The Process

There are four steps to the loan process:

STEP 1: PRE-QUALIFICATION / PRE APPROVAL
STEP 2: LOAN ORIGINATION & DOCUMENT SUBMISSION
STEP 3: PROCESSING AND OBTAINING LOAN COMMITMENT
STEP 4: LOAN CLOSING AND FUNDING

STEP ONE: PRE-QUALIFICATION / PRE-APPROVAL

Pre-Qualification/Pre-Approval is necessary to determine up front, whether you will qualify for one of our loan rograms. To determine a pre-qualification up front, we will need you to fill out, sign and mail, fax, or email our short pre qualification form to us.

Upon receipt, your completed and submitted pre qualification form will be reviewed, and a credit report will be obtained. If you qualify based on your credit score verification and the information provided on your short pre qualification form, we will provide you with a Pre-Approval letter. If you do not initially qualify, we will communicate to you any additional information needed in order to work towards provided you with a Pre-Approval Letter.

STEP TWO: LOAN ORIGINATION & DOCUMENT SUBMISSION

After you have received your Pre-Approval Letter, we will provide you with a Loan Origination Package. The Loan Origination Package consists of an easy-to-navigate set of instructions and easy-to-use documents and forms that are necessary for a borrower to complete and submit in order to successfully execute Part 3 and Part 4 of the loan process. In order to provide you with a binding loan commitment and close and fund your Mexican mortgage loan, each borrower must provide a completed Loan Origination Package

We will be readily available to guide you through any of your questions as you complete your Loan Origination Package. In addition, we will review your completed Loan Origination Package for completion and accuracy and work with you to finalize any missing or incomplete documents in a timely manner.

STEP THREE: PROCESSING AND OBTAINING LOAN COMMITMENT

After receipt of your completed Loan Origination Package, your package will be sent to our loan processor and will be reviewed within three business days from the day it was received. With years of experience in working with our lender partners, we are able to review your loan file to determine whether any conditions or additional requests need to be met (for potential items not already requested in the Loan Origination Package). If additional information is needed, we will notify you and your Loan Officer with a request for such conditions and/or additional information. If no additional information is needed, your loan will be fully processed and submitted to the appropriate lender partner for Mexico mortgage underwriting.

While we are usually able to identify any conditions or additional information needed to underwrite your file, there are occasional situations where this is not possible, and our lender partner will request conditions or additional information. If this occurs, we will notify you and your Loan Officer with a request for our lender partner’s conditions and/or additional information. If no conditions or additional information is requested by our lender partner, a binding loan commitment and loan closing package will be sent to you. Our average turnaround time for loan submission to obtaining a loan commitment or conditions is 10 business days, but does vary by lender, Mexican mortgage loan program and specific file. With our exclusive loan program, this time is typically reduced to an amazingly quick 5 business days.

STEP FOUR: LOAN CLOSING AND FUNDING

A smooth closing starts at the time of Loan Origination (Document Submission). Included in the Loan Origination Package is the loan origination document request list. This list, which includes all of the items we need from you to successfully underwrite and close your Mexico mortgage loan is somewhat long, and some of the items may appear a bit impractical when compared to the ease of obtaining a loan in the U.S. or Canada. However, each of these items has a purpose and most are requirements of the Mexican bureaucracy.

Once your loan is successfully underwritten, you will receive a loan commitment letter from the lender partner, and a Closing Process Introduction Letter from us. The Closing Process Introduction Letter outlines the complete closing process. At this time we will appoint the closing agent partner to your loan. Note that during this period we are already working to approve your property for closing.