Without a doubt, something that we must acquire for the future is a heritage, because at the end of the day it is what we are going to leave to our children or relatives. However, there are times when we are not well informed and we can make common mistakes when buying a house; They lead us to unfavorable consequences.
Mortgage loans are a good option to make such a purchase, but we have to pay attention to the moment of making each move so that we can receive all the property papers. Well, the small details are those that can benefit or harm us.
Fortunately, today there are many companies that can advise you with the task of buying a home, including ION Financiera, as our staff is trained to guide you. That is why below, we will tell you four common mistakes that are made in this type of transaction and how to avoid them.
1.- Do not take into account the financial situation.
Before making the decision to venture to acquire a home, we have to take a look at our economy to analyze that you have enough income to pay for the acquisition of a mortgage loan.
It is important to analyze our level of savings to determine if we have at least 10% for the down payment and 10% for notarial expenses. Almost all institutions request at least 20% of the total value for the initial expense; Fortunately, at ION Financiera you find plans starting at a down payment of 10% as a first investment.
According to information provided by the idealistic portal, many first-time users forget that the total cost of the mortgage is not the only one that must be taken into account. As we have mentioned, the costs of the notary, taxes, contracting services, and more essential elements must be added.
2.- Not having a credit that covers more than 30% of your income.
Likewise, it is important to calculate if a third of our income is enough to cover the monthly payment of the desired house, because in addition to not being undercapitalized, it must be considered that it is a relevant and long-term economic commitment.
Sometimes, we are so excited to have a house that we do not analyze the money that we have to invest periodically with the institution that gives us the credit. This point should not be put aside, since we will have to organize ourselves in the daily expenses so as not to miss neither the monthly payment of the credit nor the investments that we must make on a regular basis.
That is why when you reach a financial agreement with the company, you must take into account that your collection covers a maximum of 30% of your income, because as we mentioned, it can bring you problems in the future such as not being able to pay your children’s tuition. , the maintenance of your car or even essential grocery purchases.
One of the options that offer facilities regarding this, is ION Financiera, which can create a plan that fits your way of generating income, because, unlike other financial options, at ION, proof of income is welcome through logs, agendas, invoices or payroll receipts.
3.- Lean towards an option because it is the “cheapest”
Many times, people ignore the issue of capital gains and the importance of space in a property and lean towards the one that, for them, is the best option because it is cheaper.
However, as the saying goes: “cheap is expensive” and a cheap house, in general, will not meet your needs 100%, since these are usually the ones that have smaller spaces, little accessibility or are lacking security.
Pre-owned houses are usually years old and that involves more maintenance, which is expensive due to the repair of pipes, painting, waterproofing, and so on.
Another point to take into account is the security of the house since when acquiring a semi-new house we do not know the reasons why they are offering it in the market.
In addition, many users do not think that in the long term, their income can be benefited if we take into account the capital gain of the property since the cost of a property increases over the years. So if at some point we decide to sell it, we can earn much more than we invest.
4.- Not having credit facilities
One of the ideal benefits that you should consider when applying for a mortgage loan is that the financial institution can provide you with a term that suits your possibilities so that you can make your payments comfortably; This so that you do not have to pay much more than what was initially agreed.
One of the advantages that you can have with ION Financiera when applying for a mortgage loan is that it provides you with all the necessary information regarding the payment terms since they are up to 20 years.
The income verification process for independent workers who do not contribute to INFONAVIT or FOVISSSTE consists of multiple forms: invoices, tax returns, account statements, logs, etc.
In addition, during the credit application process with ION you will have access to a personal socioeconomic study that will give certainty to your way of verifying income, even if it is not in the traditional way, that is, through invoices or payroll receipts.
Launch yourself on the adventure of getting your home.
Now that you know some of the common mistakes when buying a home, you will surely find a way to reach an agreement with the different companies that provide your loan services. You just have to look at everything they are offering, to give you an idea of what will and will not serve you at the time of signing the contract.
At ION Financiera we invite you to get in touch with us so that you can learn from the voice of our experts, all the benefits you can obtain when requesting a loan for your home or property.