2023-09-13 00:31:23
Deciding to buy a home is one of the most significant choices in life; Here we guide you on how to choose the right financing
September 12, 2023 · 3:10 PM
MEXICO.- In life, we face a series of momentous decisions, from choosing a career and university to changing jobs or even countries. However, among all these decisions, Buying a home stands out as one of the most critical.
In short, buying a home is a significant life decision, and by choosing the right financing and carefully considering all aspects, you can ensure that this important step in your life is supported by a solid financial foundation. |
This step not only involves choose the place where we will livebut also decide how to finance it, since, in most cases, a mortgage loan is required that will be paid over a long period.
In MexicoIn addition to traditional financial institutions, Infonavit offers a financing option for those with formal employment and funds in the housing subaccount.
To make this decision wisely, it is essential to compare several financing options and choose the one that best suits your needs and financial situation.
It is essential to have a clear understanding of your ability to pay before committing to a mortgage loan. BBVA bank advises calculating this capacity by subtracting your monthly expenses from your income.
For example, if you earn 20,000 pesos a month and your expenses amount to 5,000 pesos, your payment capacity would be 15,000 pesos, which is equivalent to 75% of your capacity. It is important to note that if you already have a credit card or mortgage, this may reduce your ability to pay.
If your expenses, including other financing, represent approximately 40% of your income, you could be eligible for a new loan, according to the bank.
Before signing a mortgage contract, which can commit you for a period of up to 30 years, it is essential to weigh several elements that can help you avoid future financial problems.
One of the main recommendations is to look for an institution that offers a fixed interest rate and that does not apply penalties for early payments or early settlement.
Whether you opt for Infonavit or a bank, it is necessary to have at least one year of seniority in your job. This demonstrates your ability to maintain a stable income to deal with debt, as pointed out bytrabajocasa.com.
In addition, both Infonavit and banks grant loans in pesos, which provides protection against devaluations or economic crises, providing greater financial stability to home buyers in Mexico.
In short, buying a home is a significant life decision, and by choosing the right financing and carefully considering all aspects, you can ensure that this important step in your life is supported by a solid financial foundation.
#crucial #decisions #buying #house #Mexico