I Want To Take Out A Loan To Buy A House

18 March, 2023

If you are thinking “I want to take out a loan to buy a house”, there are a number of factors that you need to consider and at MayaOcean we want to help you so that you have clarity and can make a decision with a solid criterion.

We would like you to fulfill that dream of buying a house, whether it is your first purchase or not, and we want that dream not to become a nightmare, so we will present 9 tips that will help you avoid inconveniences when you decide to apply for a loan to buy a house.

So read each tip, take note and make sure you put them into practice so that you can access a loan and that nothing prevents you from buying the house of your dreams.

How to avoid inconveniences when applying for a loan to buy a house?

If you are thinking about the possibility of taking out a loan to buy a house, there are a number of practices that you need to know to reduce the risk of not being approved for the loan.

Below, we present some tips that we always recommend, and we know that they will give you results if you decide to apply them,that way when applying for your loan or mortgage credit you can increase the chances of it being approved.

#1: Make sure you have a good credit history

To increase the chances of approving a credit application to buy a home, you need to have a good credit score.

So you must pay your credit cards on time,on the cut-off date, in the same way if you have credit in department stores do not delay payments.

That way you will have a good reputation in the credit bureau will not be affected, every banking institution, as well as INFONAVIT and FOVISSTE itself review the credit history before proceeding to the approval of a mortgage loan.

#2: In the buying and selling process do not change jobs

This is a mistake that some people make when being in the process of buying and selling, if you want to apply for a loan you must generate certainty,and a change of employment can have a negative impact on the approval decision.

Throughout the process you remain in the same job, financial institutions review your job stability and depending on what they find they will be inclined to grant or not the loan.

If the purchase is through real estate, or directly, both the owner and the agency will corroborate that you are working in order to analyze your home purchase candidacy through a loan.

#3: Don’t make financial changes before pre-approved

This is a similar point to the previous one, it is important that you show financial stability if you want to apply for a loan to buy a house, do not make a move that can imply that your finances are unstable.

Avoid extremes, such as making very suspicious bank deposits,of very high sums compared to what is always being deposited into your account. Don’t change your financial institution either.

Remember that the financial institution, once you have applied for a loan has the right to ask you for explanations about the movements of your income before the pre-approved. So avoid looking like someone who commits mortgage fraud.

If it’s money suddenly showing up in your account, itwill generate distrust, so be transparent and financially stable.

#4: Plan your expenses

If you intend to take out a loan to buy a home, it is best to plan your expenses and avoid impulse purchases that can put your ability to pay the fees at risk.

Do not spend on goals or furniture for the house you want to buy if you have not yet obtained the credit,because by the emotion you could spend and spend until you run out of enough to respond to the loan.

In addition, you could be spending money visualizing a house that is not the one you buy, and they will not adapt, wait to have the loan insured and have the amount of down payment that you must present to close the sale deal.

#5: Do not apply for new credits

It is important that you are aware that the credit score is the score that the credit bureau assigns you according to the credits granted and, as we have already explained, if you pay on time you have a good score.

It also helps you to have a good score if you apply for credits sporadically, as long as you meet the payments.

This means that you should not apply for more credits than you need and you can pay, and once you have requested a loan to acquire a house,avoid requesting another type of credit such as automotive, or hiring an additional plan that requires payments of higher monthly installments to those you are already paying.

#6: Set aside and respect the money from notary fees

If you have planned to buy your house, and you want to take out a loan for it, make sure you do not use the money for the expenses that correspond to the procedures, although it seems little, compared to the loan you want to request, failing that money could put you in trouble.

Do not waste money from the investment,keep in mind that among the expenses that will be presented is the payment for the real estate evaluation, deeds, among others.

Our recommendation is that you put into practice techniques that allow you to save money month by month, reserve between 20% to 30% of the value of the house to have it at the time you apply for the loan to buy it.

#7: Do not participate in another mortgage loan

When signing as co-owner of a mortgage, you will have a financial commitment while the credit is in force, so it is important that you do not acquire another mortgage credit commitment, and that you are not collateral or jointly responsible.

If you are opting for a loan, being a guarantor or jointly responsible can put the approval at risk,because it could be a sign of financial instability, so before agreeing to lend your signature to be the guarantee of others, first finish the process of buying and selling your house.

#8: Don’t overdo it with expenses

If you want to take out a loan to buy a house program your monthly expenses very well, financial institutions can suggest relatively high monthly payments, and you will have to plan the time you will need to pay off the loan to make the decision.

Adjust the monthly payments to your life plan and monthly budget, and control the expenses to have an objective and convenient projection for you,and that is also attractive for the financial institution.

Do not overestimate or underestimate your ability to pay, keep in mind that this decision can affect your personal life, so find a balance.

#9: Don’t oversvert

In some seasons the houses increase in value, which is why it is important that a real estate agent gives you advice.

If you think about taking out a loan to buy a house,be sure to evaluate the variables about the purchase, that way you will not overdo it with a loan that could well be smaller, and it would facilitate the payment.

Keep in mind that in MayaOcean we can advise you and help you find the perfect property for you, which is in accordance with your interests, expectations and ability to pay, that way you can fulfill the dream without sacrificing your well-being and tranquility.


Maya Ocean

Maya Ocean Real Estate

We are a company dedicated to the Sale of Real Estate and we also offer the option to Manage, Promote and Rent. Our real estate inventory and area of operations extends to the Riviera Maya mainly in the cities of Playa del Carmen and Tulum...

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