New Mortgage Company Sponsors Real Estate Expo and Seminar

COLONIAL MORTGAGE REACHES OUT TO THE RIVIERA MAYA

The Mexican Resort Lending Division of Colonial National Mortgage has reached out to sponsor what is now becoming the largest and most exciting real estate expo and seminar the Riviera Maya has ever seen;  The Inside Secrets of Buying in the Riviera Maya.

Elizabeth Leboreiro, mortgage officer in the Cancun-Riviera Maya office says "Colonial Mortgage is committed to providing financing for American citizens purchasing property in Mexico. Colonial National Mortgage has been helping Americans realize the dream of home ownership in the U.S. for more than 50 years and we are now proud to extend our services to help clients buy their dream vacation home in Mexico.  By supporting and sponsoring the Real Estate Expo and Seminar in Playa del Carmen, we are really reaching out to buyers and saying we're here and ready to make it happen"

The Colonial Family of Companies is a comprehensive, privately owned, national financial services corporation with more than 600 employees. They are particularly proud of the long tenure of many of our employees, indicating Colonial is not just a great place to do business, but a great place to work as well.

With a servicing portfolio of more than $10 billion and total assets over $1 billion, Colonial National Mortgage is now among the largest mortgage servicing operations in the U.S.A., originating loans in 47 states. A full array of banking and insurance services compliment more than 150 home mortgage programs, making Colonial a single source for personal financial services. The company is privately held "by choice" ensuring our focus remains on our customers, not on the expectations of Wall Street.

How Colonial Ranks in the USA
" 2005 Fannie Mae Tier One Excellence in Servicing Award
" 2005 Freddie Mac Tier One Excellence in Servicing Award and Hall of Fame 2004-2005
" Bauer Financial Five Star Rating 2005
" Best Practice Award, Department of Housing and Urban Development
" FHA Tier One Rating
" Top Gainers 2005, Origination News Magazine
" Top Ten Mortgage Company 2005 - Fort Worth Star Telegram, Fort Worth Business Press, Dallas Business Journal
" Prime Alliance Multi-Site Lender of the Year 2004-2005
" Fannie Mae CUSO Lender of the Year Award 2006

About the Mexico Resort Lending Division

In 2005, Colonial National Mortgage created a partnership with GE Capital to begin lending in the major resort areas of Mexico. GE Capital has been lending in Mexico for over 15 years and has created a lending infrastructure to ensure the highest level of service to our American clients purchasing vacation homes south of the border. Since beginning their lending operations in Mexico has seen tremendous opportunity.  Recently, they announced plans to also lend monies using their own own funds effectively becoming a banker in Mexico as well.  They will give them a wider range of loan products and reach out to a wider range of clients.

Mexico Mortgage Program for American Buyers

Loan Program summary (for detailed guidelines see "Mexico Dream Mortgage," included in this document)
" Interest rates start at 7.99%
" Loan term to 30 years
" Both 3-year and 5-year adjustable rate mortgages (ARM) available
" Loan to value ratio of 70%
" Super Jumbo loans from $1.5 million to $5 million available with 50% Loan to value ratio

Documentation requirements
" Prequalification - To get the loan process started, we will first need to pre-qualify the buyer.  A buyer can get pre-qualified by calling our office (MX toll free 001-888-901-5363, US toll free 888-901-5363) or completing a prequalification form or going online to the "prequalification" link on our website (www.RivieraMayaMortgage.com). 
" Loan Application - Once a buyer has been pre-qualified, the following documentation will be requested to begin the loan process.
o Uniform Residential Loan Application (1003)
o GE Additional Information Disclosure (clauses) - Includes clauses in addition to those on the 1003 that you must read and affirm. 
o Mexican Law of Credit Institution Disclosures - A disclosure that all financial institutions are required by the Mexican government to obtain.
o Authorization to Request Credit Report in Mexico - A Mexico specific form that gives the bank authorization to examine your credit report.
o Borrower's Authorization - your authorization to release personal information necessary for your loan application and approval.
o Additional information: In addition to filling out and signing the forms mentioned above, we will need the following documentation.
" Proof of residence - copy of passport
" For USA residents, please provide documents such as utility bills, phone, property tax bill
" For US citizens living in Mexico:
" Official Residence Permit - "Forma Migratoria"  (FM2 or FM3)
" Utility bills, phone, property tax bill
" Income verification
" Salary employees:
o Copy of W2 for last 2 years
o Copy of last 2 pay stubs
o Work phone number
" Self-employed:
o Complete 2 yrs tax returns
o 2 additional items, i.e. Business letter, CPA letter, and/or reference letters
" Rental Income (if applicable):
o Rental Agreements
o Tax Returns to support

Their staff is dedicated to making our relationship with buyers a success so come see them at the Expo and Seminar on March 26 and 27 at the Royal Puerto Real Hotel.  It will be huge, thousands of people and great stuff too!

Elizabeth Leboreiro, Mexico Account Executive
Colonial National Mortgage
Web Site: http://www.cnmcs.com/CasaMX/index.htm
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