How to obtain a loan to buy an apartment? If you have already defined when is the best time to buy an apartment in Mexico City, it is because you are willing to make a long-term financial commitment. This means that you are ready to acquire a mortgage loan.
This procedure is not simple, you must be clear about what a mortgage loan is. It is a financial product that through a medium or long term loan allows you to acquire the real estate you want. The latter remains in mortgage guarantee in favor of the entity that grants you the loan, until the liquidation of the same.
As it is a complex product with a high monetary value, its processing is not simple. In order to be granted a loan, it is important not only to have a healthy economy, but also to have a good credit backing, as well as a constant income that goes according to the real estate you wish to acquire.
6 steps to apply for credit:
- Set aside your available savings for the purchase. This money must be used to pay the down payment as well as the expenses and costs associated with the purchase.
- Find a real estate consultant. Remember that an expert will be able to guide you through this difficult process.
- Choose – hand in hand with your advisor – the apartment you want to buy in Mexico City . One of the requirements to obtain credit is to already have the chosen real estate.
- Compare credit offers. Most lending institutions have credit simulators, where you will be able to see the different options offered by each one. You can also access Banxico’s comparator.
- Analyze financing options. Many times loans are not enough to acquire a real estate property. In these cases your advisor can help you combine loans or look for different alternatives. It is also important to remember that there are other costs and expenses involved.
- Carefully read each line of the contracts. You should consider that in some cases the final payments are higher or ask for incremental payments. This will depend on your previous results and analysis.
To check your credit score you can access Buró de Crédito. There you will be able to know your credit health.
Remember that acquiring credit is a commitment that requires long-term responsibility. Accompany yourself by the hand of an expert real estate expert real estate advisor who will give you the support you need to choose the best option.
