“Right now the issue of land is in vogue in the states of the Republic, where without proving income and without a credit bureau for a plot of land, and then building your house,” said Barranco.
9. Banking programs: BBVA and Santander have a program that, after conducting a socioeconomic study, grant mortgage loans, said Bernardo Torre, from Promo Habitat.
10. Government programs: These programs, whether federal or local, are aimed at a specific sector of the population. The requirements will depend on the population to be benefited.
Income verification
For people who cannot prove income via payroll receipts or account statements. It is possible to meet this requirement through other mechanisms.
“With Ion Financiera at some point we process a loan with orders, literally, with commands -restaurant- we process a loan,” Bernardo Torre recalled.
What should I take into account?
Although there are several aspects to consider before signing with a finance company, it is important to take into account the interest rate that will be paid during the time it is contracted and if it is a fixed rate or not.
The interest rate charged by banks and Yave.com is between 8% and 10%, while Infonavit and Fovissste charge, depending on the worker’s income, between 1.91% and 10.5%. Alternatives such as HIR Casa and Ion have interest rates between 16 and 20%, Bernardo Silva said.
Among the recommendations made by the experts is to ask for the payment tables – amortization – to know how much is going to be paid during the life of the loan and, thus, to compare. You should also check the total annual cost (CAT) to know everything that is going to be paid -insurance and commissions mainly-, always considering that the monthly payments are between 30% and 35% of the total income; 50% maximum, recommended Guillermo Simonini.
In addition, Bernardo Torre pointed out, notary expenses should be considered, which range between 5% and 8% of the value of the property or the appraisals and deed expenses.
Although the credits include unemployment insurance, which can serve up to six months without a job, “I would recommend saving six more months to face longer unemployment,” Simonini said.
Something that may be obvious, and therefore often goes unnoticed, that the property you are going to buy you love, that it suits your needs, that you get the best possible price and make sure that you can pay the credit, otherwise, you’re going to lose the house and the money you already paid.
In addition to comparing, recommended Bernardo Torre, financial institutions offer promotions in which, for example, they reduce notary expenses, they do not charge the appraisal or the commission for opening.
“If they can have a copy of the simple deed before signing and see the conditions that they are giving them, it would be very important,” recommended Torre.
If possible, suggested Simonini, from Weggot, it is good to seek the help of a mortgage advisor, a professional in the sector who helps to get the mortgage that best suits the client’s needs.
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