Are you going to acquire a mortgage loan? Take into account the following expenses.
The first question we ask ourselves before deciding We Buy Houses is how much money will it cost me? And if my current situation is convenient to be able to commit to a mortgage loan for which I will be responsible for at least 7 years.
How much money do I need to buy a house?
This analysis will allow you to have a figure closer to what you need to be able to buy a house or apartment, take into account the following aspects to calculate an approximate amount.
Initial Capital
First, you must have saved a down payment that is the percentage of the total value of the house that is not financed by the bank or Infonavit and that you must cover with your own resources. In Mexico, banks only finance between 80% and 95% of the value of the property. The following are procedures that the financial institution will perform, it is a capital that will not be positively reflected in your credit.
Credit opening commission. Depending on each institution, there may not be or be up to 2.7% of the amount of credit requested.
Investigation. The average fee is between $ 500 and $ 800 pesos. This investigation is related to your credit history.
Notarial Expense
This is to cover the notary’s fees and the management of each of the necessary procedures that prove that the property you are going to buy is free of encumbrances, that there are no debts of water, property or other services. The notarial expense also includes the payment of the rights for legally registering your name as the owner, as well as the payment of taxes for the purchase. The average range is between 6% and 10% of the value of the property.
Commercial Appraisal
With this document, the commercial value of a property is estimated according to its physical characteristics, finishes, infrastructure, and location. The bank or Infonavit requests the appraisal because it relies on it to determine the amount of credit it will grant you. The price of this document varies according to each institution but calculates that it will be 2.5 per thousand on the price of the house.
Savings plan
This point that seems so obvious very few meet it to the letter, so you do not have this plan yet we make the following recommendations:
- Determine the total value of the house you want to buy.
- Calculate the monthly payment you would pay if you buy the house today and add 10%.
- Open a savings account and deposit the defined amount monthly.
- If after six months you realize that if you save that amount it is not enough to cover your other expenses, then you will have to redefine your plan, because now you know that the monthly payment you thought you could pay is too high.
- If you managed to accumulate six months of savings without setbacks, it means that you have the financial solvency to be able to pay your house and continue maintaining your current lifestyle.
