Knowing the characteristics of a mortgage loan before hiring one is the smartest way to acquire a home without decapitalizing yourself.
To do this, it is necessary to make use of tools that allow you to have an approximate scenario of how a mortgage loan would work.
The prequalifier is a digital tool that financial institutions make available to you so that you can know the characteristics of a mortgage loan.
With the prequalifier, you can obtain information that helps you have a broader picture of the amount of financing you can obtain; as well as a breakdown of everything you should consider before hiring a mortgage loan.
In the following article we explain what a prequalifier is and what you need to prequalify your mortgage credit with ION Financiera.
What is a prequalifier?
The first thing you should know is that a prequalifier is an Internet page where you enter personal information, income and economic activity, to know a very approximate scenario of the line of credit that you can obtain to finance a house.
This instrument created by financial institutions is aimed at those who are determined to buy a house through mortgage financing and can know all its characteristics.
By making use of this tool, you have the opportunity to evaluate all your possibilities and know, for example, how much you are going to pay and how you are going to pay it.
With the ION Financiera prequalifier you get information about the amount, the down payment, the initial expenses, monthly payments, term, status in the Credit Bureau and it tells you if you are a candidate to obtain a loan.
What does it take to use a prequalifier?
To make use of a prequalifier such as ION Financiera it is necessary that you have the following information at hand:
1.-Personal information: it is important that you fill in all your personal information such as full name, age, telephone number and marital status.
This type of information allows the financial institution to get to know you a little better and understand your profile.
2.- Income and employment information: it is necessary that you record in the tool what your net monthly income is.
This is because the tool must make a calculation of your monthly income to know how much your capacity can be in relation to the credit you request.
Your employment information helps the financial institution to define your job stability and thus define if you can face a liability such as a mortgage loan.
It is necessary that you consider that in order not to undercapitalize and continue enjoying the same lifestyle, you allocate at least 30 percent free to the payment of financing.
3.- Credit information: the Credit Bureau is one of the factors that play a very important role when applying for a mortgage loan.
Your credit behavior helps the financial institution know that you are a person who responds to its credit obligations.
That is why you must have the necessary data and your consent at hand so that the entity from which you are applying for a mortgage loan can offer you the best financing scenario.
An important fact is that when you use a prequalifier such as ION Financiera, your data is completely protected.
Can anyone pre-qualify?
Anyone who is ready to buy a property can use a prequalifier to calculate their financing line.
However, you should take into account that the tool only helps you to prequalify your credit; so that the institution can finally grant a mortgage loan, some factors intervene.
For this reason, it is recommended that before applying for a mortgage loan, consider that there are expenses associated with mortgage loans, such as notary fees to register the property with the Public Property Registry.
It is also necessary to give a down payment, which in the case of ION Financiera is a minimum of 10 percent, so you can be granted financing of up to 90 percent of the value of the house.
You should also consider the property appraisal expenses, which are usually at least 8% of the property’s value; as well as the costs of opening a financing.
These expenses are not financed by the institution to which you apply for a mortgage loan, they are on your own and are a requirement, for them it is important to have prior savings