Before contracting a mortgage loan, review what factors intervene in your decision (III)

Mortgage credit is a financial product that, in addition to giving you the opportunity to start building an equity with the purchase of a home, is also a long-term commitment, in which if it is not managed responsibly, the consequences for your financial health will not be the best.

For this reason, it is important that, prior to hiring, you analyze various factors that intervene in the final decision.

“In an environment of liquidity restriction, such as this health and economic crisis that we are experiencing, we must make use of the credit instruments offered by the financial system. In this way, we will take advantage of a practical, useful and strategic mechanism to carry out better residential transactions ”, mentioned Leonardo González, Real Estate analyst at Propiedades.com.

In this sense, and given the current crisis caused by the pandemic, mortgage credit has increased compared to other types of loans.

According to the National Banking and Securities Commission (CNBV), at the end of December 2020, the housing loan portfolio grew 5.5%, while the total credit portfolio of multiple banks presented a reduction of 5.3 percent .

Therefore, according to these figures, the experts emphasize that due to a panorama where the war of low rates in banks continues at historical minimum levels, it makes it a good time to buy a home.

How do you know if a mortgage loan fits your profile? Beyond the basic elements, no less important, such as consulting a real estate advisor, housing needs or reviewing the location of the home, there are other relevant aspects that have to do with your finances, the options in the market and the benefits it has. hire a financing of this type.

Realistic scenarios

Being a financial commitment that will take you to solve for at least 15 years, it is important that you review your ability to pay prior to hiring, for this, the Propiedades.com analyst recommended being realistic and choosing a property according to your income, to This will also need to set savings goals and set aside unnecessary expenses to achieve those goals.

The second factor has to do with the existing options in the market, in this case, calculators and credit simulators are an effective tool that will help you make a more accurate decision since this way you will know which are the most accessible financing. An example of these tools is that of the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Due to the low interest rates, the possibility of obtaining an accessible mortgage loan is even greater, therefore, the third factor highlights the benefits of applying for a loan of this type in these times.

“When applying for a mortgage, it is possible to capitalize the benefits in a crisis environment, allowing the generation of wealth in households. Especially if they have plans or need to acquire a new home. Today it is convenient to make a decision to contract this instrument, since there are favorable conditions for the future ”, added González.

Additional benefits

Although the road to recovery to the pre-pandemic levels has not yet materialized, it has the opportunity to face the crisis, and that is that according to BBVA, a home in addition to having a residential use, can also become a profitable investment.

“For the vast majority of the population, it is the asset of greatest value and also a factor of heritage wealth that transcends generationally,” the entity details.

In this sense, Leonardo González explained that in case of unemployment or decrease in income, housing becomes an alternative source of income, for this, he pointed out that constant maintenance is required to the property, so assigning a monthly budget of 3 to 5% of the income obtained, would be the most convenient.

“Thanks to maintenance, a better rental value is obtained and habitability conditions are ensured,” said González.

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