What's The Process? Working With MoXi
In this interview:
- The MoXi loan process
- What it's like working with our advisors
- What to expect in in terms of time-frames
Video Transcript - (Speaker: Anthony Young, MA)
Let's talk about the logistics and the timeframe. What do the first weeks or months look like as far as your loan approval with MoXi goes?
I would say that there are three phases of approval.
The first is the prequalification. So in order to get a prequalification, you complete an application. Then your MA will look through that, organize the information, take a look at the credit report, and ask for the applicable financials. Whether you're a self-employed person or a W2 wage earner, two years' tax returns. If you're self-employed, you're going to have a business and personal, year-to-date profit and loss, and business license if applicable. If you're a W2 wage earner, obviously, two years' W2s and one month of pay stubs.
We also start collecting client information, which is important for Mexico, so we get copies of the driver's license and passport. We also get an asset profile. So checking, savings, 401(k), stocks, bonds, evidence of that stuff. So once you upload those documents, your MA will review that, and provide you with a prequalification letter.
From that point, you can take that letter, work with any of the talented realtors in Mexico and locate the property of your dreams.
Once you have located that property and your offer is accepted and you have a fully executed purchase agreement, then provide that to your mortgage advisor. We'll go ahead and submit your file to our underwriting team for what's called a conditional loan approval.
That takes about 48 business hours, so about five to six days for an underwriter to file and that conditional loan approval is good for 120 days.
From the point that we have conditional loan approval and a fully executed purchase agreement, the closing process can take about 45 to 60 days. Now, there are some instances where it can be closer to 45 or beyond 60. So some of those things are is the seller of the property a Mexican person, or are they a foreigner to Mexico? If they're a foreigner to Mexico they have an existing fideicomiso and so we would discover how many years are left on that fideicomiso and which fiduciary bank that's with.
Sometimes we can do a substitution of that fideicomiso. Save a little bit of time in the transaction. Other things that can control the flow of closing are is there any un-manifested construction on the property? Is there a non-established condo regime? Is the seller of the property the person on the deed? So sometimes that's not the case. Maybe it's a case where the seller's flipping the property and the deed hadn't been recorded yet.
For the most part, the listing agent is going to realize some of these things and be understanding. I'm on countless calls with all involved parties. So they know where we are in the process of MoXi for our client's approval and it seems to work out very well. Everyone's very understanding.
If you're ready to make your Mexico real estate dreams come true, please reach out to me or any of our other talented mortgage advisors and we can get you started on your pre-qualification right away. You can also reach out to www.Moxi.global and reach us there as well. Appreciate your time today. Looking forward to connecting.