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| Our research shows that ALL credit profile borrowers are technologically savvy, short on time, and want one thing: a fixed rate loan with low rates and good service. Even the most aware borrower still has a few home loan mortgage questions, however. This page provides the answers.
How is Conficasa International different from all the others? (Click to return to top of the page.) We offer you six loan programs from more than one source for loans in Mexico. Your loan is in good hands with a company that has over seven years of cross-border lending experience. We have offices in most of the resorts of Mexico, as well as headquarters in Mexico City and Houston. Our upper management has many years in the financial industry in Mexico including mortgage brokerage in the U.S. We have people on both sides of the border that understand the process, and will walk your papers through the bureaucracy properties in most states. When is my rate locked, and what is a rate lock, anyway? (Click to return to top of the page.) A rate lock is the lender's commitment to hold a specific rate at a specific price (points or rebate) for a specific period of time. At LaPazLifeStyle.Com all of our rates are locked for 60 days. If your loan is not completed before the lock expires, the terms of the loan will revert to either those that were in effect at time of closing, or those that were in effect at time of lock, depending on market conditions. Your rate is officially locked only when you have received confirmation by phone, fax, e-mail,. Rates can be locked until 4:00 PM on business days. What is "Truth In Lending" ? (Click to return to top of the page.) Federal law requires lenders to provide a "good faith" estimate of the fees, APR and loan program specifics within three days after application. The disclosed information and the forms used to present it are referred to as the "Truth in Lending Disclosure" or "Regulation Z." Conficasa adheres to the fair credit laws of the U.S. as well as the laws of Mexico. What is APR? (Click to return to top of the page.) The APR (Annual Percentage Rate) includes the interest on the loan, as well as other costs and fees, expressed as a percentage. It is always equal to or higher than your actual interest rate. It never includes title, escrow, appraisal, or credit report fees. What if I cannot document all of my income and assets? (Click to return to top of the page.) Conficasa has more than one lender that will allow you to use bank statements to document your income. We also have a stated income program. For more details on these programs please send an email to contact@conficasa.com What are the fees in addition to the lender fees that I will have to pay? (Click to return to top of the page.) Here are the fees. Fideicomiso set-up Fee $575.00 and $575 Annual fee paid in advance. Recordation of Guarantee Trust: .30% of Purchase price SRE Permit and Registration with Foreign Investment $1,500 Loan application Fee $200 Public Registry (like recordation in your county) .50% the purchase price This fee will differ a little in some states. Appraisal Fee there are two kinds of appraisals a Tax appraisal or Avaluo this is .018% of the purchase price. And a commercial appraisal this is .010% of the purchase price. Some of our lenders use a particular appraiser from the U.S. theses fees can reach as high as $1,500. Notaria Publica ( Contract Attorney NOT a simple notary) Varies in each state, typically does not exceed 1% of the sales price. We have negotiated set fees with the notarios that we use. Transfer Tax varies by state but usually 2% of the purchase price. What is a Notario Publico? (Click to return to top of the page.) A Notario Publico is a specialized , highly educated contract attorney. They must take an exam at the state level and are appointed for life. They have many duties, one of which is handling real estate transactions. Only after you have signed in front of the notario is your transaction complete. The notario will determine if the seller must pay capital gains. They verify that your deed or fidei comiso is correct, and they register it in the public registry. They will also collect some of the fees associated with your transaction. Do not confuse them with a public notary in the U.S. the jobs are very different. What is a fideicomiso? (Click to return to top of the page.) The fideicomiso (feedaycomeeso) is the ONLY LEGAL WAY for a foreigner to own residential property in Mexico’s “Restricted Zones”. These are properties located 50 kilometers from a coastline or 100 kilometers from a border. All of the Baja Peninsula is in the restricted zone. THERE IS NO OTHER LEGAL WAY TO OWN RESIDENTIAL PROPERTY IN THE RESTRICTED ZONES. The fidiecomiso is very much like a living trust. You are the beneficiary, and you have certain rights under the trust to improve it, sell it, mortgage it and bequeath it. The trust is issued in 50 year increments and can be renewed ad-infintum. If you sell your buyer can assume your existing trust and enjoy all of the benefits. THIS IS NOT A LEASE. You will name secondary beneficiaries (like your children) and they will immediately assume ownership upon your death without probate. The Mexican Constitution was amended to allow this instrument to be used for foreign investment. We cannot stress enough, that the only legal way to own property in the restricted zones is through a fideicomiso. Whether you are buying from a Mexican, a developer or another foreigner, you must have a fideicomiso in the Restricted Zone. In addition to the standard REAL Estate Fideicomiso the lenders require a Guarantee Fideicomiso this is the instrument that allows the lien to be placed and allows the lender to foreclose should you not pay. The guarantee fideicomiso is what has made mortgages available to foreigners in Mexico. Do I need Title Insurance? (Click to return to top of the page.) Some of our lenders require title insurance for your and their protection. Other lenders we use do not require title insurance. We believe that you should have title insurance. In the case where the lender does not require title insurance, you may still purchase it. We have two American title insurance companies that we use, and we will provide that information to you. Title insurance in Mexico is more expensive than in the U.S. But what is your peace of mind worth? How do I contact Conficasa Internationl? (Click to return to top of the page.) You can contact us by sending e-mail to info@LaPazLifeStyle.com or by phoning us at 1-866 369 9017 or in Mexico 612 123 5857. Our fax number is 1-408-273-6749 in the U.S. and 612 125 1894 in Mexico.
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