Knowing what your financing line can be when you are going to take out a mortgage to acquire a house is the best strategy to start or increase your equity.
For this, it is necessary to use the tools that financial institutions put at your fingertips.
The precalificador mortgage and mortgage simulator are two tools you can use to your advantage.
However, the prequalifier often has many more advantages when it comes to knowing your mortgage credit.
In this article we tell you what are the advantages of a prequalifier, so that your calculations go beyond a credit simulator and you can obtain accurate information before requesting financing.
It is a tool that helps you to know an approximate scenario of the amount of credit that you can obtain in relation to the value of the property.
The advantages of a prequalifier such as ION Financiera helps you obtain information to analyze whether it is convenient for you to take out a mortgage loan.
Here are the advantages:
1.- You are prequalified: one of the greatest advantages that a mortgage credit qualifier offers you is that, as its name indicates, by making use of it you are also prequalified.
Once you have left your data and the tool has given you a result, you are prequalified with the sum that the prequalifier gives you.
However, it is necessary that you consider that it is a preliminary result and that in order for it to be approved it is necessary to make a credit application and validate your data.
In addition, it is necessary that you take into account that in order for the finance company to grant you a credit you must have a good credit history; in the case of ION Financiera, a minimum BC Score of 500 points is accepted.
The BC Score is a way of measuring your behavior in the Credit Bureau, through a system of scores.
With this score, finance companies can measure the chances that a credit applicant can face a debt. The higher the score, the greater the probability of paying off debt.
It is also necessary that you have the property down payment since one of the requirements to have access to financing is to have a minimum of 10 percent of the property’s value.
Likewise, it is necessary that you take into account the additional expenses that are linked to a mortgage loan such as notarial, appraisal and opening costs.
2.- The amount is very approximate: another of the advantages of a prequalifier is that if you register your real data, the result can be very close to the one that is approved.
Therefore, it is necessary that you have your personal data at hand; that you record your income and employment information; as well as the data that facilitate reviewing your history in the Credit Bureau.
Remember that to have access to a mortgage loan you must have the score mentioned above.
As ION Financiera is an institution regulated by the National Banking and Securities Commission (CNBV) and the Condusef, your data is protected.
3.- You get personalized attention: once you have been pre-qualified, a commercial advisor will contact you to talk to you about the financing scheme.
In this way you can clear all your doubts regarding the results you obtained in the prequalifier and about the mortgage credit.
The credit counselor can also help you fill out the credit application so that this action is much more agile and begins the verification process.
The entire process, from the application to the delivery of the mortgage loan, can be as agile as you wish.
It is important to note that for this process to be much faster it is necessary that during the income verification stage you help gather the required documentation as soon as possible.
4.- You know the characteristics of mortgage credit: another advantage of the prequalifier is that it tells you how much you are going to pay and how you are going to pay it.
In that sense, it lets you know the amount of the monthly payments and the term, that is, it gives you a breakdown of all the costs that are linked to financing and, in addition, it gives you your status in the Credit Bureau.
With these results, you have the possibility of evaluating whether it is convenient for you to contract to finance, in addition, the tool tells you if your profile is subject to a mortgage loan.
5.- Your prequalification is quick: prequalifying yourself is one of the simplest tasks since you only need to enter the data and once you have completed the registration you get the result in a matter of seconds.
Once you’ve pre-qualified, the advisor contacts you to start your mortgage loan application.
Remember that for the prequalification to be quick you must have your personal data, income, credit information at hand and give your authorization to review your Score in the Credit Bureau.
The credit simulator, as its name says, is responsible for simulating a scenario of what would be a financing.
This tool works as follows:
1.- Simulate a credit: unlike a prequalifier, the credit simulator only gives you an assumption of the amount you should obtain from financing.
In that sense, it is difficult to know if the amount that this digital tool yields remain in any credit pre-approval status and if your process can be followed up.
Although a simulator is an easy way to have a scenario of how much you can get and how you can pay a mortgage loan, you are only left with the idea of one possibility.
2.- The figures tend to have an unlikely range: you should consider that in this tool the results have an inaccurate range of difference in relation to a real mortgage loan, this is mainly due to the fact that there are no exact figures.
Nor can you validate what your income and fixed expenses are, information that a financial one considers before approving a mortgage loan.
Unlike the prequalifier, where the figures have an acceptable range of difference, the simple way in which the simulator is programmed ends up complicating the range between the result and the actual credit.
In that sense, it is likely that the simulator will tell you, based on the data you entered, that you can have access to credit and at the time of requesting it you may not have the requirements.
On the other hand, the data requested by the prequalifier is strategic, so the results may be a little closer to real credit.
3.- There is no personalized attention: often the simulators do not generate any action on the part of the financiers, so the process remains stagnant there.
When there is a response from a business advisor, the contact time is often very long, an action that often slows down the credit application process.
With the prequalifier, the response is much faster and at the end of the accounts with the help of an advisor who assists you during the completion of your application.
As you can see, both tools are useful when it comes to learning about obtaining a mortgage loan, however, the prequalifier is a much more complete tool.
If you are ready to apply for a mortgage loan, prequalify yourself with ION so you can evaluate your options and achieve your goal: your home.