Requirements to Mortgage a Home: Steps, Banks and MORE

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This article will explain what the Requirements to mortgage a house. It is important to note that in Mexico, there are many entities that help and facilitate people who want to mortgage a house.

The mortgage is a pact whose purpose is that the debtor leaves an asset as collateral. Generally a property to whom a loan is made.

One of the main characteristics of the mortgage is that the property that has been left as insurance must remain in the possession of the debtor. If you are interested in knowing more about this topic! read on to take into account the Requirements to Mortgage a house.

What are the Requirements to Mortgage a House in Mexico?

The Requirements to mortgage a house in Mexico they are the following:

  • The stipulated age to carry out this type of procedure is from 18 to 65 years.
  • If the citizen is working, their income must be verified with receipts from updated payroll. Most of the time they must present the account statements of their respective bank account, the registration in the Secretary of Finance and a socioeconomic analysis.
  • In the case where the citizen produces a variable salary, can make it easier for you to make savings plans as support.
  • You must have a good credit history. The citizen will have their performance reviewed as creditor effective. For example: they can verify all your credit cards, vehicle financing, etc.
  • Then the institutions will review the amount they have available monthly, on the basis of which they will finance the credit.

It is important to note that the institutions accept the financing taking into account 30% of the gross income to the monthly payment.

Best Banks to Mortgage a House in Mexico

The following question has crossed the minds of citizens, which will be the best banking institution that provides the best option to mortgage a house? And in that question, they consider what are the pros and cons of each of the banks, and then choose the best option to carry out the procedure.

That is why we will explain below which are the best banking institutions to apply to mortgage a house in 2020:

BBVA Bank

The BBVA contains 12.8% rate annual fixed and 15.6% CAT average without VAT. You can also manage your payments in advance, since this institution offers you flexibility to reduce the time of your credit or your monthly payment. The home must meet the following characteristics:

  1. The home must be located in a sector urban or suburban.
  2. The credit must be guaranteed according to the fact that the home must maintain its value to time.
  3. The home must be free of procedures territorial.
  4. You must have the following services such as: water, drainage, paving and electricity.
  5. It must have a dining room, 2 bedrooms, a full bathroom and a garage.
  6. The home must be free of court proceedings.

CitiBanamex

In this Bank they offer you a credit of medium or long term. With a mortgage as collateral on real estate:

  1. It is not important that the property is your property.
  2. Fixed and variable rates.
  3. This mortgage does not generate VAT for consideration of interest.
  4. Investing can be done with national currency such as US dollars.

Scotiabank

East Bank It gives you the ease of obtaining liquidity to consolidate your debts or any unforeseen event. It allows you to have up to a 70% of the value of your property.

Steps to Mortgage a Home

After the citizen has attached all the necessary documents to mortgage a house. You must take it to the entity bank of your choice.

Then you must ensure the economic capacity to assume your debt and take into account that you will have a discount of the monthly percentage of your income.

If everything is under control, the person in charge will contact you to schedule a meeting, where the contract will be signed.

Mortgage a house Banco BBVA

Based on the BBVA Bank in MexicoTo mortgage a house, the following procedures must be followed:

  1. The first step that the citizen must take is to carry out the Formal request. You can do it directly online or by attending one of the branches of your liking.
  2. According to the information provided by the financial company, they will do an analysis where they will verify the credit history and much more
  3. When the people in charge have made the calculation, they will inform you of the specifications of the loan that you are applying for, which includes the total amount and the time of the loan, the monthly payments to which they will total the interests and the insurance they add, in this case the CAT and the rate.

If the citizen accepts what is explained in step 3, the next thing will be to celebrate the contract and deliver the documents to the banking institution. While the contract is up-to-date and in force, the company will be in charge of the documents and will return them once the agreement has been finalized.

Recommendations when Mortgaging a House

What should be the recommendation that you should know before applying for a mortgage loan?

  1. It is important that from the beginning, the citizen is aware of the essential requirements to mortgage a house, which will help them with the process to avoid that the entity reject the request. It must comply with that it has to be within the limits of the established age. Not be delinquent on any official list.
  2. Prepare the necessary documentation to facilitate the requesting entity to streamline the process. In addition, be sincere and specific in the concepts issued and according to this, the entity will study if it has a profile with credit conditions.
  3. Calculate the exact amount you need, since the granting of credit and signature entails other expenses linked to the signing of the loan. For example: notary fees and registration in the property registry. It should be noted that you should not request more than one 80% of the value of the property.
  4. Pay attention to small letters. When the citizen decides to apply for a loan in any entity, he must make a conscious study of the conditions of the mortgage. If you do not carry out an analysis, you may run the risk that once signed there is no going back, especially in extra expenses such as: home insurance.
  5. Negotiate the conditions of your mortgage. The entity has its credit standards but they can always agree on other conditions that favor it in the mortgage terms.
  6. Choose a mortgage that suits you the most. There is no single mortgage, the best known is the fixed variable and mixed interest. The fixed interest rate is safer because it keeps the interest unchanged as long as the loan is valid.

What is the Mortgage for?

The mortgage guarantees the constitution and ensures the consummation of the acquired obligation. It also confirms the right to realize the value of your property.

The property remains under the power of the owner unless he does not comply with his obligation within the agreed period.

It is important to note that the financing term when mortgaging a house can be several years, so care must be taken to ensure that it must have sufficient financial stability so that it can guarantee the debt and not expose its equity.

It is also relevant that the time to pay can be from 5 years to 20 years and the total interest rate is at least 12%, although that value can vary depending on the company.

Purposes

It is important to highlight that in Mexico it performs requirements to mortgage a house it is due to three purposes:

  1. The first is to pay a credit or card debt.
  2. A financial emergency.
  3. Also the Mexican citizen can start creating his business.
  4. There are cases in which citizens do it to pay for the education of their children.

If you wish to carry out this type of procedure, the citizen must collect the requirements to mortgage a house. Do it with time and request advice!

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