What percentage of my salary should I allocate to my mortgage loan?.

salary

Are you thinking of acquiring a house through a mortgage loan ? Then this article is for you. We will take care of solving all your doubts, so that you have the ideal budget to pay your mortgage loan.

Alejandro’s case

art-01-The-case-of-Alexander

Alejandro wants to acquire a mortgage loan , however, he is not sure how much he will have to invest for his new estate. For this reason, Alejando has a financial institution considered to advise him so that he has detailed knowledge, about everything he needs to know after having applied for a mortgage loan.

Alejandro’s interests are concentrated in new residential-type houses that offer both him and his family the comforts of a spacious home, with a pleasant design and in a comfortable area.

Alejandro has different income. Added together, it generates an amount of $ 70,000 pesos per month. But since most of these cannot be verifiable in the traditional way, he has not made the decision to acquire a mortgage loan , as traditional banks have denied him due to the form of income verification.

As Alejandro is the head of the family, he has not had the possibility of consulting an option in the market that is close to both his interests and his needs.

Alejandro is a doctor and through his office bills he is able to verify an income of $ 40,000 pesos. The other $ 30,000 pesos of income comes from family businesses, which you can verify by using work logs.

However, traditional banking would not accept the sum of income from family businesses, since they are required to be in the name of a single person. Neither the invoices, nor the logs as proof of income documentation.

Although, with ION Financiera all these documents are valid and, if you want to add your income with your partner, family, friends, etc., it is also possible!

It is important that both you and Alejandro have a plan to apply for a mortgage loan , since not only do you need to have enough money and have a healthy credit bureau to be a creditor, but you must also consider a budget , so you can be sure that they do not generate subsequent debts.

Optimal percentage

A budget allows you to know the optimal percentage to allocate the payment of your mortgage, well now we have to delve into this point.

According to information from La Vanguardia , the amount of your salary destined to pay the loan is, ideally, 30% or a maximum of 35%. In other words, if, for example, you have a salary like Alejandro’s, the amount destined for the mortgage payment can be $ 20,000 pesos.

Be careful, it is recommended that the allocated percentage does not exceed 40%, since otherwise, the expense will not be able to be paid. Think about what to acquire a house through a mortgage loan, it is an expense that has to be considered if you are the head of the family, since this way your family has an assured patrimony.

Make a budget

art-05-Make-a-budget

As credits of any kind represent an expense that is generated gradually over a certain time, we recommend that you make a budget to have total control of your finances while you pay it off.

Said budget must include a list where, in the first instance, you describe the income you receive, it can be biweekly or monthly.

The important thing is that you adjust it to the date of payment of the credit, that is, if you are going to pay it monthly, the most advisable thing is that you make the budget based on that time.

Another point that you must detail in your budget is a list of expenses or expenses. Here you must be honest because if you omit expenses, your budget will not work properly, since it is not based on real data.

Once both lists are made, you must add them. What amount do you get? Do your expenses exceed your income? o Is the amount of expenses less?

If the answer to the second question is affirmative, it is better that you contemplate and take care of the excess expenses that you generate per month, otherwise you will be mired in debt and you will not be able to be credited with a credit of any kind.

But what if my income is lower? If they are, then you can be very happy because you can be a candidate for a loan.

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The next step in preparing a budget is to add the amount of the mortgage credit that I previously made sure that was the amount destined to pay.

If with this amount that you entered your expenses exceed your income, it is best to think about reducing the loan amount or think about another option. Remember that, before choosing a mortgage loan , the most convenient thing you can do is calculate if you can pay it, so as not to generate debt.

Now, if your amount of expenses continues to be higher, then you do have the possibilities to acquire a mortgage loan .

Budgets help to know the amount, both of income and expenses, that they generate, as well as the ability to allocate an optimal percentage for the payment of each of the expenses.

If you do not have a budget, you will not be able to know with certainty how much of my salary I will use to pay my mortgage loan .

Estimated time for settlement

Another element that we cannot miss is the time that we must pay off the mortgage. Do we want to pay it off as soon as possible or in a considerable time?

If what you want is to condemn it as soon as possible, you should consider that the amount of the credit payment may rise. Although, we recommend that the time you choose you do it thinking that you are paying for your own assets.

Another element to keep in mind when choosing the payment time is the fixed income. Will you be able to pay off the credit in three decades? Remember that you can only know the answer to this type of question in relation to the budget you made and its projection for the future.

Any eventuality can occur during the duration of the credit, so do not trust yourself and better prepare a budget.

IÓN Financiera as your solution

With ION Financiera it is possible to acquire a mortgage loan , since it has the ability to offer financing schemes based on your needs and with ease to verify income, since it has its own method.

We invite you to pre-qualify for the acquisition of one.

Ion Financiera’s experience in granting mortgage loans is not only supported by its solidity as a company, but also by the support it offers you from the first approach.

This preferential treatment can be very helpful, since if you are like Alejandro looking for advice to solve your doubts, at Ion Financiera, those issues are a priority, for this reason it has a service of accompaniment and advice from specialized executives.