Step 1: Pre-Qualification
To ensure that you meet the requirements, Global Mortgage suggests getting a pre-approval before starting the home hunting process. Before pre-approval can be granted, Global Mortgage will look at your financial history, including your credit score and amount of debt you owe. They will also look at your present finances, such as your income, how long you have had your current job, and how much money you have in savings. If you are ready to become a homeowner, please fill out our simple pre-qualification application to start the process or contact us at [email protected].
Step 2: Submit Mortgage Application
Once you have received your Pre-Qualification and are under contract to buy a specific property, Global Mortgage will initiate the mortgage application. The mortgage application asks for a significant amount of information, so it’s best to gather all of your financial details prior to applying.
Although there are several versions of mortgage applications that are used by lenders, one of the most common is the 1003 mortgage application form, which is a standardized form used by the majority of lenders in the U.S. and Mexico. The 1003 loan application is a form from the Federal National Mortgage Association. The Federal Home Loan Mortgage Corp., are lending enterprises created by Congress that purchase and guarantee mortgages.
Step 3: Accept the Financial Offer
Accept the Financial Offer
Our detailed “binding offer letter” and Loan Agreement will be provided to all mortgage applicants for review. The document outlines the applicable details of the loan being granted, such as:
- the Principal Amount
- the Mortgage Interest Rate
- the period for Loan Repayment
- the monthly Amortized Payments of Principal & Interest
- the payment of taxes and insurance
- other relevant terms and conditions
After you have accepted the offer of financing, instructions are sent to the assigned Notario to prepare the Mortgage Deed (Fideicomiso) and the other legal documentation. Bear in mind once you submit the signed Letter of Offer, attorneys’ fees, the partial month’s mortgage interest, and all outstanding processing Documents and fees become due.
Step 4: Closing Process
Closing the Deal: What does closing mean?
Closing, also known as completion is the final step in executing a real estate transaction. On the closing date, the ownership is transferred to the buyer. The closing date is the day the property becomes yours, and the title deed is signed. The date is previously agreed on by the seller and the buyer but also determined by the notario, as the notario will review the certificates of non-debt and other documents related to the sale of the property.
Step 5: After Closing
Once the closing process has been completed, the excitement begins. At this point there are still a number of steps necessary to make certain that you complete taking full ownership of your newly purchase dream home.
Global Mortgage will make certain that you receive a complete copy of all documents necessary for “proof of purchase” including
- Copy of all purchase documents
- Utility transfer letter (from the notario)
- Contact information for utility transfer
Global Mortgage will also be with you throughout your loan term in providing the following services to assist you with your continued home ownership in Mexico
- Annual Tax Payment (in January)
- HOA due payment(s)
- Insurance Payments
Global Mortgage will also be available to provide on-going education on owning a home in Mexico and assist you in your home ownership. We are available to answer your questions and to be your “eyes and ears” when your are unable to be available in Mexico.