Processing Steps and Timeline
Most transactions for purchasing property in Mexico can take from 60 – 90 days. There are many things which have to transpire that involve many entities. As a result, the process can take some time even without common delays.
As part of our exceptional customer service, Finance North America believes it is important to keep you informed throughout the transaction. Our clients are updated continually in regards to the significant events in the process and given an estimated timeline for future events. As our client, you know what to expect and when.
Listed below are the steps to process your loan along with some average timelines to expect to receive certain items. We hope this gives you a better understanding of what is required to help make for a smooth process.
Receive Loan Package
Submit to File to Lender (1-2 days)
Receive Conditional Loan Approval (2-5 days)
Request Updated Items and Supporting Documentation
Open Escrow
Wire Initial Funds to Escrow
Receive Registered Condo Regime (if applicable and when available)
Order Appraisal
Order SRE Permit
Receive Appraisal (up to 30 days)
Receive SRE Permit (up to 30 days)
Final Conditions from Lender
Receive Final Approval (2-3 days)
Notario Completes Project
Receive & Review Closing Documents (2-5 days)
Schedule Signing and Closing
We usually estimate a closing 45-60 days from the time that we receive all the seller items. This is, on average, the amount of time to receive the remaining pertinent items to close a transaction. Given the number of entities involved and items necessary to complete the process, delays can occur.
Our next article will give suggestions on how to expedite the process and avoid delays.
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“I had the opportunity to work with Finance North America and I am truly excited... I wouldn’t think of working with anyone else.”
-Daniel Saadia, Realtor
