When is the best time to take out a mortgage loan?

mortgage

Taking out a mortgage loan is one of the most important decisions for both you and your family, not only so that you stop paying rents that will eventually not give you any benefit, but also so that you have an equity for you and yours.

Life is full of seasons, of moments; some good and others not so much. This also applies to making important decisions, such as acquiring a home through a mortgage loan.

But when is the best time to take out a mortgage loan? Here you will have the answer.

The best time to take out a mortgage loan may be now!

art-02-The-best-time-to-get-a-mortgage-loan-can-be-now

In times like those that pass now, it is somewhat complicated to establish a specific date or a season of the year that is truly ideal for you to apply for your mortgage loan.

The best moment will be the one in which your own possibilities allow you to make an investment without compromising your economy either in the short, medium or long term.

It is very important that you take into account your financial strength, since after all, to a large extent this will be important when you acquire a responsibility as great as it is to take out a mortgage loan to make yourself an equity.

We can help you have a clearer picture. Think about the following points:

1. Do you have any kind of debt?

art-10-Consolidate-your-debts-with-the-help-of-ION-Financiera

The moments where there is some financial stability are the best to be able to undertake a new project; The absence or stability of financial commitments or debts is a vitally important indicator to know when is the right time to acquire a mortgage loan.

It is difficult to achieve financial stability, however not impossible, you can rely on liquidity credit , which could be a great help in cases such as health emergencies or economic crisis.

2. Do you have economic and employment stability?

art-04-Accounts-with-economic-stability-and-employment

Hand in hand with the absence of debts or commitments that involve making any type of payment, another factor that you should consider to know if it is the best time to take out a mortgage loan, is if you have economic and work stability.

Why? Well, to acquire a financial responsibility such as a mortgage loan, it is necessary that you demonstrate your financial solvency and ability to pay a monthly payment on time for a long period of time.

You should also take into account that, to process a mortgage loan, it is essential to provide a minimum down payment of 10%, in addition to another 8% that are paid for notary fees. Having financial stability will allow you to cover this initial balance.

The income verification is a very important point, as it will allow the financial company of your interest to measure your ability to pay.

There are options such as ION Financiera, whose flexibility in income verification allows greater openness to different profiles, since they do not limit the income verification in the traditional way, but rather have a wide range of possibilities.

You do not need to have the payroll receipts of a company, you can also verify your income with account statements or annual tax returns to mention just two.

You may also be interested: How to facilitate income verification to access a mortgage loan

3. Do you know your status in the Credit Bureau?

art-06-Do you-know-your-status-in-the-Credit-Bureau

The last of the aspects that will allow you to know if it is the best time to take out a mortgage loan is your credit history , which will be nothing more than your cover letter with the financial institution where you go to apply for your mortgage loan.

Having a healthy credit history will be the starting point for any financial institution to grant you a mortgage without major complications. This is an essential requirement for the process, so any company will request authorization to verify your status at the Credit Bureau.

As if it were a cover letter, the Credit Bureau will provide a clear reference to your financial commitments and, if you have a healthy history, you will be one step closer to buying your new home.

Do you meet these points? It’s time to get your mortgage credit!

art-07-You comply-with-these-points-It's-time-to-get-your-mortgage-credit

If so far you consider that you cover these aspects without any problem, congratulations, this is the ideal time for you to get your mortgage credit as soon as possible!

We know that the current situation may have you somewhat worried and uncertain about whether it is a good idea to take out your mortgage credit in times of economic and health crisis, so we leave you this brief strategic guide.

1. Lean on a real estate expert

Go to specialists when looking for the property; They will guide you to make the best decision and offer you the ideal options to meet the goal of having a new home.

Remember that a mortgage loan will allow you to acquire the ideal home according to the needs of your family and your ability to pay.

A financial company that has highly trained personnel such as ION Financiera, because with elements such as the prequalifier and good advice will help you make the best decision.

2. Do not get carried away only by the price

One of the most common mistakes when buying a property is rushing to choose without considering more than one option. What happens when you buy something without having verified the other characteristics of what you want to obtain?

Many times you are not completely or even not at all satisfied with your purchase and you regret it. This, in a situation of economic or health crisis, can be complicated; Therefore, it is important that in addition to the price, you evaluate the conditions of the property or the place where it is located.

Think for a moment: what would happen if you get carried away by a house just because of the price?

This mistake is very common in a home buying process. Many people only favor a property for its price, without considering issues such as: will it be functional for my family? What if my family grows? Or how much could the equity of this property increase over time?

Analyze all your options and needs before making a decision; don’t lose your cool or get carried away only by an apparent low price. Remember that, sometimes, “cheap is expensive.”

Make this the best moment to get your mortgage credit

art-10-Make-this-moment-the-best-to-get-out-your-mortgage-credit

Whether in ordinary seasons or more complex moments, the most important thing is to ensure your well-being and that of yours.

These times of health emergency, without a doubt, make us all reflect and think, wouldn’t it be better to have a heritage?

Having your own roof allows you to invest your resources to supply your family with food in the event of any contingency, without worrying about how you will pay rent if work activity slows down.

If after reading this article you realize that you meet what is necessary to acquire a loan and obtain your new home, it is time to take the step.

At ION Financiera we want to help you make the best decision and build a wealth that guarantees your safety and that of yours.