What is home footing? – Discover this form of financing

The Mexican government offers a safe and stable plan with which people with a good credit history can acquire a house paid for in installments, this through a bank loan called foot of house. This article explains what this procedure is, how it works, and what are the requirements to obtain it. In the same way, the steps to apply to the program and the interest rates that are handled are mentioned.

How does the foot of the house work to buy a home?

Acquiring a house represents a dream for many people, since it is quite a difficult process to carry out due to the high cost of real estate and the problems to save that certain individuals have. However, sometimes it is not necessary to make such a complicated plan, but to apply a little financial intelligence and apply to one of the programs that allow you to obtain houses or apartments. with payment facilities.

He foot of house is a term used in Mexico in order to describe a mortgage financing program that allows people to buy a home without having to pay the full price of it. So it is a very interesting procedure to be able to buy a home and set comfortable payment quotas that you can meet without putting your economy in danger or the ability to buy food.

In this sense, the foot of the house is a type of mortgage credit, that is, a kind of mortgage, which is used in order to be able to pay for the purchase of a home. However, it differs from other types of mortgage loans in that it requires the buyer to pay a part of the total price of the home as a down payment or advance.

The procedure to pay off a house sale does not require many steps, so it can be completed quickly, depending on the complexity of the house price negotiations.

  1. Selection of the home is the first thing to be done and represents, perhaps, the most complex step, because the buyer must look for a home to his liking or need. There you have to take into account if you have a garden, furniture, kitchens and other works.
  2. Down payment or advance, which consists of the buyer paying a part of the total price of the home as a down payment or insurance. percentage may vary depending on the financing program mortgage and the financial institution that offers it.
  3. Mortgage credit, is a benefit that the buyer obtains to finance the rest of the price of the house. Mortgage credit can be granted by a financial institution such as a bank or a mortgage company.
  4. Monthly payments, consists of establishing the dates on which the person makes his monthly payments to the bank or financial institution in order to reduce the debt resulting from the mortgage loan. These payments include principal, interest and the corresponding insurance.
  5. Liquidation of the credit, they are obtained when the mortgage loan is paid in its entirety, so that the buyer becomes the absolute owner of the home.

What is the pie de casa program?

The pie de casa program is a mortgage financing program that is part of the government housing policies Mexican. The objective of the program is to facilitate access to housing for low-income people, in addition to promoting sustainable urban development in the country.

For these reasons, these bank plans serve as a resource that offers mortgage loans with low hooks and affordable interest rates. Thus, the beneficiaries or people can acquire a house without having to pay the total amount at a single moment.

How much does a foot of house cost?

The cost of a house foot varies depending on the mortgage financing program and the financial institution, also the state or region in which it is requested. In general, the cost of a foot of house is made up of the down payment or advance, interest and corresponding insurance. When selecting the house or apartment, you have to make sure that it does not have a lien, debt or lawsuit.

Taking these factors into account, the down payment percentage may vary. between 5% and 20% of the total price of the home, while the corresponding interest and insurance fix the interest rate and term of the mortgage loan. It is important to keep in mind that the total cost of a foot of house is greater than the price of the house, since the corresponding interest and insurance must be considered.

How can I acquire a house foot?

There are several requirements that are required in Mexico to apply for the program of mortgage financing and the financial institution that offers it. So, make sure you have all of them before choosing a work or home.

  • Be adult and have legal capacity to contract.
  • Have a stable job and have a regular income to pay the monthly installments.
  • Have a good credit history and not have unpaid debts, this in order for the bank to have confidence in lending your money.
  • Provide necessary documentation, such as official identification, proof of income, and proof of address.

What is the pie de casa program?

The pie de casa program includes the entire mortgage financing process that is part of the housing policy of the Mexican government. This great tool is for facilitate access to housing to people who do not have enough money to pay for a house in one move. Therefore, it promotes the urban development of the country, because it gives the people the possibility of having a home.

The program is administered by National Housing Commission (CONAVI) and offers different mortgage financing options so that people can acquire a home. Among them we can mention the Marital Loan, the Loan Respalda 2-M and the Fovissste New Loan in Pesos.

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