Mexico Home Loans: What You Need To Know

[TRANSCRIPTION]

Gaspar (00:03):

Thank you so much for joining us today. I really do appreciate you. Once again, why don't you go ahead and introduce yourself and tell me a little bit about yourself.

Alex (00:12):

Yeah, hey, thanks so much for having me, really looking forward to our chat today and talking about this exciting topic. So I'm Alex Koper, I'm the CEO of MoXi, and MoXi is a finance company or a global home ownership company, really, and our main focus is to help democratize access to global home ownership. And we do that in a couple of ways. First and foremost, and I think the reason you wanted to talk with me today is we provide financing for foreigners, US Citizens specifically who are purchasing, refinancing or cash out refinancing property in Mexico. And the second is we, through our proprietary processes and technology, we help people make sure that they're actually owning what it is that they're paying for and buying. So we help a lot with property diligence. We work really closely with our real estate agent partners to make sure that transactions close on time or early and safely and securely from a title perspective. And so the MoXi team works really hard at doing that every single day. I know there's probably a lot more questions you have, but that's me in a nutshell.

Gaspar (01:28):

Well, no, I appreciate it. So what was it got you into that industry? Did you come from mortgages or anything beforehand? What was it that really draw you to the international mortgages, if nothing else?

Alex (01:41):

Yeah, good question. So I mean, I've always had a love for Mexico. In fact, when I was in high school, I did a study abroad program in San Miguel, from a career perspective, yes. So I have run mortgage origination teams in the us. Previously I worked for Bank of America, Merrill Lynch, Citigroup. So some of big name banks, big global banks. Also at Citi. Before I came over to join the MoXi team about three and a half years ago or so, I was really focused on how can we make changes to the mortgage product and program as it's always been for the last a hundred years, how can we adapt and modify it to solve emerging and new problems? And that's been the focus of my career the last probably decade or so. And I think this is a perfect place to do it, right.

Alex (02:42):

There are millions and millions of people across the world that would like to experience cultures outside of their home country of Citizenship. And a great way to do that is through property ownership, either for investment purposes or for primary residents or for a second home. And I think the big barrier to that though is that it's kind of a cash market or historically it has been. So you have to come up with all cash in order to do that. And so our goal at MoXi is to break down that barrier and make sure that global home ownership is accessible for everybody. We've started that by specifically focusing on US Citizens buying or refinancing property in Mexico.

Gaspar (03:35):

That's actually a great, great question. Somebody asked me this today. Is this available to Canadians yet

Alex (03:43):

Right now, just US Citizens and US permanent residents? Yeah, so if you pay basically two quick barometers, if you pay taxes in the United States or you file a tax return, I should say in the United States, and if you have a credit score from all three bureaus in the United States, you can work with MoXi. Under our current credit policy today

Alex (04:06):

We don't serve Canadian Citizens, unfortunately. We're just not equipped to underwrite Canadian credit. So it's something we'll look to add in the future.

Gaspar (04:21):

Yeah, I was just asked literally an hour ago and they were like, do you know any companies that'll finance the Canadian? And I was like, no. I was like, I'm going to get back to you on that one, but I'll find out later on. But walk me through that process. How does somebody get a property loan in Mexico? What are the first steps and how does it go from there?

Alex (04:41):

From the standpoint of a purchase transaction, so someone looking to buy, we help at any stage throughout the process. So sometimes people will come to MoXi, they'll visit our website, www.MoXi.Global, and they will submit an application and get a prequalification before they even meet an agent. And before they start shopping, sometimes people will come to us after they're already in contract. Sometimes they'll come to us after they already paid in cash and they want to recoup the cash by doing a refinance or they got a loan from the developer, let's say, and they want to refinance it into a US dollar mortgage for 30 years. So we help in any of those situations, but the best way to get started is just to reach out to us, contact one of our mortgage advisors. We work closely with agents, so agents will sometimes contact us on behalf of their client to get the conversation started. That's also great. And our mortgage advisors will walk clients or prospective clients through step-by-step what's involved in the process. It can be relatively fast and easy powered by technology that we built and can kind of run on whatever the timeline is for the transaction, whether that's elongated because new construction and it's not done yet, or whether that's really short, you have a closing date coming up and you just found us 60 days into a 90 day escrow and we got to hurry up and make it happen. Any of those possibilities.

Gaspar (06:24):

And that actually leads me to my next question is, well, how long does it take to get a mortgage? I mean, from day one to let's say I found the perfect apartment and I really want to buy it. How long does it take from the time I contact you until the company receives their money?

Alex (06:41):

Yep, great question. We get it all the time. The simple answer is it really depends. The actual mortgage underwriting process is very fast. So especially if a client is engaged and we ask for them to upload x, Y, Z documents, it's all in our digital portal and they upload them all at the same time. That part is really fast. Couple of days it's the closing that really depends. So is the property new construction? If so, has the condo regime been recorded? Has the construction been manifested? If the property is a resale, does the seller currently hold title in a Fidecomiso? If so, we need to cancel or modify the Fidecomiso, right? And we do all that for you, but it really is dependent on the property, I think in a lot of circumstances. So it could be anywhere from, if it's in a non-restricted zone like Mexico City or like San Mago, Dede for example, you don't need to get a secretary of foreign affairs permit.

Alex (07:47):

That could be a faster close. If it is in a restricted zone, they could be a little longer. So it really depends on the circumstances and situation of the property. The actual credit underwriting part is very fast, and so oftentimes MoXi is ready to close before anybody else is in the transaction. So we face that on a regular basis where we're saying, okay, we're ready to wire funds. The loan is fully approved, we have approved the title and the deeded and buyers and sellers are still working through negotiations or whatever. So that's more often the case could be as fast as I think our fastest closing ever was 23 days. Sometimes we have transactions that go on for months and months, especially when the property's not done being built.

Gaspar (08:42):

Yeah, because kind of what I was warned is sometimes they'll take four to six months to process everything, and I'm sure that's in a nightmare situation, but that was one of the reasons I wanted to speak with you, kind of just find out what is it. And that also leads me to a side question. I noticed earlier you said you had a proprietary system that checks all the titles and all that stuff like that. Is that when you're implementing that? And then the two-part question is, is there an additional charge for extra work like they're having to do, or is it all inclusive included in the structure? How does that work?

Alex (09:18):

Yeah, so let me adjust your first question first. So four to six months is I not, I think that's very long. Generally speaking, MoXi closings are generally faster than that. And we have kind of an internal motto of faster than cash. So we're trying to help change the market and make it fast for everyone if they want it to be fast. That's the thing. You have to have a buyer, a seller, and an agent on each side who are engaged and turn in documents and participate in the process actively. We're going to move the transaction quickly. And a lot of that has to do with the way that we operate our business internally and our model, making sure that we move things forward, that nothing ever gets stuck or stopped. And if it does that, we're being very proactive with communicating that there's a delay in how we could rectify it. Okay.

Alex (10:25):

As it relates to your second question, so we kind of do a lot of the processes in house. We found that it makes for a much more efficient process. So we work with our partners usually in an offer to purchase or in a contract, the notario will be specified. So we will start working with the notario as soon as the file goes over to our legal team to begin that review. We will start working with the listing agent to get property documents almost immediately when the file begins, so on and so forth. So we will coordinate the closing with all parties. If a buyer or borrower wants their own attorney, they're welcome to have one. We'll also include that person if they're working with an agent. The seller is also part of the process of closing a transaction in Mexico. And so our legal team works with the seller of the property to make sure to get us all sitting around the table proverbially speaking and closing on time. So that's all part of our process, and I would say sort of included in our costs, so to speak. And that's all detailed in our fee costs and charge disclosure, all of our fees and all the third party costs and charges, which is a majority of it, which can sometimes be surprising for a foreigner understanding costs of purchasing in Mexico. It's higher than what a US buyer is probably used to in the us,

Gaspar (11:59):

Right? Yeah. That's why we always round up because we don't want people to think that it's going to be less because if we tell 'em the sticker shock and then they find out later it's going to be less like, oh, okay, that's fine. But when they're expecting a small closing cost, the US has most of the time they're like, oh, wow. Yeah,

Alex (12:19):

Good point's. Really good point. So one of the things that our team has developed in response to that exact situation we have, it's generated by our secure system. Periodically throughout the loan process, a new document gets generated and emailed to our customer. It's called estimated cash to close worksheet. And so as we receive the quote for honors from the notario, for example, or as we receive different pieces of information from third parties that are required to close the transaction, we update our system and then the system automatically generates this estimated cash to close document. So there's never a surprise that client always understands how much cash they're going to need to close. And this is obviously in addition to we factor out the amount of the load, they don't need to bring that. So that's an advantage, I would say, of someone working with us to the extent they want to be really well-informed throughout the process, which I think most people do. But yeah, we call it estimated cash to close worksheet, and that gets generated regularly throughout the process.

Gaspar (13:34):

Okay. Wow, that sounds interesting. Okay, and we may cover this later, but I just thought of a question. So if somebody buys a pre-sale, are they going to want to contact you before the entire process? Or I noticed you said earlier they want to get money back and all this other stuff, but in a perfect situation, would you want them to contact you before they put any money down or would you prefer after they put the down payment or anything like that?

Alex (14:03):

Yeah, great question. So with new construction, and this is definitely a difference between buying new construction in the US versus buying new construction in Mexico. With new construction in Mexico, you're going to advance a deposit funds. You might have a roof on payment due to the developer at some point, generally Oxy won't be able to lend until title can be transferred. How we would attach our lien

Alex (14:32):

For the mortgage. So generally 90 to 120 days before the anticipated delivery date is the best time to reach out to us. At that point, we will begin working with our legal team, begin working with the developer's legal team, making sure that have all of the documents. You can't do a legal closing in Mexico unless the condo regime is recorded, if one applies. And unless the construction's manifested and you can't do an appraisal until there's actually something to appraise until the kitchen is in and the bathrooms. So again, generally 90 to 120 days before anticipated delivery is great. If a potential buyer wants to talk to us first, have a look at their credit or their income docs, they can definitely reach out to us anytime the validity that approval though it won't be good 12 change 18 months from now. But anyway, so we're happy to work with clients anytime, and we do on both sides of that equation or somewhere in between, but generally 90 to 120 days.

Gaspar (15:46):

And that actually leads into my next question. So what are the requirements for mortgage as a client? What do I need to show? What are some, I know as you mentioned earlier, credit and then also you said that can be an American citizen, but just go ahead and go through some of those if you don't mind.

Alex (16:04):

So the basics, so yes, US citizen or US permanent resident, you have to have a valid credit score from all three US bureaus. You have to have filed your taxes in the United States the last couple of years. Those are kind of baseline criteria or minimum credit score for lending is 700 fico, which is fairly generous. We have a minimum loan size of $250,000 US dollars. So generally we work with clients who are transacting on property with a purchase price above $350,000 US dollars. And that could change in the future, but that's kind of where we've set things. That's where we can make the most impact and help the most people and clients should have saved at least 35% down plus closing costs, generally speaking. And that's really high level what it is, but we'll lend on a condo, a single family home, a town home, anything in a plan unit development, we'll lend on multi-unit properties up to four units. There's lots of different, we'll lend on mixed use even if part of it is as long as at least 50% of it is residential and then you got

Gaspar (17:27):

A hotel,

Alex (17:29):

Well, not really, no commercial properties. And then from a vesting perspective, I think this is another positive or unique thing. A lot of clients want to hold title in an LLC or in a corporation or in their family trust that's all permitted. We allow that. And then from an occupancy standpoint, we allow primary residence, second home and investment property. So all three of those are permitted occupancy types. So that's just really high level qualifications.

Gaspar (18:07):

So I noticed these are earlier, had to be at least 300. You have mortgages of $250k, right,

Alex (18:14):

Generally.

Gaspar (18:15):

So if they put the, let's say they bought a $350,000 home and they put a 30% down, that would leave the $250,000 left to invest. That's kind of what I was alluding to earlier. But is that kind of your bread and butter? Is that what you're implying or how does that work?

Alex (18:31):

No, that's kind of our minimum. So we require our minimum 35% down, just to be clear. So the $350k is kind of a round number, but no, we lend all the way up to two and a half million US dollars and an aggregate cap. So we have customers that buy multiple where we lend multiple, make a loan to one person, but on multiple properties. So we have an aggregate limit of $5 million US dollars. So our minimum is kind of properties valued approximately three 50 and higher, but we have no maximum so to speak. So it really is we help people from that fall into that spectrum or that continuum on either side or in the middle.

Gaspar (19:28):

Got it. Okay. And then so how long are the terms for y'all's mortgages? I think I saw that you guys do up to 30 or is that something I saw incorrectly or,

Alex (19:37):

Well, you got it. So we will lend, clients can kind of choose the term length 15, 20, 25 or 30 years. It's always a fixed interest rate for the entire length of the loan. Most of our clients, no, the interest rate is not higher if you choose a 30 year term versus if you choose a 15 year term. So most clients choose the highest term that gives you the most payment flexibility. And our products don't have a penalty if you pay them off early as of now. And so if you take a 30 year term but want to pay it off in five, that's fine, no issue there. But yeah, we go all the way up to 30 year mortgage terms.

Gaspar (20:28):

And that actually leads to my next question. What are the rates for your mortgages here in

Alex (20:32):

Mexico? Yeah, great question one we get all the time. So I will say so important for everyone to understand, our loans are made in US dollars, and I think that's a key difference. So if you are earning, you're a US citizen and you earn your income US dollars, but you're repaying in a foreign currency like Mexican pesos, you're subject to foreign exchange risk, but not with MoXi. So we lend in US dollars fixed interest rate for the whole term up to 30 years. The rates change based on a couple of different factors. So it's FICO score, L T V, and loan size. Those are the three primary factors that impact the rate, but also the market impacts the rate. So our rates are going to be a little bit higher than a 30 year fixed mortgage rate in the United States on an owner occupied house, but they're going to shift based on that. So if we were having this conversation two years ago, I would tell you we would have rates in the sixes. Right now we're kind of in the sevens to nines, but I wouldn't want anyone to make a buying decision based on that because literally just in the time we're talking, things could have shifted significantly in the market. So really depends on where the market is at. We will finalize a borrower's interest rate, the fixed rate for the full 30 years. It gets kind of finalized about 48 96 hours before closing. So we issue a customer based on the loan to value FICO score and loan size. We issue a margin that's good. You add the margin to the index and clients can track their rate throughout the entire escrow period. And then it gets finalized right at the end.

Gaspar (22:26):

What happens, I know based off the US dollar, what happens if somebody buys a property? Let's say it's half a million dollars, but then, and I can't do any math in my head right now because talking, but let's say the dollar goes back up to 20 and then now the loan amount is smaller than or greater than the value of the house. What happens in that scenario? I know it's kind of a convoluted mathematical question, but hypothetically, what would happen in that situation?

Alex (23:02):

So we're going to calculate loan to value based on a US dollar equivalent of the appraisal. So the appraisal is going to be made in Mexican pesos, that's the law. And then on the day that the appraisal was done, we take the official exchange rate of that day. And then with 35% down, it's very unlikely that you would end up with, it wouldn't be based on foreign, an exchange fluctuation, but it's very unlikely you'd end up upside down

Gaspar (23:41):

In this especially. And like you said, what's the timeline? One more time of funding between the process?

Alex (23:48):

It really depends. It depends on the property. So it could be as fast as a month, it could be longer than that. If it's new construction, the house isn't done, there's all kinds of potential changes that could elongate the process or shorten it, right? A lot of times we'll have a loan or a transaction in our pipeline and it's scheduled for October 15th, let's say just for example.

Alex (24:17):

Then all of a sudden all party, everything's ready to go and everybody's like, well, we may as well just close now. And we're like, okay, cool. Let's do it right. And it can happen on September 25th. But generally speaking, the process timeline really depends on the collateral as well as, and secondarily as well as how engaged everybody is in sending in documentation and responding to requests.

Gaspar (24:50):

And the reason I was asking is because here in the Riviera Maya, like you said, two years ago the dollar was 20 and so they were selling presale at a certain dollar amount and then come to find out that dollar is now worth less than it was when they sold it. So obviously with you guys, it's a little bit different just playing based off of what it is that day. So that's the only reason I thought about that. But anyways,

Alex (25:15):

Well, and the law in Mexico requires that transfer tax be calculated. It's Mexico, so the prevailing currency is the Mexican peso, and we always follow the law as it relates to a legal transit closing in the country of Mexico. And I think that's important for our clients. So if a developer does a pre-sale in US dollars and then the currency fluctuates by the time between the sale agreed upon price, then the developers out and they're still contractually obligated to sell the unit for that amount. And if the opposite occurs, the opposite occurs. But I think we're starting to see even in kind of tourist or foreign buyer markets, we're starting to see more properties advertised. I think the law actually requires that they advertise in Mexican Pacers as well as US dollars. So we'll start to see some shifts there.

Gaspar (26:22):

And that's why I was asking because I'm starting to see it now, but I'll still see ads that'll say X amount of dollars and I'm just like, oh, anyways. So tell me a little bit about what is the process of working with you guys? I mentioned this earlier. If I was ready to go, how do I apply? Is it better to, you talked about to your people in that situation, how would I ensure that the process flows smoothly?

Alex (26:54):

Yeah, so I think a great start for anybody that's curious and wants to learn more is to visit our website. We have a lot of videos, frequently asked questions, blog posts where we cover different topics. We also have a pretty active YouTube channel where we dive into various different frequently asked questions and our social channels as well, have a lot of information there. But when someone is ready to get a little bit more serious right from our website, you can schedule a call with a mortgage advisor or submit just like a basic form that says, Hey, I want to talk to somebody. There is also kind of a cool tool on our website that we've built called MoXi Match. So we have a couple of cool tools, but one of them is MoXi Match. So you can kind of type in some basic information about what you're hoping to do as well as your contact information, and it'll spit out a sort of result whether or not we think your transaction is a match for MoXi right now or not.

Alex (27:59):

And then we'll be in touch to follow up to schedule a call. The other interesting tool that's available on our website is, and so far as we know we're the first people to ever do anything like this, but it's a Mexico homeownership calculator. So you can estimate not only the amount of cash you would need to close a transaction, like you're looking at a $500,000 house and you want to borrow $300,000 from MoXi, what will you need to come to the table with to actually close that transaction? It's just an example purpose only, but it'll also tell you for that $300,000 loan, what is the monthly payment you should expect both principal and interest, fully fixed interest rate amortized for 30 years, but also what does a Fidecomisorenewal cost you on a monthly basis? MoXi will handle it, the payment of it on an annual basis, but what does that look like?

Alex (28:57):

What does your hazard insurance look like? So we're taking into consideration all of those Mexico specific items and kind of making it into an easy to use calculator tool. So those are both available on our website, both MoXi Match as well as the calculator. And I would just suggest people play with that if they want, read some of our FAQs, watch some of our YouTube videos or forget all of that and just submit a contact us form. A member of our team will reach out right away, answer some basic questions, schedule a call with a mortgage advisor and a mortgage advisor will do what's called a discovery call, talk a little bit about MoXi, ask some basic questions, answer some questions, provide some information. Clients who are very much into self-serving and don't want to have a chat with anyone, they're welcome to read all the information they want to on our website. And then they can submit their application digitally right from there and a member of the team will get back, confirm the receipt of it, send a doc request out, which means, okay, we received your application, now you need to upload these underwriting documents. Let us know where you're at in the process.

Gaspar (30:06):

Cool. Yeah, and I do have to commend you there. When I first learned about you guys, I dunno if I told you I sold insurance for 14 years, so I geeked out, I was playing with all the numbers and then I signed up for your email. Then the first email had 15 links on it and I went to each one of those. If you guys could attract my website visits, I probably went to 50 different pages of y'alls of all the information you guys have, because it was just to me, like I said, I'm a math nerd, so I was just like, so it was great. So I highly recommend if anybody's interested, check out their website. You'll find tons of information. So just a couple more questions to finish up with. Well, so who is the international mortgage really designed for? I know we've talked about numbers, but let's say I'm a 35 year old guy who plans on still working. Is that made for the 35 year old or the 45 year old, the 55 or the 65 year old? Who is this really designed for? Who is your ideal customer, let's say?

Alex (31:13):

Yeah, our mission is to democratize access to global hope ownership for the world and its people. And we don't sort of narrow its people down by age or anything like that. So we don't have any age restrictions. We don't require life insurance to get a mortgage from MoXi. And if you're watching this and don't know anything about Mexico real estate, you'll

Alex (31:38):

Be like, why did that guy bring that up? But it's kind of common. Mexican banks require life insurance for mortgages. So we don't require that we report mortgage interest paid to the I R Ss because the loan is sub, the loan part of it is sub serviced in the United States, so we send the interest paid so it could potentially be tax deductible in the United States. So there's a lot of factors there that make us unique. But back to the question, apologies for detouring there. Back to the question, we don't have age restrictions. We help a lot of people from various different ages and looking to do various different things. So yes, we're a mortgage company, but I would say we're a home ownership company in the sense that we'll help folks who already own a house and want to make sure they own it in the best way possible.

Alex (32:35):

And maybe they didn't know we existed or maybe we didn't exist when they bought the house and they want some liquidity out of an asset that they thought was totally going to be a liquid, meaning like cash out refinance, maybe they bought the property, took developer financing, it has this kind of balloon payment hanging over their head, kind of hard to enjoy your beautiful beachfront property when you know you're going to have to come up with several hundred thousand dollars two years from now and you don't know where that's going to come from, right? We'll help with that. That's what we consider a rate and term refinance, paying off another mortgage or if you're looking to buy, we will help with the purchase money financing and as well as the property diligence that we do across the board, answering a lot of questions, helping a process that seems really foreign, making it less foreign in a way, or at least speaking the language that our customers speak and helping them understand how to avoid some common pitfalls as a foreigner purchasing or transacting on property in a foreign country. But we help a lot of people on that spectrum of that continuum. We don't have a target or ideal age necessarily, and I think we've designed our product and program to be as open and accessible to as many people as we possibly can.

Gaspar (34:04):

And that's actually a great selling point. And the reason I asked that question because one of your competitors, I can't think of which one they specifically say that you must be, I can't remember their wording, but basically you're going to be working the next five to 10 years or until you pay off your mortgage and it's written into their website. Basically it's designed for people that are planning to continue to work. And so that's why I was asking if you guys have some sort of criteria to that effect, but it sounds like you don't. Am I understanding that correctly?

Alex (34:38):

Well, we don't have criteria around that. We will do standard credit underwriting. It looks and feels a lot like getting a mortgage in the United States. So a client that recently purchased or refinanced a home in California or Texas or Arizona or New York and went through the process of getting a mortgage to do either of those things, our process is going to feel a lot like that. We're going to ask for a lot of the same documents. We're going to look at your income, your ability to repay the loan. We're never going to say, you must continue working to get a loan from us. In fact, we help lots of people that don't have any active income. It's all passive income, investment income, retirement income, pension income, asset depletion, you name it. But we're going to underwrite income and assets, make sure you have enough for the down payment and reserves. It's pretty standard. If you've ever gotten a mortgage in the United States before, which probably 99% of our customers have, this is going to look and feel very similar to that process and we're going to ask for a lot of the same documents.

Gaspar (35:52):

Got it. And so this is kind of a segue into the next question, but also a part B of that last question, but who is an international mortgage not designed for and do you have to own a home in the US in order to qualify for an international mortgage?

Alex (36:11):

So you do not have to own a home in the United States to qualify for financing from MoXi? We do have a section of our credit policy for what we call first time home buyers, meaning you don't currently own and you have not owned a home for the last 36 months. That's fine. We have no issue with that. Yeah, sorry. And you'll have to remind me the first, who is it not? The

Gaspar (36:43):

First part was just who is it not designed for? Is there anyone else who you would say, you know what, this probably isn't for you. I mean obviously you have the minimums, but is there anyone else that maybe looking at this and is this for me or is this not for me that you're just like a blatant, no, this will not work.

Alex (37:01):

So from a Citizenship standpoint, MoXi currently lends to US Citizens or US permanent residents, if you don't fall into one of those criteria. The credit policy doesn't allow us to make a loan to somebody that's not a US citizen or US permanent resident. If there have been recent credit events like a bankruptcy or something like that recently, we're probably not a fit. If you are purchasing property, that's not going to legally transfer to you. You want to do a soft closing, which is technically not a legal transfer of property in the eyes of Mexican law. If you want to buy commercial property, if you want a vest property in a Mexican entity, which means you're not a US entity, even if you are personally, those would be areas where we just can't help. So we are specifically able to help US Citizens, US permanent, who are purchasing a refinancing property that it will legally transfer to the buyer's name or will be owned in the name of the foreign buyer. So I would say that's just kind of high level as far as somebody who maybe we wouldn't be able to help. And then again, to your point, the minimum purchase I think is an important factor. We would love to help in all areas and facets. Today we have a minimum and maximum loan size, and we rarely make exceptions on those.

Gaspar (38:51):

So I guess as long as I can check all the boxes, then they would basically be a good fit. I guess. I was just kind of alluding back to what I was talking about earlier. I know certain companies, like you mentioned earlier, they require you to have life insurance. So if somebody's uninsurable, how are they going to buy a mortgage through that said company Or if somebody doesn't have, what was the other one too? The other, yeah, if they're not planning on working, it literally said plan on working the next five to 15 years. I can't remember what it said, but I was like, man, that kind of knocks out a lot of people that are close to retirement. And I was even thinking like, man, you could be a well off person that just happens to be not in good shape and you wouldn't qualify. So

Alex (39:39):

Well, we don't have any of those parameters. We hope everyone that we can. But yeah, life insurance is not a requirement. We have no age restrictions. And again, our product and program is really modeled off of US mortgage origination. So not only does it kind of feel like it would if you were buying a refinancing property in the US from a experience standpoint, but also from a product and program standpoint. We modeled our product program underwriting guidelines after our experience in the US mortgage business. So in the United States, you would never have an age limit or a life insurance requirement or something like that. And so we kind of do the same thing here in MoXi.

Gaspar (40:37):

Well, it sounds fantastic. Like I said, I've already recommended you help to a couple people. And other than that, do you have anything you want to finish with or do you have any closing comments, I guess?

Alex (40:49):

Well, thank you so much for having me. This has been a lot of fun having a chat. And I would say for anybody is interested in learning more, like our website has so many, and you alluded to some of the links that you visited, we spend a lot of time following through on our commitment to transparency.  

Alex (41:08):

A lot of information is available if you want it. Some people don't want to just talk to somebody and get the deal, that's fine. But if somebody wants a lot of that information and is available on our website as well as some pretty cool interactive tools that allow you to customize scenarios and situations specifically to you to see if it makes sense for you before you even reach out to us. And I would just suggest folks visit our website or speak with you, you can make it an introduction to a member of the MIE team. But this has been a lot of fun. Thank you so much for having

Gaspar (41:46):

Us. Yeah, same. I had a blast and even, I can't believe, I can't think of our name right now, your rep that organized this for me, she's very helpful, very friendly, and so I go on to committee you on that too. But yeah, I'll have all the contact information and I'm below on this video, so if anybody wants to get in touch with you guys, they definitely can. But thank you so much for meeting with me today. Okay,

Alex (42:08):

Yeah, thanks for having me. Take good care.