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

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The home of your dreams is closer, read Requirements for Banorte Mortgage Credit: What it is, Documents and Advantages, and you will have a step forward to analyze the options to obtain your credit.

Requirements for a Mortgage Loan in Banorte

To acquire the desired house, one of the financial institutions with greater solidity is Banortewhich has a mortgage loan catalogwhere you can select the one that best suits your expectations.

The general requirements for access to any of these mortgage loans are the following:

  • Count on positive bank referenceswith a positive history in credit cards and assigned loans, without delays in payments.
  • evidence of have savings that can cover at least 30% of the property. The remaining 70% will be the amount of the loan to be assigned.
  • own a Minimum work experience of two yearswith monthly income higher than the amount to be paid, the applicant can be individually or as a couple.
  • minimum age of twenty (20) years to seventy (70) yearss
  • Person naturally or with business activity
  • Financing accepted from INFONAVIT or FOVISSSTE

INFONAVIT are the acronyms of Institute of the National Fund for Housing for Workers, whose main function is to generate optimal conditions, so that workers have the opportunity to have a credit to purchase your home through the national contribution fund.

FOVISSSTEis how it is known Institute of Security and Social Services for State Workersis an institution of the Mexican government, it is in charge of administering part of the services for health care and social security, as well as allocate loans for home purchase for workers in the sector.

Documents to request a Banorte Mortgage Loan

Like any instrument of banking institutions, there is an obligation to present the documentation that the bank requests, in the case of Banorte, the following are known:

  • Identification document of those involved in the credit application: identity card, driver’s license, passport, voter’s certificate.
  • Income payment stub where the amount of two consecutive payments is validated.
  • Residence certificate.
  • signed form of the credit request.
  • Signed and completed application form authorization to consult the credit bureau.

Types of Mortgage Loans in Banorte

For the best and most convenient choice of type of credit, We suggest carrying out an in-depth analysis of all the options available in the market.

From what we discussed in previous paragraphs, Banorte offers a list of mortgage loanswith the purpose of offering different possibilities of credit adaptation to its applicants.

Each of the credits characteristics of great importancewhich make them accessible instruments among those offered in this sector.

Among them:

  • The Elite Banorte Mortgage: the annual interest has a fixed interest rate with terms to pay between five (5) and twenty (20) years, the total amount of the financing is up to 80% of the value of the property.
  • The Affordable Mortgage Banorte: the initial payment is low and the years to pay are between fifteen (15) and twenty (20) years, the application requirements are not so demanding, making this type of credit a brilliant opportunity.
  • The Banorte Fixed Mortgage: the financing is only 9.70%, with a fixed interest rate.
  • The flexible mortgage: offers the reduction of the interest rate as a reward for punctual payments.

Additionally, for the remodeling, reconstruction and even the purchase of housing, Banorte considers other instruments with interesting competitive margins of great utility, to satisfy the needs of those interested in the Mexican market.

Advantages of Banorte for Mortgage Loans

Expert analysts in the housing area agree on the strong influence of mortgage loans, for reduce the rates of need for own housing that occur in most nations, a situation from which Mexico does not escape.

How do we see this instrument? generates great benefits and large-scale solutions and of course on a smaller scale, starting with who uses it.

Analyzing specifically the advantages of any of the Banorte Mortgage Credits, we will obtain the following:

  • The payment interest rate is fixedaccessible and adapted to the variables that influence credits.
  • remuneration to those responsible for the timely payment of the monthly payments.
  • Freedom of advance payments, there is no punishment or penalty for it.
  • accessible and comfortable payment terms between five (5) and twenty (20) years old.
  • The Commission for openingrepresents the best advantage, it is 0%.

What is a mortgage

Throughout the article we have used banking words, which according to the context and daily use, we intuit their meaning.

To better understand the concept of Mortgage Credit, we are obliged to take a look at the definitions or financial and legal terms that make up this instrument.

Among these terms is Mortgagewhich according to its origin in classical Greek, is made up of the words hypo (below) and teak (drawer, box), which for the Greeks meant that something was hiddenthat is, something remained under the drawer, since there were no signs of its existence.

The term was used as a right exercised on a thing and not on a person, in the case of the sale of a thing that has not been paid in full, being that same thing the guarantee of the payment due, it is legally known as right real.

Namely, the property or thing under mortgage remains the property of the seller but is owned by the debtor.

The current regulation comes from Ancient Rome, where the debtor handed over the ownership of an asset to the creditor as a guarantee of what he owed, a situation with a disadvantage for the debtor.

With the improvement of the laws, the figure of the mortgage requires the issuance of a public deed or contract, which is how it is known in the current regulation with all the characteristics established in the law.

The other definition corresponds to creditbeing its origin from the Latin credere, which means believe, trust.

From a financial and economic point of view, the credit is trustbelieve that there is someone’s ability to fulfill an acquired commitment.

And legally, the term corresponds to a mutual contractwhere a person lend money or something else, to use it and then return it at its fair valuer.​

Then a Mortgage credit is the loan of moneycarried out by a banking institution for the purchase of a home, also for remodeling or repairing it, with specific conditions for its return in medium and long terms.

Ultimately, the financial institution or bank supplies the moneyremaining the housing as collateral for loan payment, until the amount of borrowed money is fully repaid, transferring ownership of the property to the debtor.

Requirements for Banorte 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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