When you take out a loan as a couple, the value of the inheritance increases.
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February 14th, the day of love and friendship, is approaching. What could be nicer than planning for the future with your partner or life partner and buying a house. Real estate portal Propiedades.com explained what to do before a couple apply for a mortgage loan.
Analyze your solvency
If you want to buy a property, first analyze your financial situation. How? Make a budget. This exercise will help you know where you are spending the most and reassess your priorities. Also the amount that you can save.
Eye! The CONDUSEF explains that the point is not to save the remainder of the month or fortnight, but to set a regular amount that they can meet.
Another tip is to check how your score is in the credit bureau. If someone has bad credit it can affect the percentage they’ll borrow.
Study the market
Leonardo González, real estate analyst at Propiedades.com, explains that taking out a loan as a couple increases the value of their equity. This allows for the acquisition of a larger house or apartment with a better location and greater commercial potential.
To choose the mortgage instrument that best fits your context and needs, study the market options.
Infonavit and Fovissste credit options
If you are already married, the Fovissste Marital Credit is an alternative. If one of the two is listed on Fovissste and the other on Infonavit, they can join the loan and buy a new or used house. The main features of this program are:
- The interest rates are between 4 and 6 percent
- The repayment period is up to 30 years
- Anyone who is entitled to the Fovissste must have contributions to their sub-account for at least 18 months
If you are not married, you can join credits. It is a loan that can be used if both are recipients of Infonavit, have a current employment relationship and have the minimum number of points required to process the financing. The main features are:
- Regardless of who contributed the most money, they both own the house equally
- If either of them wants to improve the property, they must have the other’s approval
- When someone is unemployed, they turn to the Payment Protection Fund (FPP).
- The interest rate is 12 percent
Alternatives in banking
Is no one entitled to Fovissste or Infonavit? There is the common credit that banks offer. BBVA states on its website that for this funding:
- You don’t have to be married. In fact, it can be processed with a direct relative (brother, sister, father, mother, daughter or son).
- The two sign the contract. However, if the income of one is higher, it will be recognized as credited and the other as credited
- Both have the same responsibilities and benefits
- At the beginning of the process and at the end of the loan, both will own equal shares of the property
Creditaria company says that when acquiring a joint loan, it is important to:
- Knowledge of the protection of the bank in the event that one of the two dies. For this reason, they must have unemployment insurance in addition to life insurance
- May your finances be healthy. If either of the two has bad credit, funding can be denied
- Marital partnership or separate property
Regardless of the mortgage instrument they are entering into, it is important that they verify what type of relationship they have when they are married. May be:
- Marital or joint partnership
- Separate goods
In the first regime, according to CONDUSEF, what they acquire after the day of the civil ceremony will both belong to 50 percent. Not counting what everyone had before they got married.
In the second case, all goods purchased after the civil marriage date are owned by the person who purchases them. Those received before the marriage continue to belong to whoever bought them. If they were married for a separate property, the owner can dispose of it without his partner’s consent.
Regardless of the loan you are applying for, you need to be aware of the commitment that you will be making to keep things going well and according to plan. Pay on time too.