Getting a mortgage in Mexico
Getting a mortgage in Mexico is not so different as getting a mortgage in any other country in the world. It is a long complicated process. I just decided I was going to get a mortgage loan since I do not want to continue to pay rent. I am a broker in Mexico and I realized I was going to need help. I have contacted one of my recommended loan brokers, Thalia Santaña from my website article on financing in Mexico as a foreigner. Here is what has gone right and what has gone wrong so far in this process. Please keep in mind I am a local national, however, the process is the same if you are a foreigner.
Once I decided I was going to get a mortgage I simply went for it. I figured it would be easy enough so I got online using my phone and went to a bank I have heard does quick mortgage loans. HSBC has a very good online question and answers form. I filled that out and was instantly given some sort of credit score very much like it is done in the states. Next, I got a notification that I would get one of their outside representatives to contact me. The notice said that one of the companies was SOC Asesores Hipotecarios. That is when I realized I should have contacted Thalia from the start.
When I contacted Thalia she was fast to get me back on track. I told her I was serious and asked her for the documentation needed. Thalia told me I needed the basics (birth certificate, Tax information, ID). She also told me she needed the last 6 months of bank statements and a letter from my employer declaring how long I have worked in this job. In a few days I had all documentation gathered and emailed. Thalia was fast to get back to me again. I sent all documentation on May 5th, she was fast to continue with the process. Thalia asked if I had good credit I told her I had no idea. I pay my credit card and I owe nothing, I figured that was good. Thalia told me that she would run a credit score and told me that it was not good that I had ran a credit report through the online bank. Nothing that can be done there so she went on and soon I got a text from SOC asking if it was okay for them to run the report. I was very impressed with that, thinking that it makes sense for them to ask first. It turns out I was pre-approved instantly for a higher amount than I asked.
I have began the search for a small house in a nice Mexican area. I believe I will have no issues finding a house fast. But, I have to say that the process is not as smooth as when you are buying cash. Many sellers and listing agents tell you from the start that they want only cash and want nothing to do with you if you have a credit lined up. One thing is for sure, there are a lot of options out there in my low budget. My main search engine has been via Facebook market place.
Do I have the mortgage loan lined up? I do not know yet. I have to wait longer than I expected to hear back about the loan…going on a full week now. Do I need the help of a broker or agent to look for a property? We will find that out in the next part of this article.