This year, the Colombian economic scenario has been challenging, influenced by various factors such as inflation and rising interest rates, which has impacted one of the long-term dreams of Colombians: have your own house.
According to one of Camacol’s most recent reports, the number of withdrawals went from 14,228 in November of last year to 29,800 in November of this year, marking a growth of 109%.
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And although the main reasons indicated by the organization in the case of VIS homes are 31% due to factors associated with the program ‘My House Now’, followed by issues related to credit (25%) and reasons linked to the project (16%), something interesting can also be detected.
According to data from Asobancaria, the number of disbursements in VIS housing for October of this year was 9,304, while in 2022, the figure was 7,577, which means that more Colombians are obtaining a loan for their home.
For Johanna Carolina Cárdenas, co-founder of Koggi, a startup that has developed an intelligent and digital platform to facilitate the housing credit process in the real estate market, the current situation of the sector is due in part to the departure of subsidy programs that facilitated the acquisition of homes. Furthermore, it highlights the lack of knowledge that many homeowners have when applying for their mortgage loan.
“The dream of owning your own home continues to be a desired goal for many and obtaining a mortgage loan can be the key to opening the doors of your own home, but it requires careful planning and knowledge of the financial system,” says Cárdenas.
How to get your mortgage loan this year
In this way, the real estate sector experts who are part of the Koggi team gave five recommendations to successfully obtain a mortgage loan in Colombia during 2024:
Keep your financial obligations up to date: As is known, one of the main factors in granting credit or not is the credit score, a scoring model that uses information from the credit report to create a score and predict the likelihood that the person will repay a loan on time.
In that sense, payment history is the most important aspect of the credit score, since it shows how the person has managed their finances, including late payments. Therefore, the first and most important recommendation is to be up to date with financial obligations, since banks will evaluate that history to determine your ability to pay and reliability as a borrower.
Prioritize paying off your high-interest debts: There are many Colombians who usually use credit to acquire any type of good or service, therefore, if they already have financial debts, an effective strategy is the avalanche method, an alternative in which paying the debts with interest should be prioritized. higher while making minimum payments on all others.
“In addition, I consider that a good level of debt has to be between 25 to 35% of their basic salary, that is, if by 2024 the current legal minimum wage reaches $1,272,520, the debts of these people they could not exceed $445,382,” explains the co-founder of Koggi. Additionally, he adds that if you are looking for an entity that makes portfolio purchases to lower interest rates, you should not forget to cancel all the credit products you have and request the peace and safe, “so that later you are not surprised with small balances in arrears.”
Design a detailed budget: Creating a detailed budget a year before receiving the property is crucial to understanding financial capacity and determining how much can be allocated to paying a mortgage. In this case, it is advisable to “tie your belt” to prepare for the amount of credit that will be granted.
In addition, carefully including expenses and income in that budget will allow you to evaluate the current financial situation. This approach will not only facilitate the application for credit, but will also be a valuable tool for planning long-term finances and saving, taking into account the costs of writing.
Acquire a credit card with good management and low quota: Acquiring a credit card with good management and an adequate limit can be a positive strategy, since it is important to have a record or a fingerprint in your credit history that will help you when applying for credit.
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However, you should use the card responsibly, pay for your purchases on time, and avoid running up high balances. This will demonstrate to financial institutions your ability to manage credits responsibly.
Avoid being a co-signer of financial debts: Co-signing a financial debt is not recommended at this time, as this could compromise your borrowing capacity and implies assuming legal responsibility for the debt of another, which could negatively affect your credit profile and your ability to obtain a mortgage loan if the other person incurs default. It is advisable to avoid financial commitments that could jeopardize the objective of acquiring your own home.
2024-01-05 23:14:45
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