This article was translated from our Spanish edition. Opinions expressed by Contractor the contributors are theirs.
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On February 14, the Day of Love and Friendship is approaching. What better way to celebrate than to plan for the future with your partner or life partner and buy a home. The real estate portal Propiedades.com explained what they need to do before applying for a couple mortgage.
Analyze your financial solvency
If you want to buy a property, first analyze your financial situation. How? ‘Or’ What? Make a budget. This exercise will help you figure out where you spend the most and rethink your priorities. Also, the amount they can save.
eye! The CONDUSEF explains that it is not a question of saving what they have left in the month or fortnight, but of setting a periodic amount that they can cover.
Another tip is to check your score in the Credit Company . If someone has a bad credit history, it can affect the percentage they lend.
Study the market
Leonardo GonzÃ¡lez, real estate analyst at Propiedades.com, explains that by taking out a loan as a couple, the value of equity increases. This makes it possible to acquire a larger house or apartment, with a better location and greater commercial potential.
To choose the mortgage instrument that best suits your context and needs, study the options in the market.
Infonavit and Fovissste credit options
If you are already married, an alternative is the Matrimonial credit Fovissste . With it, if one of the two is listed on Fovissste and the other on Infonavit, they can join the loans and buy a new or used house. The main features of this program are:
- Interest rates vary from 4 to 6 percent
- The repayment term can be up to 30 years
- Those who are entitled to the Fovissste must have at least 18 months of contributions in their housing sub-account
In case of non-marriage, the option is Join the credits . It is a loan that can be used if both are eligible for Infonavit, have a current working relationship, and have the minimum score to process the funding. The main features are:
- It doesn’t matter who contributed the most money, they both own the house equally.
- If one of the two wants to improve the property, he must have the consent of the other
- If someone is unemployed, they turn to the Payment Protection Fund (FPP)
- The interest rate is 12 percent
No one is entitled to Fovissste or Infonavit? There is the solidarity credit offered by the banks. BBVA explains on his site that for this financing:
- They don’t need to be married. Indeed, it can be treated with a parent in direct line (brother, sister, father, mother, daughter or son)
- Both sign the contract, however, if the income of one is higher, it will be recognized as credited and the other as co-credited.
- Both have the same responsibilities and benefits
- At the start of the process and at the end of the loan, both will own the property equally.
The Creditaria company says that when acquiring a joint loan it is important:
- Find out about the protection offered by the bank in the event of the death of one of the two. For this reason, besides life insurance, they must have unemployment insurance
- May your finances be healthy. If either of them has bad credit, they may be denied financing
- Marital partnership or separate property
Whatever mortgage instrument they take out, if they are married, it is important that they consider the type of relationship they have. Maybe:
- Conjugal or joint partnership
- Separate goods
In the first regime, according to CONDUSEF, what they acquire after the civil marriage will belong to them both at 50%. Not to mention what each had before getting married.
In the second, all goods purchased after the day of the civil marriage will be the property of the person acquiring them. Those obtained before marriage continue to belong to the person who bought them. If they got married for separate property, the owner can dispose of them without seeking the consent of his partner.
Whatever loan you apply for, in order for things to go smoothly and as planned, you both need to be aware of the commitment you are going to make. Also pay on time.