Colonial National Mortgage's La Buena Vida Issue 6:  July 6, 2007    Her own slice of paradise: Colonial National Mortgage client recounts her experience buying a vacation home in Mexico   From her bustling office in Fort Worth, Texas, mortgage banker, Kami Graves recalls with nostalgia the pleasure of seeing her favorite vacation spot, Playa del Carmen, grow up.  “We were visiting there when it was still all dirt roads,” she says, “we’ve been going down there for at least ten years.  We love it; and it’s so easy to get to.”  After numerous visits, she decided to buy a place about four years ago.  “We bought on 5th Avenue,” she recalls, at which time it was not as busy as it has now become.  “After having that place for awhile, we decided we wanted to be closer to the beach,” says Graves.  So last year she decided to buy a home in the up-and-coming Puerto Aventuras area. Being in the mortgage business herself, Graves decided to ask around to see if anyone was offering mortgages for Americans buying vacation homes in Mexico.  After hearing about the Colonial National Mortgage international lending program from a mutual colleague, she contacted Suter DuBose, Vice President of International Lending for Colonial National Mortgage and began the process of getting pre-qualified and applying for a Mexico mortgage.  “The process (of getting a mortgage) is different in Mexico,” Graves says, “but it was not as bad as I anticipated.”  At the outset, DuBose was honest with her and told her that the process was relatively new and that it would take longer than buying a home in the U.S.  “So many aspects are different (than in the U.S.) like the timing, escrow, and the SRE permit” says Graves.  The average closing time takes about sixty days, to be on the safe side, and there are additional steps that differ from a loan closing in the U.S. such as transfer of the fideicomiso (the bank trust) and receipt of the SRE permit (the government permit to allow a foreign national to own property).  Escrow works differently as well in that the buyer must pay for items such as the appraisal and notario fees upfront by placing the funds in an escrow account from which the appraiser and notario are paid. “Suter was great,” says Graves, “he and his staff were very helpful and thorough; they kept me updated every step of the way.  By the time it was finished I actually enjoyed the process, I learned a lot about buying property in Mexico.” Colonial National Mortgage continues to work with American clients buying property in Mexico and has seen great success.  As time has gone on, not only has the process become smoother but also the bank now offers new mortgage options such as 30-year fixed rate mortgages and cash-out refinances.  Call Colonial for more information at 001-888-901-5363 from Mexico; or 888-901-5363 in the U.S.; or visit online at www.MexicoResortLoans.com.       Micheladas "My Cold Beer" Popular mostly in Northern Mexico, this drink recipe grew from the usual practice of adding a squeeze of lime and a dash of salt to a beer.   Ingredients:   1 ice cold Mexican beer (dark is better) coarse salt (for the rim) 1/4 cup fresh lime juice 1-2 dashes of hot chile sauce (such as Tabasco, Tapatio or Cholula) 1 dash of soy sauce 1 dashes worchestshire sauce beer mug or large glass (chilled if possible) Ice (lots) lime wedge for garnish Preparation: Salt the rim of the glass by wetting the edge with some of the lime juice then dipping it into a plate with salt on it.    Fill the glass about half way with ice and pour in the lime juice, chile sauce, soy sauce and worchestshire sauce.   Mix with a spoon then slowly pour in the beer to the top of the glass.   Push the lime wedge onto the edge and serve immediatley. Add the remaining beer into the glass as desired.