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"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.
To improve your chances
of getting a loan approval:
- 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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