A home is the most important asset we can acquire, but sometimes, the only way to get it is through a mortgage, because for many it is impossible to have the money to buy a house or apartment in cash.
A mortgage is not something that should be taken lightly, especially if we consider that there are a variety of alternatives and it is easy to get carried away by the first thing we find. There are financial and non-financial entities that offer them, such as the Infonavit and Fovissste Housing Institutes, Banks and Sofomes.
Are you a worker and are you a member of the IMSS?
If you have been doing it for a while, you should know that throughout your working life, you have accumulated an amount of money that the National Housing Fund for Workers (Infonavit) keeps in the Housing Subaccount. This amount is formed by the contributions that your boss or company has paid to your account and is equivalent to 5% of your integrated salary, that is, your salary plus benefits.
Do you know what you can do with those savings?
- Use it as a guarantee if you are going to request a loan from a financial institution (as long as you have an agreement with Infonavit).
- Add it to a mortgage loan that gives you the possibility of buying a better home.
- Improve your pension for retirement.
If you have in mind to use your savings to request a credit, take into account that you have several possibilities:
- Whether a new or used home
- A home mortgaged with the Infonavit
- Or, improve a used
Build on land that is yours
Expand or remodel
- Affecting the structure of your home and with mortgage guarantee
- Affecting the structure of your home and without mortgage guarantee
- Improve your home without affecting the structure and with mortgage guarantee
- Pay only your mortgage
- Pay your mortgage and improve your home
- Only rent
- Rent and buy
Do I request it or not?
You must be honest with yourself and ask yourself if you are ready to buy a house, consider if:
- You have too many debts.
- You spend more than you earn.
- You have no idea if with your future income you can cover the credit.
- Your savings are not enough for the down payment and the initial expenses.
- The monthly payment does not fit your budget.
If you choose to request it because you are at the right time, then consider:
- The amount you have saved in the Infonavit and how much they could lend you.
- What would your monthly payment be?
- The time it would take to pay it.
- The fixed and additional expenses that you need to cover when acquiring the credit.
How will I pay?
Obtaining a credit means being responsible for the payments that you will have to make and that will last for several years. The amount you will pay each month will depend on your salary and age.
In your statement you can see the current amount of your debt, your monthly payment and the interest that will be applied each month to your balance. Verify that it reflects all the payments you make to avoid problems in the future.
A mortgage loan managed responsibly is an important step to build strong equity.
The time in which a loan is paid is long and in the course events that make it difficult to pay can be traversed, such as being unemployed, having your income diminished or a family emergency. In this case, ask what solution could be reached.