How to Buy a House Without Money?

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How to Buy a House Without Money?
How to Buy a House Without Money? (image NeedPix)

Do you want to buy a house and money limits you? Find out how you can get the financing you need to buy a house, even if you don’t have enough capital at this time.

If you have the dream of starting to build your heritage and think that it is not possible because you do not have the necessary money, you should know that this should not stop you. Buying a house without having the money is possible, as long as you inform yourself well about all the financing options you have, do planning ahead and know how to manage your economy well.

We tell you how you can buy a house without money to help you fulfill your dream of becoming your property without this putting your economic stability at risk. (Read also How to Prepare to Buy a House)

Mortgage loans from banking institutions

You should know that there is a wide variety of mortgage loan options offered by different banking institutions, and that the requirements and benefits of each one varies, which allows you to choose the one that suits you best according to your purpose and needs. (Read also Perfect Guide How To Buy A House)

Bank mortgage loans, unlike government agencies, may offer a higher percentage of the amount to be lent, which means that the amount you would have to save for the down payment would be less. Although, a mortgage loan will help you by granting you a large percentage of the price of the property, you should know that there are no credits that give 100 percent of the loan, so you should also save to collect the amount of the remaining percentage that corresponds as hitch. However, there are options that grant you up to 90% of the price of the property, which greatly decreases the amount of money to be saved.

Although, the requirements may vary from one loan to another, you should know that, considering that you agree to repay the loan within a certain period, what most people request to be able to grant a mortgage loan is to have a good credit history, so that if you do not have it yet, you should start building it through a credit card or a department store that offers few conditions and therefore does not put your economy at risk. The important thing is that you are very punctual with your payments so that you can form a good reputation in your Credit Bureau and thus have the right to request a bank mortgage loan.

Government support

Bank loans involve a debt above your payment capacity, you still have the possibility of acquiring your own home with other financing options granted by the government. The National Housing Commission (Conavi), has the purpose of granting subsidy to lower income workers so that they can acquire their home. Being a smaller amount, the monthly amount to be paid also decreases greatly compared to the payments of a bank loan.

It is worth mentioning that, in addition to Goverment Support, the head of the Federal Mortgage Society announced that a government loan is being developed so that people who are not affiliated with social security can also have the possibility of acquiring their home. He mentioned that this credit is not going to be related to it and that it would be aimed at people who find it difficult to find credit solutions for home purchases. It is expected that this year when the proposal for this financial product is formalized, so, if none of the above financing options are convenient for you according to your possibilities, we recommend you keep abreast of the government presenting this new loan.

Save money

Although, it is true that you can obtain through different options a great financial support for the purchase of your house, in any credit you will have to disburse a significant amount of down payment, so it is best that you save with time to be able to collect the necessary figure.

For this, it is recommended that you save at least 20 percent of your income until you collect the amount of the corresponding down payment (minimum 10 percent of the value of the property), as long as this saving does not pose a risk to your economic stability. We recommend you save more than the amount you need for the down payment so you can cover all the additional expenses that the sale of a house entails. Manage and distribute your income well so that you have enough for your basic expenses and personal expenses. Consider that it is advisable to have 50 percent of your salary for basic expenses and 30% for personal expenses, leaving the remaining 20 percent for your savings.

Explore all your options

The basis to be able to buy your house without having enough capital is to investigate all the options you have. One of the greatest dreams of all Mexicans is precisely to acquire their own home, however, many of them are stopped by not having the capital or sufficient income, and this is the reason why there are more and more options for Obtain the financing that will make the purchase of your house possible

Explore all the alternatives that exist before acquiring a debt, research on the different financial institutions, all types of mortgage loans and the requirements of each to obtain it. Only knowing all your options and understanding what each one consists of can you find the one that fits your needs and possibilities.

Go to a mortgage broker

The mortgage broker is a real estate expert who is in charge of analyzing your profile, comparing all the offers of credits that exist, helping you with the selection and advising you with the management of procedures to obtain the mortgage loan that best matches your needs All this advice should be free for you since those in charge of paying for the service of the mortgage broker is the financial entity that will grant you the credit, being this one who has obtained them a new client.

Now that you know how to buy a house without money, you can start exploring your financing options, and start with your planning. Likewise, you can visit Vivanuncios, the ebay real estate portal , to know the market prices of the type of property you would like to buy, in the city and area where you would like to have it.

Also rely on this mortgage credit guide so that you can understand what they consist of and all that they entail, and thus be able to make your selection of the best credit for you.