Tips for buying a home

When comparing prices on mortgages when buying a home, the first thing you have to do is to compare the costs of restructuring, seeking their funding is more favorable as possible. The mortgage either to buy a house or a car, it is always important to learn to negotiate. In such negotiations may have the best results since the end means you can save thousands of pesos.

Several institutions in our country now offer mortgage facilities (such as the banks themselves, the Limited Purpose Financial Companies Sofoles, the same mortgage, credit unions), get to know them, ask for information not be swayed by mere illusion have a house or car, this will give you the opportunity to compare: Service, the largest amount of it, meet the requirements of each institution, the fees may be charged by studies of credit, credit availability, but However, analyzing the rate of interest during the last term will be assigned to such mortgage.

It is always you directly and from the beginning to the institution may grant credit (usually talk to the sales agent or a subdivision, with some real estate broker), what these people will always try to sell the However, in many cases these agents (or fractions, or the companies that own the houses) operate with various mortgage lending institutions, and therefore, the sales agent is not required to get the best credit (a unless you become his own agent, it is very difficult to happen), make sure to diversify credit information.

Currently, mortgage lending institutions in our country are offering a variety of interest rates, such diversity worry of knowing that a mortgage or other offers, make sure there is surely what about the fixed interest rate for hiring will be receiving the mortgage (the date and time is up to 30 years), do calculations, but especially to analyze their ability to pay based on their income and their job security.

You must learn to ask about any charges that the mortgage granting institution is doing, ask for an explanation of all, if you received a brochure home sales offer or car, check the paperwork in time to start buying any well, what the brochure says it received matches the personal information you are getting is the same, at the time you can also go to the Condusef where they can also advise you on interest rates, additional costs, conditions for granting a mortgage , deadlines, amounts, among other relevant aspects, so that you receive the best service and credit on more favorable terms, and in the end do not waste the good purchased.

Is important to know if you have to make a down payment, how much is it, what time limit for doing so, if payment does not also have to require the purchase of insurance (just ask if you have the obligation to contract the purchase with an institution subsidiary of the mortgage, but still did not stop to analyze the costs of such insurance, remember, beware the fine print of contracts) find out, do not leave anything to drift.

If special circumstances you have had credit problems (arising from disease, the loss of his job), do not forget you can use the Credit Bureau, an institution that can provide the necessary information regarding when and with which provider you comply with its commitments, and once you have that information, will help clean the negative image held by not paying on time what you have contracted.

It is important (as explained in one of my articles) that people will learn to be cultured and financial education, as this will give them greater security in all things presenting a risk to your income (your savings if ) should not forget that changes in the economy of our country are frequent and come when least expected (think about the problem of inflation from the rise in prices such as occurred this week in: vegetables, gasoline, diesel which may come as a result of these increases), we are free from the constant variability in oil prices (we are a producer and exporter of it), finally, there are countless factors that can affect its economy staff.

Remember, always compare, verify and negotiate, ask the seller of the property you wish to purchase through a mortgage, which will prepare a spreadsheet containing the amount of credit, fixed interest rate at which the credit is subject , the term thereof, the amount of monthly payments (if they will be at the beginning of the month, middle or end of the month), how much capital and what amount of interest will be filled in each of the payments that will become even liquidate the loan, to explain good about the insurance to be paid (if it will pay monthly, quarterly, semiannual or annual), in order to avoid mishaps and misunderstandings; Take this sheet home calculation, review with your family, a friend who understands these details, do not let it drift, it is very important decision that will take. If you have already made the comparison of what different mortgage offer, be pampered and that they are the ones who seek it and give you the best deal.

Do not forget that despite having had problems at the time, the commitments, all can be solved and therefore, compare, verify and negotiate.

Dr. Luis Nunez Alvarez.