"Slam Dunk" Home Purchasing in Playa del Carmen

We have all seen, or heard of, the NBA stars who "slam dunk" the ball through the "hoop" one too many times. They make it look so easy, that we always, and usually unsucessfully, try imitating them while playing "half-court ball" at the park. I personally remember a couple of guys in my neighborhood that were actually able to do it! "Slam Dunk" is also an expression commonly used meaning "It is a done deal!".

So how do you do "Slam Dunk" Home Purchasing in Playa del Carmen?

Well, You either come up with full cash, or get a Mortgage Pre-Approval when purchasing your home.

What is a Mortgage Pre-Approval?

Mortgage Pre-Approval means getting approved for a mortgage prior to purchasing your property, even before looking at the home you wish to buy. Getting pre-approved is an easy process. When buying a home, you may be pre-qualified or pre-approved. You can be pre-qualified over the phone or on the Internet in a few minutes. Pre-qualification is not as useful as a pre-approval. Pre-approval requires a more rigorous process, including verification of your credit, income, assets and liabilities. It is highly recommended that you be pre-approved before you start looking for a home.

Being pre-approved will:

• Inform you of your maximum affordable home value, and save you from previewing properties outside your price range.
• Put you in a stronger negotiating position with the seller, because the seller will know your loan is pre-approved.
• Help you close quickly, since your loan is pre-approved.
• Begin the Mexican Trust Process and the SRE Permit requirements.

How To Obtain Loan Approval?

This involves verifying your:

• Credit history
• Employment history
• Assets including your bank accounts, stocks, mutual fund and retirement accounts
• Property value
• Based on your specific situation, additional documents or verifications may be required.

• Fill out the a loan application completely, and sign it.
• Sign your Good Faith Estimate (GFE) and Truth-In-Lending Form (TIL).
• And, respond promptly to any requests for additional documents. This is especially critical if you plan to close by a certain date.
• Do not make any major purchases. Do not buy a car, furniture or another house until your loan is closed.
• Anything that causes your debts to increase might have an adverse affect on your current application.
• Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, let your mortgage broker know.
• Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.
• Notify your mortgage broker before applying for any other credit, including credit cards, personal loans or even with another mortgage company. Some loan programs have strict guidelines regarding your credit score. Credit inquiries may lower your credit score and may have an adverse affect on your loan approval.

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in the presence of a notary public (Notario Publico), Trust Agent and Escrow Agent. Then you can close your loan.

So in order to get a loan approval, the most important thing you need, just like in order to "Slam Dunk" in the NBA you need a good Point Guard, is to get your own point guard, a good mortgage broker who is positioned correctly and is prepared to deliver the ball at the right time and in the right direction so you can "Slam Dunk" your home purchase and close on your loan.

So remember if you are thinking about "Slam Dunk" home purchasing in Playa del Carmen, you need to get the right "Point Guard", the right mortgage broker, to put you in the right position through a mortgage pre-approval so that you can accomplish just that; a "Slam Dunk" - satisfactory home purchasing in Playa del Carmen.

This article and information courtesy of Mexico Mortgage Solutions, for more information please call:
Enrique (Henry) Saldana at:
Office: (984) 803-0343 or (984) 803-4759
Cell: (984) 116-8528.

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