In the next post you will see how to solve some problems that may arise to obtain a home loan. Our financial system plays a leading role in the management and development of the economy and especially in home loans.
The Mexican financial system is made up of different types of financial institutions, both large such as banks and medium-sized ones such as some Sofomes, and other types of institutions.
Through the financial system, a country can have multiple mechanisms that mobilize money, savings, investments and the exchange of international currencies, among many other purposes.
The main purpose and dedication of private financial institutions (SOFOMs) is to grant loans, manage schemes to facilitate income verification and speed up obtaining loans more effectively.
Banks are very large financial institutions and highly known by anyone because companies make payments to their workers through them.
For this reason, most when thinking about a mortgage credit consider that it is the banks who are going to provide the credit, without knowing that there are private financial entities (Sofom) that can offer you better conditions for your credit.
Many other organizations, large, medium and small, participate in our financial system, in addition to a wide variety of finance companies, which offer highly useful services for society, such as home loans, mortgage loans or mortgage loans.
One of the main financial activities, which is what we will talk, is to provide loans or loans for home customers who may be individuals or companies.
Credits are known as loans or financing in financial language.
A home loan or loan is the act of obtaining money to pay for a property, through a contract, in which a person or entity called a creditor trusts money to another person who is called a debtor. , for a specified period agreed between the parties.
After the end of the term, the person who received the money, known as the debtor, returns the agreed amount to the creditor.
Normally the credits are not non-profit, so the person in the contract called the debtor, when returning the money to the creditor, makes an additional payment or additional sum known as interest and is calculated by percentage, which can be fixed or variable according to what was agreed at the beginning of the contract, in the financial sector it is known as an interest rate.
In most cases, debtors are asked for a guarantee for the money they are going to receive as a loan. These can be mortgages, pledges, or trusts. In the case of home credit, the collateral is the same home that is being purchased.
When the debtor does not pay the money that was loaned to him, or fails to meet the pre-established deadlines, he violates the trust that the financial institution gave him.
There are companies that are dedicated to keeping a history of monthly loan payments, (Buró de Crédito), who registers the movements or the fulfillment of the payments that people handle, so it is known which person is fulfilled with their payments and who do not.
With this information, the financial institution can make a good analysis of the credit quality of the debtors using the data from the credit histories and decide whether to make new loans or not.
With this information you can see what problems may arise and take the necessary precautions before requesting your credit.
Normally, financial institutions will ask you for these three basic requirements.
So that these requirements do not take you by surprise and do not become a problem when applying for your home loan, we are going to expose them so that you are prepared:
1. You must have at least 10 percent of the total value of the home so that you can use it for the down payment, otherwise it will be an obstacle to overcome in order to proceed with the home loan.
This down payment can range from 10 percent to 50 percent that you must have, before requesting a loan, you must have developed the habit of saving because that is what will allow you to access the best conditions and be calm at the time to negotiate your credit since you would be prepared to assume this commitment.
2. You must have the money available for notarial expenses that normally the cost of this procedure is between 5 and 9 percent of the total value of the home.
When receiving a home loan, taxes must be paid for the acquisition of your new property, it will also be registered in the Public Property Registry and this generates the notary’s fees.
A tool that can help you save is the use of apps that guide you to set a goal, and the platform automates and guides your savings through the time you want to have the money, that is, the goal.
3. Check a minimum monthly income that adds up to three times the value that you will have to pay for the monthly installment of the credit you are requesting. In some institutions they ask you not to go over half, but it depends on the policies of each one.
For many institutions you must have a job with a stable monthly, biweekly or weekly salary and that you have more than 3 months of seniority in your job, so that you can face this new commitment that will be paid month after month.
But there are also very reliable financial institutions such as ION Financiera that do not ask you for a stable salary, because they understand that there are professions that can hardly verify the high income they have, for example, entrepreneurs, doctors, merchants, among many others.
This is a great inclusion advantage for many who do not necessarily check their income by traditional methods.
If you are an independent professional or you do not have a way to verify your income, you have the option set by the National Commission for the Protection and Defense of Users of Financial Services, to demonstrate your ability to pay for the home loan described below:
- You must save the amount equivalent to a number of monthly payments, normally between 6 and 24 monthly payments.
If you characterize yourself as an excellent saver, you have great possibilities of acquiring a loan for your home, through the “Good Saver” scheme that is designed for those who check their income by demonstrating a good saving habit.
The only thing you need is to verify a constant savings, presenting your bank statements or financial institutions where your savings are.
- Present account statements that show that you are punctual in your payments, you prove to be a good payer.
If you can demonstrate a habit of timely payment with credits that you have in the medium or long term, such as automobile loans, loans to improve your home, simple or personal loans, you have an appropriate profile to obtain a mortgage loan.
The only thing you must present are: bank or financial institution account statements where you check your payments, show that your credit history of the last 12 months, pay off the current credit in a maximum of 6 months or show that the credit was paid off 6 months ago .
With these important points in mind, you can be much more prepared to have a home loan that is more appropriate for your lifestyle.
Remember that ION Financiera is an institution whose main objective is to support people who cannot verify income in a conventional way, but that their profession allows them to have the necessary solvency to buy a house without problem.
ION Financiera makes loans to independent professionals much easier and more accessible, than what CONDUSEF indicates.
You are already prepared to apply for your home loan without fear of failing in the attempt, request the best advice from the best professionals in the area. Check out how ION is your best option to process a mortgage loan.