Requirements for Bancomer Mortgage Credit: What it is, Documents and Advantages

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Do you already have an economic condition to apply for credits? Requirements for Bancomer Mortgage Credit: What it is, Documents and Advantages,This entity can present you with the most comfortable and accessible conditions for the acquisition of housing, land or just cover cash liquidity, read until the end.

Requirements for a Mortgage Credit in Bancomer

In order to offer different options to its customers, Bancomer requests that the following requirements be met:

  • minimum age of twenty-five (25) years
  • Planning of monthly payments, so that Before you are eighty-five (85) years old, you complete the full payment of the credit.
  • have a clean credit historywithout delays in the payments of other credits in the bank, including credit cards.
  • have one minimum age in relation to the value of the house:
    • For homes of up to $1,500,000 minimum age of 3 months
    • For homes with a value greater than $1,500,000, a minimum age of one (1) year, in case of having economic dependents
    • For homes with a value greater than $1,500,000, a minimum age of two (2) years, in case of not having economic dependents
  • Possess Life Insurance and Property Damage Insurance
  • Be Dependent natural person, independent professional or with business activity

If you already own a home and the Mortgage Credit is going to be used for other purposes and your home can serve as collateral for your creditthe following requirements must be met:

  • The location of the dwelling must be in urban or suburban area
  • own a useful life remainder equal to or greater than the credit term
  • Not having processes of territorial or judicial regulation in process
  • Must have basic services water, electricity, drainage and paving.
  • Distribution of minimum rooms: dining room, 2 bedrooms, 1 bathroom, parking space.

Additionally, Bancomer requests insurance policy during the term of the home mortgage loans, with life coverage and total and permanent disabilityas well as for unemployment, in this case for dependent workers.

Also a damage insurancewith the exception of the Mortgage Bancomer loan Fixed land, with coverage for fire, flood, roof extension, first risk, earthquake and volcanic eruption that the property may suffer, as well as Civil Liability.

Documents to request a Bancomer Mortgage Credit

Having confirmed the requirements, Bancomer compulsorily requests the next documentation:

  • Valid identity document: identity card, driver’s license, passport, voter certificate.
  • document where possible check income: proof of work, payment receipt, bank account statement, for independent workers: last income tax return, account statements for the last six months, if you are a Bancomer client for the last two months.
  • Proof of residence valid
  • Form complete and signed of Mortgage loan application
  • Form complete and signed of Direct debit payment request
  • Authorization signed for consultation in the Credit Bureau

In the credits where the support programs of Infonavit or Fovissstemust be presented:

  • Infonavit: IMSS affiliation number and payment receipts for the last three months
  • Fovissste: payment receipts from the last three months and CURP

Types of Mortgage Loans in Bancomer

Bancomer presents a extensive list of mortgage loansbelow we show them to you with a summary of the characteristics of each one:

  1. Bancomer Fixed Mortgage: this credit maintains fixed monthly payments throughout the term, freedom to make advance payments, without penalty, fixed annual rate of 11.20, 0% opening commission.
  2. Bancomer Residential Mortgage: with a higher down payment, you get a better interest rate, fixed annual rate of 10.75% for financing up to 80%, fixed annual rate of 10.50% for financing up to 70%, fixed annual rate of 10.25% with financing up to 60%, 0% commission for opening.
  3. Increasing Bancomer Mortgage: its characteristic is that it has a growing interest rate, the initial monthly payment is low and increases up to 2.2% annually from the second year to the fourteenth until reaching a fixed monthly payment for the payment of principal and ordinary interest, which which allows a greater purchasing capacity, with a payment term of up to 20 years
  4. Bancomer Residential Mortgage: with an ordinary interest rate associated with the amount of the down payment, the higher the initial payment, the lower the interest rate. 0% opening commission.
  5. Bancomer Fixed Mortgage Payment of Liabilities: This loan is intended to pay a mortgage liability with another financial institution or improve the conditions of another mortgage loan previously contracted with Bancomer.
  6. Bancomer Fixed Mortgage Improve your House: It is characterized by having an ordinary interest rate and a fixed monthly payment, intended for the remodeling, expansion or termination of Mortgage Credit.
  7. Bancomer Mortgage Your Option in Mexico: intended to buy a house, with fixed monthly payments throughout the term of the loan, fixed annual interest rate of 11.10%.
  8. Bancomer Fixed Mortgage Land: intended for the acquisition of land, with a fixed annual interest rate of 14%, with fixed monthly payments throughout the term of the loan, 0% commission for opening.
  9. Bancomer Fixed Mortgage Liquidity: intended to obtain liquidity, fixed monthly payments, with a fixed annual interest rate of 13.70%.

Advantages of Bancomer for Mortgage Loans

We suggest to perform comparisons between multiple offers that are presented in the market for mortgage loanschoose the one that best suits your conditions and does not cause you distress in the future.

The BBVA Bancomer, with its extensive list available, presents the following general benefits:

  • During the term of the loan, you can count on a interest rate and fixed monthly payments.
  • Financing up to 80% of the total amount of the property
  • Credit from $600,000
  • terms of payment of 20, 15, 10 or 5 years
  • it’s possible link your credit to support programs like INFONAVIT or Fovissste
  • Are tax deductible real interests
  • Count on flexibility to reduce the term and monthly paymentswithout penalty making advance payments

What is a mortgage

Mortgage Credit is a borrow moneycarried out by a banking institution under the guarantee of a mortgageare frequently requested for the acquisition, remodeling or repair of a home.

But also for other purposeswith specific conditions for its return in medium and long termsaccording to the applicant’s ability to pay.

Mortgage credit
The bank provides the money, leaving the home as collateral for loan payment, until the full amount of the borrowed money is returned, transferring ownership of the property to the debtor.

It is important take into account that during the loan payment period, should not fail to comply with the obligations acquiredas commissions and default interest could be generated, which would dirty your credit history.

Must be be sure to contract credits that do not exceed your payment capacityand you also have the right to request the binding offer to compare different credit options.

Requirements for Bancomer Mortgage Credit: What it is, Documents and Advantages, We hope that it has been useful and that you expand the information on this important instrument to obtain your home.

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