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 Puerto Vallarta Real Estate | September 2006 
Reasons to Celebrate!
 Douglas Jones - PVNN
| Douglas Jones - Mortgages In Mexico
918-398-9588 (US)
555-350-6331 (Mexico)
044-322-135-5822 (PV)
617-600-9675 (FAX)
www.MortgagesInMexico.com
Doug@MortgagesInMexico.com
The Experts in Mexico Mortgage Lending |
It's been 2 years (since Sept 2004) that I began Mortgages In Mexico. I have personally learned a lot during this time - both in pioneering the mortgage industry in Mexico, and about the Mexican culture and business practices. I have been on-the-ground in Puerto Vallarta every month since September 2004 except for one month - April 2005.
I am committed to my business and I want to thank my family for their support. I will be having an open house on October 24th for everyone I've closed loans with, or have loans in process to close. This will be my thank you to my valued real estate agents for the business they have sent me.
I will be sending out invitations later this month. It is going to be at my home in La Cruz, and it's going to be an event not to miss. If you would like to attend, and you haven't already been doing business with me, you can still receive an invitation - just send me (prior to October 24th) your serious buyers who need a loan to purchase their property.
Some quick updates as we begin our third year in business:
We recently closed a loan that another lender had for 7 months, charged the buyers a big front-end commitment fee, and couldn't get the loan closed. We approved it in 3 weeks and closed the loan in August. My team of loan processors is the best in the business, and we don't charge up-front commitment fees - only a $200 application fee to order the credit report and process the buyers for loan qualification.
We are anticipating Canadian eligibility for one of our loan programs by early November for closings in January. If you have Canadian buyers looking to purchase between now and the end of the year, and can wait to close after the first of the year, we can start the pre-qualification process RIGHT NOW. For the first time, Canadian eligibility looks very firm - the date is dependent on computer programing completion.
We will have a 30 year fixed loan program. Nothing "official" yet, so I can't quote any rates or discuss the source - but they're going to be very good.
We now have single family construction loans.
We now have construction money available for condo developments of $5 million or more.
We now have cash-back refinances - however a new program is becoming available with very competitive rates similar to purchase money.
It looks like GE will be weeding out their poorly performing brokers. This is good news for everyone. GE has been receiving a bad reputation because of incompetence by brokers who don't know what they're doing and then blaming GE. As you can imagine, GE values the integrity of their good name and is taking steps to restore it's good image and reputation. Be sure to work only with knowledgable, experienced GE brokers like Mortgages In Mexico. Our approved GE broker # is 12194. If a broker doesn't have a GE broker #, then they're not approved to do GE loans.
We are working on a solution to receive our SRE permits faster than we have been. It is a fact that the Office of Foreign Ministry is way behind, but there are steps we are taking to order our SRE permits locally rather than through D.F. which should result in faster SRE permit approval time.
Mortgages In Mexico recommends that a date be put in the contract requiring the seller to provide the documents needed to order the SRE permit. Although it is not always the case, sometimes the sellers are very slow in getting the needed documents to the Notario and the lender, which is causing delays. This is not the only problem we are having regarding SRE's but it is a contributing factor in many of the delays. A 7-10 day seller deadline would be recommended if you want to put such a contingency in your contracts.
As you can see, we've been very busy gearing up for the coming high season. This is going to be an incredible year for financing real estate in Mexico. Most buyers are aware that mortgage loans are now available to purchase their home in Mexico. These buyers are financially sophisticated and understand the power of leveraging their money using "the other guy's money" - using the bank's money for 70-75% of the purchase and only 25-30% of their own money.
If you are still uncomfortable discussing mortgage financing with prospective buyers, please contact me and I'll get you up to speed. As always, if you have any questions, please let me know. We are ready to go to work for you!
Douglas Jones
918-398-9588 (US)
555-350-6331 (Mexico)
044-322-135-5822 (PV)
617-600-9675 (FAX)
www.MortgagesInMexico.com
Doug@MortgagesInMexico.com
The Experts in Mexico Mortgage Lending |
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