One of the recommendations given financial specialists is that, as far as possible, you acquire real estate in order to increase your assets. However, not all of us can have thousands or millions of pesos in a bank account.
That’s why there are mortgage loans that are medium or long term loan granted for the purchase, expansion, renovation or construction of a house, purchase of plots, offices or commercial premises.
“The mortgage gives us the opportunity to fulfill the dream of a house. It’s one of the things that gives you more financial stability and allows you to build assets for the future,” Christian Huertas, CEO and co-founder of Morgana, told El Heraldo Media Group.
Despite this, the expert recommended be very responsible with acquired debt and, if necessary, tighten your belt to complete the payment. He also gave three tips on how to avoid problems when choosing a loan.
- Looking for advice: A very good way to seek advice from mortgage brokers such as Morgana. He pointed out that some of them don’t charge people, they have just about every bank offer, and they can help people find the best mortgage or the best rate.
- Approve a mortgage People think that it is necessary to have real estate in pledge or ready, and then take out a mortgage. In fact, what allows you to have an already approved mortgage is to give you more room to negotiate with a construction company or a private seller because you already have the money ready.
- Be aggressive in payments: What many people do is that as their financial situation improves, they pay off their debt faster. The loan, which is usually for 20 years, is eventually repaid after 10 or 12 years to shorten the loan term and pay less interest.
In turn, the specialist pointed out that three things are necessary for obtaining a mortgage: documentation to identify a person as financial information; there is good credit history; and understand what this heritage commitment can achieve up to 20 years see reality.
Source: Heraldo De Mexico
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