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[Help] What are the best mortgage credit options

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Posted on 3/31/20 12:13:45 PM | Show thread starter's posts only

We will tell you what is the best mortgage loan for you according to your salary. In addition, we explain how to take out a mortgage loan.
If you want to buy a house at Blue world city Islamabad , but your savings are not enough, the best option you can find to fulfill your desire is to take out a mortgage loan.
A mortgage loan is a support in the form of financing that some institutions offer you in order to buy real estate. Generally, the financial institution takes as a guarantee the property you acquired and, to protect itself, it manages fixed or variable interest rates depending on the term in which you cover your debt.
Follow these three basic steps to find out which is the best mortgage loan for you:
·         Consider your monthly income
·         Check your situation in the credit bureau
·         Research other requirements to choose a mortgage loan
Consider your income
Despite the rise in the country's minimum wages, it is estimated that only half of the workers receive a monthly amount equivalent to three or four minimum wages, which implies that on average a Mexican earns between $ 7,000 and $ 8,000 monthly.
With this monthly income of Skymarketing , to buy a property between $ 300,000 to $ 450,000, the following banking companies will support you with the following amount:
·         Affirm: credit amount: $ 400,000.00. Property value : $ 444,444.00. Term for the procedure: 2 months.
·         Santander: credit amount: $ 327,617.00. Property value: $ 397,000.00. Term for the procedure: 2 months.
·         Banorte: credit amount: $ 327,617.00. Property value: $ 397,000.00. Term for the procedure: 2 months.
·         Scotiabank: credit amount: $ 320,000.00. Property value: $ 492,308.00. Term for the procedure: 2 months.
With a monthly income of $ 12,000 to $ 15,000 and a property value of between $ 300,000 to $ 450,000, the following banking companies will support you with the following amount:
Santander: credit amount: $ 491,426.00. Property value: $ 595,500.00. Duration of the process: 2 months.
·         Banorte: credit amount: $ 480,000.00. Property value: $ 533,333.00. Processing duration: 2 months.
·         Citibanamex: credit amount: $ 420,000.00. Property value: $ 560,000.00. Processing duration: 2 months
·         HSBC: credit amount: Credit amount: $ 390,000.00. Property value: $ 433,333.00. Processing duration: 2 months.
For institutions like Infonavit or Fovissste, this situation may vary. You must remember that, by law, these institutions use the UMA as an exchange rate. UMA stands for Measurement and Updating Unit, and is busy supporting workers in case the minimum wage goes up and all articles do too.
According to the Weight Calculator and Unit of Measure and Update on the Infonavit page, one UMA is equivalent to $ 80,600 pesos. Generally, the way in which credits such as Infonavit or Fovissste are managed, is through discounts to your monthly salary.
Knowing this, these are the conditions that you will have to take into account to choose a mortgage:
·         Infonavit : “If your salary is equal to 1 minimum salary, the monthly discount will be 20% of your salary; If you lose your employment relationship, it will be adjusted to 25% of your salary. If the salary is greater than 1 minimum wage, the discount will initially be up to 27% of your salary; in the event that you lose your employment relationship, it will be adjusted to 32% of your salary. ”
·         Fovissste: There are different types of Fovissste credits. The most common is the traditional one, in which, if you earn more than a minimum wage, you can be awarded up to $ 982,346 pesos. The dynamics of payment is similar to that of Infonavit and equally, there are options for low-income workers. If you want to know more about these credits, you can do it here .
You can compare these and more banking companies on the CONDUSEF page . Here you will find data that may also be useful to you.
Check your situation in the credit bureau
Beyond being an impediment, the credit bureau is your best ally if you have a favorable record. This is because the institutions that are in charge of making loans collect the information from their clients and evaluate them to give certainty and assurance that the borrower will cover the loan payments.
A person begins to create their history the moment they hire a financing service, for example, in department stores, automotive companies, banks, among others. From that moment on, your age, income and punctuality of payment will give or take points you need to get a mortgage.
It is important to mention that the debts in this system can be erased depending on the time and the amount requested. Do not worry! If you are not sure of your situation in the bureau, here you can check the points and the rating you have.
Research other requirements to obtain a mortgage
Choosing a mortgage is not just about calculating the monthly payments, you must take into account concepts such as the interest rate that is offered to you, the Total Annual Cost (CAT) of the property and extra services that financial institutions require you to contract (such as mortgage or life insurance).
·         Interest rate: this refers to the amount of money you will have to pay to the person who approved your credit. There are variable, fixed or mixed rates and to ensure that your monthly payments are the same, it is always recommended to choose a fixed rate with the least amount of interest.
·         CAT (Total Annual Cost): This concept is calculated taking into account concepts such as total approved credit, monthly payments, insurance premiums and commissions generated when contracting the credit. It can vary depending on different economic factors such as GDP.
·         Extra services: Depending on the financial institution you are approaching, this will provide you with a series of optional services or not, which in the long run you can use as you consider best. These depend on each financial institution.
Now that you are informed, it is time to make a very important decision. Remember that the main thing when contracting a mortgage is to keep in mind that the investment you are making will bring great benefits to your family.
If you still have doubts, you can find a guide that will help you understand the process and requirements to get a mortgage.