With the colder weather in most parts of the US and Canada not too far in the future (sorry), many of our friends and clients are starting to plan their trips to Mexico. If your trip is going to include property shopping, CBI recommends having your mortgage application approved for when you arrive. This is similar to the US and Canada – before visiting properties, you would have your mortgage pre-approval.
Benefits of having your mortgage approved:
Are you planning a trip to Mexico overthe fall or winter?
Have your mortgage approval ready!
· When you are looking for a property, you and your realtor know your budget.
· You understand your loan conditions – what you will need out-of-pocket and what your monthly payment will be.
· You have done a lot of the legwork by sending in all your documentation.
The mortgage approval will last for 3-6 months depending on the specific lender. It is very common for loan approvals to expire, and you would only need to update some time-sensitive documents, you would not be starting the process from scratch. In general, CBI recommends working on a loan approval around 3 months prior to when you are plan on entering a sales contract.
Please contact your CBI representative or fill out the prequalification format to begin the process of making your dream a reality!