The mortgage loans are loans that are offered to people who want to buy a house but do not have the capital to buy all cash. However, these are designed for people with a stable economy who can cover the payments month after month without any inconvenience.
If you are one of the candidates to acquire this type of credit and you are in a situation in which you are looking for an asset, there are some aspects that you should consider before approaching the different financial institutions in the country. Since not all work in the same way, because some have benefits that others do not.
That is why you should not detach yourself from this article, because we will tell you what you did not know about mortgage loans, all from the hand of our experts at ION Financiera .
In this article you can find out about those points that many people do not take into account when consulting their own credit plan.
It should be noted that we will mention both errors and solutions, so if you want to buy a house soon, do not stop reading us.
1.- People only leave for one option
Omar Vázquez, product manager at ION Financiera explains that one of the common mistakes among society is that clients tend to go for one option or the first one.
“When what is truly important in a mortgage loan is the range of choices that may exist in the market. Well, we must add that they all have significant differences ”.
According to our expert, sometimes it is a bit difficult to find these differences, but at the end of the day they do exist, and therefore it is important to consult with the experts to help you make the final decision.
“You have to analyze first, which entities meet your needs and facilities to make loan payments.”
The solution to this is more than simple, you just have to contact several financial institutions and ask them for detailed information on their benefits, in order to rule out the less convenient ones. This, therefore, will lead to the company that most captivates the prospect.
2.- People only look at the interest rate
According to Omar Vázquez, many of the average clients, before making their decision, do not look at the total payment they are going to make on the mortgage loan.
“Sometimes they just focus exclusively on interest rates. That is, they do not take into account elements such as life insurance, damage insurance or even if there is a deferred commission that will be present over time ”.
For this reason, it is important to first analyze what the total payment is made of, this to choose the option that best suits the payment capacity. Our specialist detailed:
“This can be known through the so-called total annual cost, which is not taken into account much. Same that indicates as a percentage what will be paid, adding the rate and extra expenses ”.
It must be taken into account that there may be really attractive interest rates, but they are more expensive due to other consumption that is linked to credit such as insurance, deferred commission, opening commission. So it must be taken into account that companies are not responsible for covering these, this must be considered before applying for the loan.
To solve this, you just have to review the total annual cost first, in order to find out the actual amount that must be covered.
3.- Customers give up with the first rejection
Experts mention that another of the common mistakes is that many of the prospects when they see that they do not meet what is needed by some entity, they think that they no longer have a chance with another. This leads them not to explore more options on the market.
This means that they are missing the opportunity to find a company that can provide all the benefits they are looking for, and once again, that can adapt to payment capabilities.
“For example, ION Financiera is very flexible when it comes to verifying income, since account statements are used for such work. In addition, co-accreditation options can be included, so that two people, such as a married couple or friends, can make their respective contribution to the credit ”.
The easiest way to solve this is not to give in to the first refusal, because surely there will be some financial institution that asks for requirements that are not quite so strict.
4.- Failure to review insurance coverage
Another really important point that is sometimes overlooked is that which refers to insurance coverage.
“Some of the clients do not review the insurance coverage, because sometimes they are very limited and they will not provide what is really required. This can cause the person to make the expense in vain, all so that at the end of the day said insurance is useless ”.
It must be remembered that when consulting the information in relation to credit, one should ask yes or yes how much coverage the insurance expense has, this so as not to regret it later.
5.- Related expenses are not taken into account
The last point mentioned by the ION Financiera expert refers to related expenses, which are also often overlooked when thinking about a mortgage loan.
“There are people who do not take into account some of the expenses related to credit such as down payment, notary fees, appraisal, opening commission, contracting the electricity service, gas and more.
It must be borne in mind that the financial institution does not cover these expenses, so somehow before making the decision to take the loan, you must already have the savings of at least the initial flag (the down payment) ”.
In addition, you have to know that an investment will also be made for the deeds, among other things. The solution to this is to make calculations of everything that will be linked to credit and see if this capital is available.
It’s now or never!
Now that you have learned some details that you did not know about mortgage loans, it is time for you to analyze your financial situation and make the decision to take a step forward in hiring a loan of this type.
Don’t forget that at ION Financiera we will help you finance that home that you long to have. We offer you an amount of up to 10 million pesos, a maximum term of 20 years and remember, that your proof of income can be from a simple blog to bank statements.