Ideally, before you start seriously shopping for a home.

A pre-approval helps you understand what you may qualify for, what your payments could look like and whether there are any issues we should deal with before you find a property you love.

It also gives your Realtor a much clearer idea of the price range you're comfortable shopping in.

You don't have to wait for the renewal letter to arrive.

Starting the conversation a few months before your mortgage matures gives us time to look at your current mortgage, compare available options and talk about anything that has changed since you originally financed your home.

A renewal is a good opportunity to look at the whole picture — not just the rate being offered.

Yes. Foreigners can legally own property in Mexico.

If you're purchasing residential property within Mexico's restricted zone — generally within 50 kilometres of the coastline or 100 kilometres of an international border — foreign buyers will typically hold the property through a fideicomiso, or Mexican bank trust.

That doesn't mean the bank owns your home. You remain the beneficiary of the trust and retain the rights associated with the property.

A fideicomiso is a Mexican bank trust commonly used by foreign buyers to hold residential property in Mexico's restricted zone.

The bank acts as trustee, while you are the beneficiary. As beneficiary, you can generally use, sell, improve, rent and pass the property to your beneficiaries, subject to the terms of the trust and Mexican law.

It sounds much more intimidating than it actually is once you understand how it works.

Yes. Foreign buyers can qualify for financing in Mexico.

The options are different from what most Canadians and Americans are used to at home, and qualification can depend on things like income, credit, down payment, age, property type and the lender.

That's a big part of what I help with — figuring out which financing paths may actually fit before you get too far into the purchase.

It depends on the financing program.

Foreign-buyer financing generally requires a larger down payment than many buyers are accustomed to in Canada or the United States. Different lenders and programs also calculate financing differently, so there isn't one down-payment number that applies to everyone.

Before choosing a property based on a specific financing percentage, let's look at the actual options available to you.

Closing costs in Mexico can be considerably higher than many Canadian and American buyers expect.

As a general planning guideline, I often tell buyers to budget around 10% of the purchase price, although the actual amount varies depending on the property, location, transaction and legal structure.

Your closing professionals can provide the actual breakdown for your specific purchase.

Not necessarily.

There are financing programs designed specifically for foreign buyers, so Canadian or American buyers may be able to qualify without Mexican residency.

The requirements vary by lender and program, which is why it's worth looking at financing before assuming you either qualify or don't.

Potentially, yes.

If you have sufficient equity in a Canadian or U.S. property, accessing some of that equity may be one way to fund all or part of a Mexico purchase.

Depending on your situation, that could mean refinancing, using a home equity product, or working with an appropriate lending professional in the country where the property is located.

There isn't one answer that's right for everyone.

Using equity at home and financing directly in Mexico can have very different rates, payments, qualification requirements, currencies, closing costs and long-term implications.

Rather than starting with “Which mortgage should I get?”, I prefer to start with your whole picture — where your income is, what assets and equity you have, what you're buying and what you want your finances to look like afterward.

Then we can compare the available paths.

You don't need to know which lender you need, which country you should borrow in, or exactly how you're going to structure everything before we talk.

Tell me where you are now and where you're trying to get to.

We'll figure out the financing path from there — and if part of the answer belongs with another professional, I'll tell you that too.

Life doesn't always fit neatly inside borders. Your financing doesn't have to fit neatly into one box either.