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Mortgage equity benefits and risks

You want to know about mortgage equity how does it work? Do you need a loan and you don’t know what plans it can offer you? All this and much more you are about to know below so that you can contact and solve your problem.

What is mortgage equity

Mortgage equity offers you a loan that you can hire in the medium or long term to build your home, to expand the home you already have or to acquire a new or used home.

Because it is a loan, it offers you a mortgage loan, so when you acquire a property it will be mortgaged in the name of the institution until you finish paying the loan granted.

What are the home equity plans

It can offer you different plans, for example for developers, for home builders and for individuals.

Traditional housing credit

  1. The traditional home loan is a 20-year plan with an ordinary and fixed annual interest rate of 10.50% with a total cost of annual TC that, on average, is 12.54%.
  2. It is characterized by being a mortgage loan with life insurance that includes damage to the home and its contents, civil liability, partial and total disability and permanent disability.
  3. It finances you 90% of the value of the home you want to acquire calculated on the value of the operation and the appraisal.
  4. This 90% is equal to 500 thousand dollars.
  5. When the credit is authorized, you will pay a commission for opening it of 2.5% calculated on its amount.
  6. The substitution of the debtor also implies a 2.5% calculated on the same amount.

Tips to keep in mind about mortgage equity

  1. Some credits have a variable interest rate, so you should keep in mind that interest may increase.
  2. A UDIA credit means that you will pay fees that will depend on how inflation increases.
  3. If you do not comply with your obligations, for example if you delay in payments, you will have to pay late interest and commissions.
  4. For this reason, it is convenient that you make payments without waiting for the due date.
  5. If you have problems with payments, your guarantor will be the person who will be obliged to answer for you before the financial institution.

Requirements to access credit

  1. You must demonstrate both financial and moral solvency.
  2. You must have a good credit bureau history.
  3. You must show a buyer where you can see your income.
  4. The credit file must be integrated.

Mortgage equity for developers

  1. If you are a developer you can find the solution to finance the construction of a home.
  2. The financing reaches 65% of the sale value.
  3. You favor yourself with a period of 24 months but in the case of large projects there are multiple covers.
  4. You contract a line of credit and 20% of this is considered as an advance on working capital.
  5. You can amortize as the houses are sold. Part of the sale amount is used and the rest belongs to the liquidity of the project.

Co-financing with INFONAVIT

It offers you the co-financing program with INFONAVIT so that as a worker you can make a combination of the resources of an INFONAVIT loan with a Heritage loan in order to obtain financing greater than that which INFONAVIT can provide you.

Traditional FOVISSTE mortgage equity

  1. It is a credit granted by FOVISSTE through a raffle if you are a worker from Mexico.
  2. If you are a beneficiary of the raffle, you will know the amount to which you have the right to access by verifying it in the FOVISSTE credit simulator.
  3. However, the amount is related to your base salary that you declare bimonthly through the SIRI system and according to the tables of the minimum and maximum amounts authorized by the entity’s executive committee and the ISSSTE board.
  4. You can access the credit for a used or new home and in the case of a used one it cannot be more than 30 years old.
  5. In turn, there is a maximum amount for the loan that cannot exceed 736112 Mexican pesos in addition to the balance corresponding to the housing subaccount.
  6. You must also have 9 bimesters that are listed in the ISSSTE at least.
  7. Keep in mind that Patrimonio is only an intermediary after signing an agreement with FOVISSSTE.

FOVISSSTE Alia2 plus mortgage equity

1.It is a loan that is complemented with a saving from your SAR housing subaccount and an equity loan, which can be beneficial if you saved the amount of money that is needed for the down payment, then in this case, it can be of zero pesos.

  1. You will be able to pay the credit with the employer contributions that you receive after the credit is authorized.
  2. In other words, you receive a credit that helps you reach the total you need to purchase the house according to your total income.

Raespalda2 of mortgage equity

1.As a FOVISSSTE beneficiary and with a saving in your SAR housing subaccount, you can access a credit scheme to access 100% of the amount of money you have saved and thus reduce the amount of credit you need to access.

  1. In other words, equity grants you the amount of money with a loan so that you can acquire your house from the contribution made by FOVISSSTE allowing access to your sub-account for housing.

Mortgage equity statement of account

  1. Go to http://www.patrimonio.com.mx/?q=atencion-al-cliente/informacion-sobre-mi-cuenta
  2. Enter your username and password.
  3. Click Enter.
  4. You will see a field to enter your credit number with your password (look for it in the bank references document and then click Enter.
  5. Below you can find all the information regarding your account.

Home equity phone

If you need to contact mortgage equity, you can do so by calling toll-free 01-800-063-63-63 in the Mexican Republic or 8221-9163 in Monterrey.

But if instead of calling by phone you prefer to communicate by email you can write to [email protected]