Why Is Pre-Qualifying Important In Mexico Financing?

Video Transcript - (Speakers: Anthony, of MoXi)

Anthony:

Hi, this is Anthony Young. I'm a mortgage advisor here at Moxi Global Mortgage in Los Cabo, Mexico. I have some important information I'd like to share with all my potential clients and real estate partners. Let's talk about a couple common things that come up in conversations that I have with clients or potential clients, even realtors. I cannot stress enough the importance of having a pre-qualification letter. You wouldn't go shopping for a vehicle without knowing that you first can get a loan on it if you need to use that, why would you do the same with a house? Get that pre-qualification letter so you can shop with competence and know that you are putting an offer in the price point that meets your financials. Now, in our credit approval process, we take a look at income, credit and assets to derive at that pre-qualification letter, and we can put the target amount on that.

You may be pre-qualified for a greater amount, but you may not want to show all that on your pre-qualification letter. Certainly, your mortgage advisor can adjust that to your wishes. Also, we can update that date on that pre-qualification letter. So let's say a couple months pass, you're very particular about the kind of house that's your dream home in Mexico. We can update that once you find that and make sure that's as current as possible when you're putting that offer in for your dream home. This is going to help your offer get accepted. Real estate is really hot. Mexico real estate is even hotter. Sometimes we're seeing multiple offers on properties, so having that pre-qualification lender lets the seller and their agent know that you've spoken with a lender, you have a very solid loan available. Now, I understand most folks might say, well, I want to have a home in mind or go and see it, feel it, touch it, smell it before I put an offer in.

Well, since the pre-qualification letter is good as long as your financials remain relatively the same, it's a great idea to have that first step taken care of. You could find a home that meets your needs and your dreams, and it's got some other offers on it or it's very competitive to get that particular property. If you already have that pre-qualification letter in your pocket, you're ahead of the game. You don't want to necessarily be scrambling at the last minute on a hot property that really fits your needs to get your financials together, to fill out the application and get all those things. Now, once you do complete the loan application, your mortgage advisor can get you a pre-qualification letter letter in typically a day or two. So it's pretty quick. We're very thorough on our upfront credit approvals, but really that's what makes the dream seem that much more real, right? You've taken that first step.

It goes from being something that you're thinking about at night and thinking about when you wake up and, oh, man, I'd love to own a home in Mexico. This is my dream to, whether it's to rent it out or second home or eventually a retirement property. You might be even looking for a primary residence, already ready to work on your Spanish, become a full-time resident. So whatever that dream is for you, getting that pre-qualification letter, ultimately that conditional loan approval is pivotal to make that happen. Don't wait until it's too late. Don't wait until you're scrambling to get your pre-qual letter together to put in an offer on a home. I think it's a great opportunity as well, once you have that pre-qualification letter, to have a meeting with your realtor and your mortgage advisor at Moxi. I'm a firm believer that everyone should be on the same page at all times as far as what's going on in the process.

Hey, we're using a lender, hey, here's our pre-qualification letter. Great. Your offer's been accepted, here's your executed purchase agreement. Then Moxi submits your file to underwriting. A couple days go by, you get a conditional loan approval. That's really exciting because then we have a timeframe as far as when we can close on the property. We can begin legal property transfer. Now that's handled by a law firm in Mexico called Portilla. They have three locations across Mexico, Querétaro, Mexico City, and Los Cabos. Their involvement is instrumental to a smooth closing and full legal property transfer, right? Sometimes sellers may be not as engaged in the processes as they should be or difficult to get in touch with.

So when someone gets a call or an email from a well-known law firm in Mexico, they're a lot more responsive to get what's needed to continue the process from the seller side, of course I'm talking about now. Moxi will obviously be engaged. We know that you as a borrower will be engaged. This is your dream and your dream home that you are hiring us to help you with. But a smooth closing absolutely involves participation in all parties. Buyer, seller, Moxi.