|
Step One - Prequalification
|
Timeline: up to 24 hours
|
Contact your Colonial National Mortgage Planner for prequalification. Getting pre-qualified for a loan before you go house hunting will greatly facilitate your negotiations and make for a smoother transaction.
You can begin the process by downloading the form here and faxing it to our office at 001-303-443-4924.
Once the form is completed submitted online or faxed to the Colonial National Mortgage office, the buyer and/or the realtor must call the Colonial office to confirm receipt, provide any incomplete information and let us know if you need to have the prequalification expedited.
|
|
Step Two - Property Search
|
Timeline: indeterminable
|
You will need a real estate agent to help you find properties in the right location and price range. Please click here to view our listing of recommended realtors and developments. Once you find the home you desire, your real estate agent will confirm that the home can
be legally sold and will work with you to submit an offer of price, terms and any contingencies.
Once your offer is accepted you are ready to enter into a Convenio de Compre/Venta with the seller. In Mexico the purchase contract is called the "Promise of Trust Agreement" or "Promise to Transfer Beneficial Rights" depending on whether you will be establishing a new trust (for a new property) or
transferring the trust (for an existing property).
Once a purchase contract is signed and deposit paid, the buyer and/or realtor must notify Colonial National Mortgage at (+001-888-901-56363) so that the loan application and approval process and can begin.
|
|
Step Three - Loan Application
|
Timeline: 2 weeks
|
Your Colonial National Mortgage Planner will ask you to complete a loan application and disclosures.
Once the loan application, disclosures and required documentation have been completed, signed and submitted to Colonial National Mortgage, it will take two weeks from that point to obtain a loan approval and commitment or a denial.
Once your loan has approved, your Colonial National Mortgage planner will contact you with the good news!
Please note that a loan commitment is valid for 45 to 120 days depending on the loan product. If the home is a new development and will not be completed and ready to close in 45 to 120 days, the buyer will have to re-qualify for the mortgage meaning that we will re-check credit and updated documentation may be required. Ask your mortgage planner for details based on your specific mortgage.
Once a buyer has received a loan commitment they will then pay their non-refundable earnest money or builder deposit.
|
|
Step Four - Open Escrow Account
|
Timeline: 1-2 days
|
Colonial National Mortgage will open an escrow account on behalf of the buyer, in which earnest money and pre-payment for appraisal fees and Notario fees will be deposited and paid out as appropriate.
|
|
Step Five - Notario and Fideicomiso
|
Timeline: 4 to 6 weeks
|
The hiring of a Notario and establishment of a Fideicomiso are probably the greatest differences from buying a house in the U.S. For further definitions see the Glossary.
Once final loan approval by the investor has been received, the investor's Mexican representative will request the appraisal, fideicomiso, SRE Permit and Mexican credit report. The investor will also work with a Notario and begin the establishment or transfer of the Fideicomiso. Colonial will work with the builder/developer to obtain the Regimen de Condominio. Buyer will complete a Power of Attorney if they cannot be present at closing.
|
|
Step Six - Scheduling a Closing
|
Timeline: 2 weeks
|
Once all the proper documentation has been collected and confirmed by the investor's representative in Mexico, the loan documents will be prepared and the closing will be scheduled. The investor will notify Colonial National Mortgage of the notary fees, expenses and taxes, and any other funds that will be deducted from the loan proceeds and given to escrow for payment to the Notario.
Colonial National Mortgage will contact the buyer to schedule the closing. If the buyer cannot be present at the closing, they will have to complete a Power of Attorney authorization.
|
|
Step Seven - Closing
|
Timeline: 1-2 days
|
At the closing, the seller and buyer will appear before the Notario, provide the requested identification and sign all the closing documents. Escrow will then disburse the funds minus
taxes to the seller within 24 hours.
|
|
Step Eight - Post Closing
|
Timeline: 1 week
|
Upon funding and execution of the mortgage the seller will receive funds, and all the required documents will be submitted by the Notario to the Public Registry office.
|
