Buying your own home and becoming independent or stopping paying rent can be one of life’s big decisions to start building assets for yourself and even your family, but doing so is not an easy thing due to the costs of real estate which are higher which make access prohibitive make it necessary to resort to financing where the mortgages from banking institutions They are an alternative.
But the first option of the working class is to take advantage of the loans granted by the Institute of the National Fund for Workers’ Housing (Infonavit) with few formalities and through paycheck credit to pay with automatic discounts on your salary to never be late and have no complications.
Here’s how you can become a property owner, paying little by little until the balance is paid within the established periodwhose limit is established at 70 years for the sum between the age of the male borrower and the time of payment; or up to 75 years for accredited women by adding the age and term.
How to conclude before paying for your house with the Infonavit credit
But it is also possible to pay in advance to settle the debt once and for all and also access a second Infonavit credit. The agency helps you speed up the settlement of your mortgage loan. Through its official social media account, the organization shares valuable information on how to get out of the financial commitment of buying a home sooner.
The great advice he gives is to cover the entire monthly installment during the month so that the credit is paid off sooner, taking care to pay the total, even if in small installments and, if it is within your means, add a little more.
It also recommends checking whether the outstanding balance is less than or equal to 25% of the original amount; And if you have some savings, take advantage of the advantages of the Advance Balance Discount, so Infonavit can help you with a discount of up to 50% on the remaining balance and close the matter once and for all.
To take advantage of this discount you will have to check starting from the 10th of each month whether you are entitled to the discount by viewing the amount to be paid from the organisation’s official digital platform; My Infonavit account what you can visit from this CONNECTION and then go to the section My credit to check the details and see if you can finish paying in advance and with a discount equal to half of the total amount due.
How does the Infonavit loan eligibility process work for potential applicants?
Time.News Interview: Unlocking Home Ownership with Infonavit
Editor: Welcome to Time.News! Today we’re diving into a crucial topic for many individuals seeking financial independence: home ownership. Joining us is Alejandro González, a real estate finance expert. Alejandro, thank you for being here!
Alejandro: Thank you for having me! It’s a pleasure to discuss this important subject.
Editor: Let’s start with the basics. Why do you think home ownership is such a significant goal for so many people, particularly in the working-class demographic?
Alejandro: Home ownership represents financial stability and personal achievement. For many, it’s the first step in building wealth, providing both a sense of security and a tangible asset. The pride of owning a home also extends to one’s family, perpetuating a legacy of independence.
Editor: Absolutely. However, as the article highlights, accessing real estate can be quite challenging due to high costs. What options do individuals have when traditional mortgages might be prohibitive?
Alejandro: Great question. One of the most accessible options is the Infonavit loans provided by the Institute of the National Fund for Workers’ Housing. These loans are designed specifically for workers, offering streamlined processes and automatic payroll deductions to ensure timely payments, which reduces financial stress.
Editor: That sounds incredibly beneficial. Can you explain how the Infonavit system works? Are there specific eligibility criteria that applicants need to meet?
Alejandro: Certainly! Infonavit credits often require minimal paperwork. To qualify, applicants must be contributing members of the institute. The loan amount is based on their salary, and the payment period can extend up to a maximum age of 70 for men and 75 for women, merging their age with the repayment term.
Editor: So, in essence, individuals can gradually pay off their home while still maintaining their jobs. That’s a game changer! What about those looking to settle their debts more quickly?
Alejandro: If someone wishes to expedite their mortgage payments, they can do so by making advance payments to settle their loan faster. Also, once the debt is cleared, they become eligible for a second Infonavit loan, allowing them to potentially invest in another property or upgrade their homes.
Editor: That is an appealing option for many. However, what advice do you have for first-time homebuyers considering Infonavit loans? What should they keep in mind?
Alejandro: First and foremost, buyers should assess their financial situation carefully. They should consider their budget, and understand all associated costs, including maintenance and potential taxes. It’s also essential to shop around and fully comprehend the terms of the Infonavit loan, including interest rates and repayment schedules.
Editor: Wise advice, Alejandro. Before we wrap up, what do you think are the long-term benefits of utilizing loan options like Infonavit for aspiring homeowners?
Alejandro: Utilizing programs like Infonavit can facilitate a smoother transition to home ownership. It empowers individuals to become homeowners without the immediate burden of hefty down payments, thus allowing them to focus on building wealth over time. Ultimately, this framework not only benefits individuals but strengthens communities as well.
Editor: Thank you, Alejandro, for shedding light on this critical topic. Home ownership is a significant milestone in many lives, and understanding resources like Infonavit can help many achieve that goal.
Alejandro: Thank you for having me! I hope this information helps aspiring homeowners take that important first step towards financial independence.
Editor: And thank you to our audience for tuning in. We hope this conversation inspires you to explore your path to home ownership. Until next time, stay informed with Time.News!