Applicants can easily compare interest rates, terms and conditions, and calculate monthly payments using online calculators, allowing them to make informed decisions and find the financing option that best suits their needs and financial capabilities.
The use of technology helps more and more processes to be carried out virtually and efficiently. Precisely, the real estate market is one of the sectors that is undergoing significant transformation, especially regarding the application for a mortgage loan to purchase a home.
In 2022 alone, the total amount of individual mortgage loans granted in Mexico was 437,760 million pesos, this is an increase of 3.95% in relation to the value of loans granted in 2021, according to Statista.
During 2022, commercial banks granted more than 60% of personal mortgage loans, followed by the Institute of the National Housing Fund for Workers (Infonavit), which granted close to 28% in the same year.
Under this scenario that indicates that financing requests will continue to rise, It is convenient and necessary to make this process easier, both for the providers of this service and for those interested in acquiring it.
Therefore, Flat.mx shows you step by step how you can obtain a rioen online mortgage loan, from looking for the best options in banking institutions to the documents you must present and the final approval.
As it is a great responsibility to acquire a property through a loan, you must analyze your financial situation and if you are prepared to face it. You should know that To have access to financing it is important to have a good credit history, job stability and the amount of the down payment.
The stages of a mortgage loan are usually the following:
Pre-approval and financial advice. The first step is to complete a form to evaluate if you meet the minimum requirements before making the formal request. Likewise, the different websites of banking institutions or companies such as Hipoteca Genial, have real estate agents who step by step advise clients in their mortgage loan application process, so that they can find the best option according to their needs.
Online application. Once you have chosen the financial institution, it is time to complete the online application. This process is quick and simple, you only have to provide basic information such as your personal information, income, expenses and the amount you want to request. But if you chose as intermediary a real estate broker to help you in this process, will request certain information and will take on the task of finding the best financing option for you. Be sure to provide accurate and verifiable information, as this will facilitate the evaluation and approval process.
Evaluation of the application. The financial institution will review your application and conduct an evaluation of your credit profile, which considers factors such as your income, credit history, and ability to pay. Some institutions use algorithms and advanced technology to speed up this process, allowing you to get a response in a matter of minutes.
“Today, the application process for mortgage financing in Mexico has significantly simplified the way we used to do it years ago. Thanks to technology and digital platforms, it is now possible to compare rates, complete applications and send documents quickly, making this procedure safe, fast and easier,” said Bernardo Cordero, co-founder of Flat.mx.
Presentation and signing of documents. If your application is approved, you will be asked to submit some additional documents: proof of income, government identification, and bank statements. This step can be done online, through secure and encrypted platforms, which guarantees the confidentiality of your personal data. A document will be prepared that establishes the conditions of the purchase, which must be signed by you (the buyer), the seller and the co-signers and then be legalized by a notary.
Mortgage credit must be increasingly simpler
Formalize the transaction. At the end of the legal process and the signing of the document, the financial institution will contact the seller to formalize and purchase the property. At this stage, you can already boast that you have your own home.
Timely payments. Commitment and discipline will be key to paying off mortgage financing. Be punctual with the payment of each monthly installment on the date indicated, as well You will be considered a good debtor and your credit score will improve.
Cancellation of the mortgage. At the end of the established period and paying all of the money borrowed, the home is now part of your assets in a formal and legal manner. The bank will release the mortgage confirming that the payments were fully covered.
2024-02-22 20:25:16
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