Mortgage loans are an excellent option if you want to buy a house or an apartment and do not have the resources to pay for your purchase in cash, helping you to achieve the goal of buying your home in less time. It is important that you know and study carefully what types of mortgage loans you can find in the country, so you can choose the one that suits you best, either by interest, payments or perhaps; some promotion that benefits you.
Mortgage loans are medium or long term loans granted for the purchase, expansion, repair or construction of a home. These loans have a term of several years, so you should carefully analyze the one that best suits your needs.
FOVISSSTE, whose acronym stands for Fondo para la Vivienda del Instituto de Seguridad y Servicios Sociales de los Trabajadores del Estado (state workers' security and social services institute), makes calls for applications with a credit quota, which means that you cannot apply at any time. The credit approval terms will depend on your score.
It is necessary to have at least 18 months of contributions and a minimum of 80 points based on: bimonthly contributions, balance of the housing subaccount, age and salary, number of family members, regional housing supply and demand, this credit can be used for the purchase of a new or used home.
The objective of the Instituto del Fondo Nacional de la Vivienda para los Trabajadores is to provide financing to all workers registered in the IMSS, the maximum term to pay this credit is 30 years.
One of the advantages of obtaining an INFONAVIT loan is that it not only allows you to purchase a new or used home, but also to repair or expand the home you already have, and even gives you the opportunity to purchase energy-saving appliances, which are called "Vales de eco tecnología" (eco-technology vouchers).
Now, to obtain this mortgage loan, the first thing you must do is to make a pre-qualification on their website to find out how many points you have, and to know the amount of savings in your Housing Sub-account.