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Mexican Financing: How it Works, Basic Process |
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Hopefully you
will have researched your financing options
prior to signing a purchase agreement and
writing an earnest money check to the seller as
it can take 45 to sometimes as long as 90 days
(depending on how cooperative the seller is) to
close escrow on your financing. Although
obtaining financing is Mexico is similar to the
States, there are a few big differences and
extra steps of which you need to be made aware:
- Before you start anything make sure the
seller has a) started the cancellation of trust
(this is what usually delays the closing of
your loan as the holder of the current
owners bank trust can take an extreme amount
of time canceling the existing trust) and
b) you have obtained your Official Residence
Permit (Forma Migratoria).
- Provide Marquest with all items
requested. For a list of items needed click
here: Items Needed.
- Once the result of the credit analysis
is complete, Marquest will inform you if the
credit application is approved.
- Marquest will also open up limited
escrow and file your Trust Application. At
the same you will pay for the appraisal and
commitment fee as well as prepay expenses
for notary (notario),
escrow, trust application and first year of
trust. These fees will be deposited into an
escrow account, which will disperse the
funds to the appropriate parties involved.
- Once all items are obtained from the
seller, Marquest will order both the lender's
appraisal as well as the Forma Migratoria.
Concurrently, the Freedom of Liens will be
ordered from the local Notario. A Mexican
credit report will then be ordered.
- Marquest will work with the seller's
realtor to obtain all items needed from
seller.
- Once the loan is fully approved a
representative will contact you and schedule
the closing with the Notario.
- Marquest will work with you and the
seller to go through a checklist of
items needed for closing which is
scheduled with the Notario.
- Both you and the seller will meet with
the Notario to sign your papers.
- Escrow will be responsible for the
proper disbursement of funds. You are now
the owner of the property.
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