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Mortgage Credit for Freelancers

Did you know that from a few years ago, the percentage of independent workers in the Mexican labor force was around 28% according to an analysis made by the business consultancy Deloitte based on INEGI figures.

However, after the pandemic we experienced in 2019, this figure increased.
The place they occupy in the occupational pyramid is very important and therefore it is essential to eliminate the myth that they cannot have access to credit as it happens with a salaried worker. As a freelancer, you should know that you have the same opportunities to build a real estate heritage through financing with a bank. Freelancers are subject to credit to the extent that they can prove income; have a good credit bureau; are registered with the Ministry of Finance and Public Credit; and its activity is up to date with said institution.
What must an independent worker do to obtain a loan?

The main thing will be to have all their accounts in order and that they go through their checking accounts, in such a way that the banks see that, despite being freelancers, they are people who meet the necessary profile to be credited with the cash flow they show month by month. It is also important to check your credit bureau and demonstrate the punctual payment of your credit obligations.
What does a Freelancer need to have a mortgage loan?

1. Have a good credit bureau
2. prove income
3. Be registered in the SHCP
4. Have a previous saving of 20% of the value of the property

Freelancers have to prove that they are registered with the tax office as natural persons with business activity and that their professional activity is consistent with their tax registration. Likewise, they need to prove their income flow for 4 or 6 months —depending on the activity—, so that based on that income the bank determines the amount to which they are subject to credit.
The manager's suggestion is to try to contract a 15-year loan, with a fixed interest rate and in pesos. “Let's remember that, for every 100,000 pesos of credit that you contract, your monthly payment will be around 1,200 pesos. But since banks normally grant financing above 300,000 pesos, that monthly payment will increase to about 3,600 pesos per month. And, furthermore, since 300,000 pesos is not a representative amount to buy a house or apartment in Puerto Vallarta, for example, it is very likely that the amount of credit you need is 1,000,000 pesos. In this way, the monthly payment of the credit will be approximately 12,000 pesos.
It is advisable to have 1 or 2 monthly payments saved for any unforeseen event, do not see yourself in the need to generate a delay in your payments and increase interest.

Do you work independently and want to buy a house or an apartment? At Grupo Gova we advise you so that you can do it with the best mortgage credit option.

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