This is what you should take into account when requesting financing of this type.
4 min read
If this past February 14, you decided to take the next step and buy an estate with the love of your life, Propieades.com explains what the couple credits are and what they should take into account when requesting such financing.
For Leonardo González, Real Estate analyst of the real estate portal Propiedades.com , you must first be informed about the types of credits that exist. This will allow them to choose the one that suits them.
There are several options. One is via bank. Another is through the Institute of the National Housing Fund for Workers ( Infonavit ). Or, if one of the two quotes for the Housing Fund of the Institute of Social Security and Services of State Workers ( Fovissste ) and the other for Infonavit, they can also join their points. In the latter case, it is a requirement to be married.
Once you analyze these alternatives, make accounts and manage your money wisely. For this, González suggests projecting his medium-term life plans and defining a buying strategy that fits his pockets.
“An advantage of buying housing through a mortgage loan is that they can access a larger, better located and more valuable property,” he added.
Should they be married?
Fernando Soto-Hay, general director of Tu Hipoteca Fácil, explains that there are banks that still place restrictions.
“For example, same-sex couples do have to be married. Also, when it comes to concubines, there are banks that ask them to prove that they have been together for a number of years or have a child in common. ”
However, with the Unamos Credits program of Infonavit, two people without legal relationship can join their credits. That is, parents with children, between siblings, friends, same-sex couples or living in free union.
It is important that those interested have a minimum of two years of continuous employment relationship in Infonavit.
In this regard, Federico Sobrino, advisor of the Institute of Property Administrators, explained that for now only two people can join their credits, but that the objective is to extend it to five.
He also clarified that if for some reason they are going to sell the house or department it is important to have the consent of all involved.
On the other hand, since the legal link between the beneficiaries is not necessary, he warned about possible problems of delinquency, abandonment and invasion of housing that may occur in the institute.
The specialist added that either bank or Infonavit credit, in case one of the two parties dies, when the loan is contracted, life insurance is also acquired, whereby the debt of the person who dies is settled.
What about the Credit Bureau?
“If the credit is going to be of the two people, the credit grantor will request the authorization of the interested parties to be able to see the Special Credit Report of both. This is because they will be co-owners and co-responsible for payment, ”said Wolfgang Erhardt, spokesman for the Credit Bureau.
He even recommended that the two have an attractive track record and maintain a healthy level of indebtedness so as not to affect creditworthiness.
The golden tips
Eric O'Farrill, managing partner of Coldwell Banker Urbana, explained that for things to go well and as planned, it is recommended that both are aware of the commitment they are going to acquire and pay in time and form.
On the other hand, Federico Sobrino added that in any credit it is advisable to give a high down payment so that the monthly payments are low. Even for Leonardo González it can be between 10 or 15 percent, hire him for 10 or 15 years, in pesos and fixed rate.