How to calculate your credit with a prequalifier

When you are ready to buy a home and you find yourself evaluating your options for taking out a mortgage, the best way to start is by using a prequalifier.

It is a digital tool with which you can calculate the financing line that a financial institution can grant you.

Likewise, it shows you other characteristics related to the mortgage loan, such as the monthly payments that you are going to pay and the term in which the financing will be settled.

In the following article, we tell you how you can calculate your mortgage credit in the ION Financiera pre qualifier, the first step to apply for your mortgage credit.

The first thing you should know is that the prequalifier works from personal and work information in a way that allows the tool to make a preliminary evaluation of your profile.

1.- To begin, you need to enter the ION Financiera prequalifier and click on the “start my prequalification” button.

2.- Next you must create an account and to do so you just have to enter your email, cell phone number and generate a password.

Finally, you must accept the privacy terms and click on the “Create my account” button.

3.- Register your personal information, these data are used so that the prequalifier can make an analysis of your profile.

Among the required information is:

-Full name

-Marital status

-Date of birth

-Time in which you want to buy the property

-Place where you reside

4.- Once you have filled in the personal data part, it is necessary that you record your work activity, the net income you receive and the time you have been in your job.

This type of data helps to estimate the line of credit that you can obtain and your ability to pay.

You must fill in the following information:

-If you are an employee, independent worker or entrepreneur

-Seniority in your job

-How much is your income

-And if you have additional income

5.-Finally, you must enter some information so that a credit analysis can be done, so you must fill out the following information:

  • Your current address
  • Postal Code
  • City and delegation
  • How do you want to be contacted

6.- Once you have completed the complete registration, the prequalifier will give you the preliminary result with the following information:

-Credit amount

-Price of the property

-Total initial cost

-Hitch

-Monthly payment

-Payment type

-Status in the Credit Bureau (it is important to emphasize that to apply for a loan with ION Financiera you must have a minimum BC Score of 500 points)

-If your profile is the one indicated for a mortgage loan

With this information, you can know how much you can get, how you are going to pay it and for how long, so that you can evaluate your ability to pay.

Remember that it is preliminary information: for the credit to be approved, it is necessary to go through a process in which a check can be made and a series of documents are delivered.

One of the advantages of this tool is that you are prequalified and at the end of your registration, a commercial advisor will contact you to clear up your doubts.

If you wish, the commercial advisor can help you start your mortgage loan application and help with the filling out.

Once you have filled out your application, you must go to a verification stage, where your ability to pay will be evaluated.

To do this, you receive a visit from a commercial executive to help you with the income verification. ION Financiera considers all the sources of income you have.

Subsequently, you must deliver the necessary documentation, so that the financier can make an evaluation of your profile and approve the credit.

If you do not have a credit history, that is, you have never applied for any type of credit such as departmental or bank cards, it does not matter! You are still a candidate.

What makes you unlikely to get a mortgage is a bad credit history; namely; that you have debts and that you have not responded to that responsibility.

Additional expenses

There are a series of initial expenses that are linked to a mortgage loan, these are called additional expenses.

These expenses are not covered by financing, it only covers up to 90 percent of financing.

Initial expenses include:

-The down payment: You must have a minimum of 10 percent of the property’s value in order to have access to a mortgage loan.

-Notary expenses: in Mexico City they are considered between 8 percent of the value of the property, on average.

– Appraisal costs: these expenses are usually $ 2,500 pesos per million and are based on the value of the property; this percentage may vary.

-Opening: mortgage loans involve a percentage of 2 percent of the requested amount.

To calculate the approximate total cost of a mortgage loan, it is necessary that you consider all these expenses, so that you evaluate your possibilities of contracting to finance.