For all the people who want to buy a house, but for one reason or another, their income is not enough to apply for the loan for the house they want, there is the option of pooling.
The pooling is when two people join their salaries to acquire a mortgage loan and this allows them to broaden the panorama on the housing options they want, for example, a larger or better-located space.
If you are thinking of joining with your partner or a family member, you should take into account some points to know if it is convenient for you and you are ready to take this step, since it is a shared responsibility.
According to data provided by the Federal Mortgage Society, in the last 7 years, the price of homes throughout the country rose by 40%, making acquiring an individual mortgage loan a difficult task for applicants.
Faced with the price increases, the population, specifically millennials, chose to rent real estate instead of thinking about acquiring their own assets, and this affected banks and finance companies.
In this analysis, the famous ” roomies ” stand out: the people with whom you share the rent and the expenses of the services for the property that you rent that if we see it from an objective point, it would be the equivalent of pooling.
When the institutions realized this problem that rents were causing on sales, they offered more options so that more people will join the acquisition of their own homes.
If we take out accounts, renting is the equivalent of paying a mortgage, with the difference that the credit you will be paying will be for something that you do own and not for someone else’s property, so it must be seen as an investment.
For all those who share income with a friend, family member or partner, joint loans are a viable option to start visualizing their own assets.
The pooling for a loan works as follows:
The co-borrowers combine the savings in their housing subaccount and their borrowing capacity to obtain a higher loan for the purchase of a house.
The combination of credits can be given between married couples, friends, parents and children and in the case of ION Financiera, it bridges the gaps and allows you to join with colleagues and friends, as well as family members.
Are you ready for a pooled loan?
1. How would you describe your financial habits?
The first question that people who are thinking of pooling their credits to acquire an asset that better suits their needs should ask themselves: how would they describe their financial habits.
We call habits those behaviors that we implement on a daily basis in our daily life and that not in all cases are positive actions.
These habits exist in any area of our life, even in our personal finances, especially when it comes to making purchases.
A clear example of this is the unconscious waste of money that we make through ant expenses, which on more than one occasion are the ones that make saving impossible.
Therefore, it is necessary to evaluate what these habits are and the best way to transform those that are not positive and that are an unnecessary outflow of money that can limit you to save enough to acquire your assets.
Specifically in the case of joint ventures, remember that responsibility is shared, so both parties must do this same analysis.
2. What is your financial situation now?
This is another important question before making the decision to pool a mortgage loan since the first thing you should evaluate is your current financial outlook before making a decision.
As it happens when it comes to the individual acquisition in which you must ask yourself questions such as: how much solvency do I have, how long do I need to pay my credit or how much do I really need, the same you must ask yourself when thinking about pooling.
The parties must analyze their financial situation before taking responsibility for pooling a mortgage loan, as it is an important step that requires commitment.
If after the analysis they discover that they do not have the necessary financial solvency, it is better to spend some time saving and readjusting their finances before saying yes to a joint loan.
3. How do we organize our finances?
It is important that before acquiring a joint loan, the parties agree on the organization that each one will have in their finances to pay off the credit accounts that they will share.
It must be taken into account that the joint credits are not to acquire a loan that neither party can pay, but the same principle must be followed as with any other credit since it must be adapted to the payment capacity of those involved.
Understand that the joint loans should be used to reduce the initial debt with the union of the savings of the housing subaccounts and not to acquire a larger loan that in the end, neither of them will be able to pay.
The property must always be within the payment possibilities of each co-borrower and according to the individual monthly income they have, this will be the ideal way to avoid over-indebtedness.
They should consider all scenarios, for example, if one of the two loses a job, the other should be able to pay the full monthly payments.
It is also necessary to evaluate what will happen to the property in the future because this will be both. For example, if you buy it with your husband, what would happen in case of separation and ask the same question if it is with another family member or friend.
Asking yourself these questions will allow you to know whether or not it is convenient for you to pool a mortgage loan and make a responsible decision that does not affect your finances, but on the contrary, benefits them.