Perhaps the most important financial objective in people’s lives is to buy a house or a new apartment in CDMX.
And although everyone at some point in their life has decided to do so, the difficulties to achieve it are many because the price of real estate amounts to millions of pesos.
That is why there are various financing programs since there are very few chances of having one or more million pesos in a bank account.
If you have already tried to buy a house you will have realized the many difficulties that it entails.
So for many, it only remains to request a mortgage loan , but this is granted depending on the applicant’s income.
That is, if you earn 20 thousand pesos a month, it is impossible to request a loan of 3 million pesos or more, because with your income you will not be able to pay the debt even in 25 years.
What can you do when the home you want is priced much higher than you can afford?
The answer is much simpler than you think.
Think about it, surely your future home needs it because you want to make a home.
In that case, you and your spouse will share the expenses.
If so, he or she may also be the perfect team to add income and get bigger credit.
The joint mortgage loan modality is already a common scheme for banking and financial institutions.
As said, it consists of adding the income of the couple, so if the two earn 20 thousand pesos a month, it is already more feasible to request a million in the credit because between the two they add income of 40 thousand pesos.
What better way than to adapt to the new times and team up with your partner to acquire your assets and, in this way, achieve your home loan.
Times have changed and a single salary is no longer enough to make this possible, saving and purchasing strategies are required to obtain your apartment in the great Mexico City.
It should be noted that the process of joint mortgage loans is identical to that of an individual loan, therefore if someone has problems in the Credit Bureau, this will directly impact the process.
For some banking institutions it is necessary that the couple be legally married, that is, that they have a marriage certificate.
However, for other financial institutions it is not an essential requirement because they recognize the new lifestyles that couples have.
At ION Financiera, for example, it is not necessary to have a marriage certificate.
Whether you live in a common-law union, both of you can join forces and income to apply for a mortgage loan.
In fact, ION Financiera is so flexible that it is not limited to couples, you can also request a loan with any type of family member and even friends.
It should be noted that it can be requested by two or more people. For example, maybe you and your partner want a loan for a house and since a brother will also live there, all three can apply for it.
In this modality there is an accredited and co-accredited having all the same responsibilities and benefits.
If you decided to undertake this plan together and are convinced that this procedure will allow you to achieve your goals, you should start a savings plan, recognize the total investment capital that each one has and agree on the amount of the monthly payment that they could assume to pay a Mortgage additionally, consider living and recreation expenses.
Together they must agree for how long they will carry out the savings plan and to which specific area they will allocate the accumulated amount.
For example, they could project a 24-month reserve to reach the down payment or deed expenses.
If you already have a reserve fund, set it aside as an advance payment for interest reduction.
Talk as a couple or in a group and agree on which expenses you will reduce or which you will have to suspend during the savings plan.
For example, if you are a couple or live together and your daily life allows it, choose to stay with only one car or start using public transport for long transfers and bicycles for short transfers; give yourself the opportunity to walk as much as you can.
Discard unnecessary expenses for that time or substitute some plans to help your economy.
Take care that the savings conditions that you establish as a couple do not restrict your daily activities or that it generates a limiting atmosphere, so do not allocate more than 20% of your salary to the savings fund, and only reduce specific expenses, of this Thus, in a short time they will achieve good savings for the down payment and thus be able to specify the plan to buy a house through a mortgage loan.
Do not forget that the rules must be established promptly to avoid misunderstandings, and never lose sight that these actions are aimed at obtaining your mortgage loan in Mexico City.
Although it is a time of restrictions or sacrifices, surely in the end everything will be worth the effort they made together when they see it materialize.
Here are some tips that CONDUSEF recommends so that joint loans are successful from start to finish.
- Do not change your job while you are completing the process.
- The home must not be intestate and the seller must not have any legal impediment to make the sale.
- Verify that the house is not in a risk zone and that it has all the services (water, drainage, electricity and sidewalks).
- The home must have a useful life of at least 30 years.
- Its value must not exceed the amounts stipulated for each credit product.
- Do not sign any contract of sale or advance payments until you have authorized your credit and you know how much they will lend you.
- Do not accept appraisals for houses that are not finished.
Finally, the CONDUSEF recommends that while you review your best option you request the binding offer, a document where it is reported how much the exact amount of the credit will be.
Once issued, the entity where you applied for your credit, is obliged to grant you the credit in the terms and conditions expressed there in accordance with the data you provide, as long as you comply with the formalities established by law.
The Joint Mortgage Credit is one of the best options to acquire a better house or apartment by combining the income of both, but it must be taken into account that it is a high long-term debt so you should discuss it very well with your partner or co-borrowers.
Analyze each and every one of the options you have, review the behavior of the institutions of your choice in the Bureau of Financial Institutions and ask any questions you have before signing and hiring.
In case everyone who will be buying the house (be it your partner and you, your family member and you or even your friends and you) are fully convinced, we recommend opting for this scheme.