How to take advantage of a mortgage loan with a prequalifier [Podcast]

 

Welcome to the ION Financiera podcast,

In this podcast we will tell you how to take advantage of a mortgage loan with a prequalifier, we break down the advantages of using a prequalifier according to your income, down payment and term in which you want to apply for your loan.

If you are thinking of buying a house there are key points that you should take into account, one of them is the mortgage credit prequalifier.

Buying a home is a project that we usually consider at some point in our adult life.

However, sometimes we stop just thinking that obtaining information about the costs of a mortgage loan will be very tedious and not very accurate; That is why ION Financiera undertook the task of developing a quick and easy online prequalifier.

Surely it has happened to you that when they make you a quote to acquire a mortgage loan doubts arise, therefore the importance of having a tool that can clear all your questions to advance in the process.

The first thing you should know is that a credit prequalifier is an instrument that allows you to know a very approximate scenario of the financing line that you can obtain.

PERSONAL INFORMATION

In the prequalifier you enter PERSONAL INFORMATION such as:

  • Name
  • Marital status
  • Date of birth
  • The term in which you plan to buy your property
  • Place where you reside

EMPLOYMENT AND INCOME

It has a section in which you attach information about your EMPLOYMENT AND INCOME such as:

  • If you are an employee, independent worker or entrepreneur
  • How long have you been at your job
  • How much is your income
  • And if you have additional income

CREDIT ANALYSIS 

It also asks you for information about the CREDIT ANALYSIS in which you must answer:

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

Advantages of the Prequalifier 

After filling in the corresponding data series in each of the categories, the prequalifier launches your credit possibilities in which we can highlight the following advantages, compared to other tools.

1. It shows you how much your credit can be according to your income  

The first thing that the prequalifier will give you is the estimated amount that the finance company can grant you regarding your monthly income.

In this way, the mortgage credit that the organization offers you adapts to your economy and you have the certainty that you can make payments in a timely manner.

With a prequalifier you choose the term in which you want to pay the credit

The prequalifier allows you to choose the term in which you want to pay off your mortgage, this option is ideal, since you have the power to calculate the exact time in which you can cover your financial commitment without affecting your economy.

It defines you how much you should pay down 

This is the initial sum of money that you must contribute to your mortgage loan and the one that will set the tone for your future monthly payments. The prequalifier not only gives you the monetary percentage but the exact amount that you will have to invest in the down payment.

It gives you a detailed breakdown of all expenses within

  • Monthly payments: that is, the costs that you will have to contribute to the financial company each month.
  • Life insurance: this is the amount that you must cover if you were to die or suffer total and permanent disability; the life insurance covers the outstanding balance that adeudes; in this case, to ION FINANCERA, and in this way, your family keeps the property free of debts.
  • Damage insurance: a sum that covers damage to the infrastructure of your house, its contents or if it was a total loss.
  • Commission: this amount generally covers the expenses for credit investigation and socio-economic study.

It details the amount of the initial expenses that include: 

  • Hitch
  • Commission for opening: the monetary sum that you must contribute when starting a mortgage credit plan.
  • Appraisal: This expense covers the evaluations that specialists make to the property of your interest to ensure that it has an optimal condition and the appropriate conditions.
  • Notarial expenses: The prequalifier also gives you the investment that is destined in your credit for procedures with the notary.

It shows you your status in the credit bureau 

Another of the great advantages of the ION Financiera mortgage credit prequalifier is that it immediately shows you what your approximate status is in the credit bureau.

This section shows you an indicator of whether your status is good, medium or bad and that allows you to know not only if you are a prospect for a loan but also gives you an idea of ​​your status in the bureau.

It tells you if you are a prospect for acquiring credit 

The prequalifier tells you instantly whether or not you are the ideal prospect for a home purchase mortgage loan, and if the answer is yes, it immediately prequalifies you so that you can consult the mortgage plan that best suits your style of life.

It offers you different options to acquire a credit 

It is important to note that this ION Financiera tool not only alerts you if you are already prequalified, but also gives you different options so that you can aspire to a mortgage loan.

Among these variants is pooling, attaching another form of income or modifying the term you selected to pay off your mortgage credit.

For this reason, using the prequalifier becomes a key factor for you to quote and plan your finances with an approximate real scenario of a mortgage loan.

We hope that this information is useful for you, we invite you to visit our website where you will find more tips that will clear up your doubts, you can also download our best guides for acquiring a mortgage loan for free and do not forget to prequalify yourself with ION Financiera.