Buying a home is one of the most important commitments you can have. Knowing that you are one step away from having your own home and, with it, an estate, gives you a feeling of satisfaction and fulfillment.
The most important thing, if you are thinking of buying real estate for you and your family, is to take things easy, not get carried away by emotion and follow these 5 tips to choose a home loan.
1. Get a reliable guide
Taking the guide into account and following the constant advice of a specialist is one of the best decisions you can make, especially if it is your first time in the home buying process.
From the moment you are looking for your new home until you make the decision to apply for your mortgage loan, we recommend that you follow the advice of a specialist, since he will have much more experience and, taking into account your needs, abilities and interests, He will know how to guide you in what is most convenient for you.
A specialist in mortgage loans will guide you and provide the information you need to make the best choice for your line of credit.
At ION Financiera we have highly qualified advisers who will be your guide throughout the process once you have decided on the home you want and will help you make the best decision.
In addition, in this emergency season, our advisors also offer virtual advice so that you are supported at all times.
2. Know yourself financially
The wise Aristotle said, “Know yourself”, and it is one of the best advice, because the more you know what your possibilities and your limitations are, you will have a better perception of yourself and you will know if you can carry out a project like this or not.
Be clear and objective with yourself, ask yourself: “Is my ability to pay good enough to buy a house?”, “Is my income suitable to be able to make my house payments and support my family?” How can I improve my ability to pay?
Do this by focusing on your finances; Know and recognize if you have enough means to be able to acquire a commitment such as making your home.
Talk it over with your partner and, if you have children, convey your convictions to them, so that they also know the goal you have set for yourself and can get more involved. In this way, everyone will have an active part in this commitment that will ultimately benefit them.
3. Save and keep saving
If you have already thought about getting your new home, you most likely already have a savings earmarked for the home you want. If you have already done it, the advice we can give you is to continue on this path.
According to a note from Dinero en Imagen, the ideal is to save and have at your disposal 10% of the total value of the property you want. That is, if the home you want costs 3 million pesos, it is convenient that you have 300 thousand pesos.
If you do not have much that you have considered buying a new home and you have not saved this 10% at least, it is never too late to do so; With discipline and perseverance, your objectives will be met, for these cases you can access financing through ION your home.
4. Choose a term suitable for your ability to pay
This point is extremely important, as it is about establishing the date on which you will be able to settle your total credit with the financial company. You must choose the term according to your ability to pay.
That is, according to your income, it is vital that you analyze the real time it will take you to cover the total amount of your credit to avoid debt. Consider that the average time that a financier gives you is 20 years to pay off your financial commitment.
Take into account that the longer it takes to pay off the credit of your new home, it will probably be more exhausting for you and your family to make the payments for it, life can bring several changes and you do not know if these will affect your finances directly.
For this reason, if it is within your possibilities to shorten the payment term of your home loan from 19 to 10 years, it will undoubtedly be a decision that will help you focus on other projects that you have in mind, you can do this by doing direct capital contributions
You can make these contributions not only with your extra income, you can also make them with your bonuses at work, income such as the Christmas bonus or even your retirement benefits.
For this reason, it is important that you consider the financial company from which you will request your credit very well, since some of them even penalize you if you make this type of capital contribution.
5. Compare your options and choose
As you get to know the mortgage loan options that are presented to you, your perspective will change and you will be able to select the one that suits your interests and needs.
Take things easy and choose without getting carried away by emotions. Also consider the time in which financial institutions resolve your doubts and the commitment they show to you.
Factors such as the treatment they give you or the efficiency with which they solve your doubts can also indicate the quality of their financial services.
We know that you will make the best decision
In this season, we know that the situation can bring some uncertainty and a little fear, especially if you are interested in acquiring your new home; With these 5 tips for choosing a home loan you can make the best decision and thus only focus on reaching this goal.
Put your trust in those institutions that have experience and that, in situations like the one that has been experienced in 2020, continue to be competent. Consider ION Financiera as an option to get the home you want.
In ION Financiera you can obtain a mortgage loan for up to 10 million pesos with non-traditional income verification. Prequalify yourself by accessing here and start your project of acquiring a house now.