Remember that everything is possible in this life, the challenge is in the discipline and commitment that you put to your future goals.
Ladies and gentlemen, we have grown. Things that weren’t so important to us yesterday, are today. The time has come to make conscious decisions to break it (positively) in the future.
That is why today we will share some basic tips for you to master the art of buying your first HAUS and choose your mortgage loan carefully.
Basics to get you started with this topic
- Principal: the amount you borrowed
- Interest rate: percentage of what you borrowed that you must pay annually.
- Term: time it will take to pay the credit
- Mortgage: synonymous with guarantee and the bank or institution that gave you the mortgage credit will charge it, in case you stop paying
- Goodwill: it is that magical gold mine that multiplies the value of houses and buildings. Land normally rises in value, especially in areas with significant growth.
How to choose a good mortgage for my house?
What you should take into account before starting:
- First, evaluate how your personal finances are: check how your financial stability is, how are things at your job, is there a possibility of a future cut? Etc …
- Before going out to look for a property, check how your history is in the Credit Bureau, it is important to know this because it will depend on whether they authorize the loan to buy your house.
- There are several factors that banks consider before granting a mortgage loan: such as the length of your employment, your income, the number of economic dependents and your credit history.
If you do not have a history, you could take out a credit card and handle it responsibly for a year, so the bank will already have a reference of how you are to pay.
- When you go to buy a property through credit, do your numbers first because it may not be enough for a house of “x” amount.
- Be organized. To start the credit process it is necessary to put together a file that is made up of: bank formats, your general documents and your proof of income.
- Try to pay your mortgage does not exceed from 30% of your monthly income to the bank you still want and do not go for the most expensive property, go for a home that makes you feel like Co mod @ and gradually, with As time goes by, you will build new houses.
Pay attention to the details of the mortgage loan
- Do not get carried away by the interest rate that you see in the ‘large print’ of the advertisements, always read the fine print and other specifications because the interest rate may be super low but check what is happening with the commission costs and extra insurance that by including them (CAT) you can be surprised and end up paying more than in other credits where the rate would seem to be higher at the beginning.
- Historically, in the last 10 years the range of the average interest rate in Mexico has evolved, ranging from approximately 7.5 to 15%.
- Many of the mortgage loans in Mexico are expressed in pesos and with a fixed rate; This is important because if something happens tomorrow with the peso, the dollar, oil, etc., your interest rate will not move.
On the other hand, variable rate mortgage loans will change the payment each month according to the movements that are generated in the financial market.
- The amortization table will serve as a projection to know how long you will finish paying your credit, to know how much you are paying in capital, how much debt and how much interest rate.
- You can make advance payments to principal so that you can finish your mortgage credit faster (ask if the prepayment has any penalties).
- If you are freelance and do not contribute to the IMSS or ISSSTE, there is still no quarrel, you can also be a creditor of a mortgage loan with them. Just make sure that your income is demonstrable with account statements and with a good record in your credit bureau.
Where can I get a mortgage loan?
- Bank: This is the best known and most traditional way. You have to take into account that there is no bank that is better than another, everything will depend on your future project, your profile and your preferences. Banks normally reward those who have some history with them with better rates and give them preference. Without a doubt, decide on a bank with a good name, nearby, that gives you good attention, good interest rates and with good technology to facilitate the way of making payments.
- Real estate broker: Let’s see it this way, it is a real estate crew that prevents the client from having to go to all the banks to ask for information to see which mortgage loan suits them. The interesting thing about these brokers is that there is an impartiality to recommend what benefits you the most and they can help you decide between banks, between rates and with a group of experts behind. Remember that LA HAUS, as a real estate and mortgage expert, can guide you to know which rates are appropriate for your history and which are the most reliable institutions to obtain the credit of your next HAUS.
They are responsible for being intermediaries in investments and real estate businesses so that people who have the capital can invest in the real estate market of their country or other countries.