Mexico?

A: The closing costs for a home in Mexico will be between 6%-8% of the value of your home. The closing costs are higher in Mexico because there are many legal fees for permits in Mexico. Closeing cost fees can be substantially lower in Mexico than in the U.S.

Q: Will I have to travel to Mexico to sign for and close my loan?

A: No. If you do not wish to or cannot travel to sign your closing documents, you can appoint a proper Power of Attorney form to sign, which grants the licensed Mexico corporate attorney the power to sign your closing documents on your behalf.

Q: Where will we go to sign our documents?

A: If you do decide to sign your own closing documents, you will sign with a Notario. The Notario performs as an escrow officer, notary, attorney, and state official in the real estate transaction and will be appointed by your loan officer for you.

Q: Will I be sending my mortgage payments to an address in Mexico?

A: No. Your loan will be placed with a U.S. financial institution. You will receive your payment coupons during your closing and all fees and payments will be paid with U.S. currency.

Q: If I decide to sell the home is my loan transferable?

A: Just as with a loan for a property in the U.S, if you sell your home, the current loan will get paid off with the funds from the new buyers.

Copyright 2006 by GainClients, Inc.

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