Mortgage loans pooled
CURRENTLY OBTAINING A MORTGAGE CREDIT IS A STRONG ECONOMIC DECISION. BUT IF YOU COUNT ON THE SUPPORT OF YOUR PARTNER OR FAMILY, JOINED CREDITS CAN BE A GOOD CHOICE FOR YOU.
They are forms of financing for two people to increase their credit capacity. The contracting parties obtain a higher credit than they would obtain individually by joining their savings accounts for housing. In this way, they will have the possibility of buying a bigger house or making a better investment altogether.
Generally, these credits are obtained in pairs, however, it is also possible to obtain it among close relatives such as parents and children or siblings.
With whom can a joint mortgage loan be obtained?
Institutes such as Fovissste or Infonavit will request a verifiable marriage certificate as proof of the strength of the relationship, meaning that it is only married couples who can access this type of credit in public institutions. But in the case of private institutions (banks and Sofomes), it is possible to obtain it between parents and children or unmarried couples.
Both people sign the contract, while one remains as accredited and the other as co-accredited. Although the borrower is the one who contributes the highest income and is obligated to fulfill the contract, both have the same responsibilities and benefits. In addition, by meeting the debt, the two remain owners of the property regardless of who contributed more, with the same rights over it.
Of course, it is important to consider all the long-term possibilities. A common concern in the case of the spouses is: what happens in case of divorce or death of one of the contracting parties?
During the divorce process, you must determine who will be the owner of the property and that person will become the sole debtor. You can also substitute debtors, as a father or mother, depending on the income they generate. When the financing comes from the Fovissste or the Infonavit, a payment plan is usually drawn up according to what the couple determines.
In the case of death, credit contracts usually also involve the life insurance contract that covers the debt in its entirety.
The requirements are similar to those of individual mortgages, but they will always vary according to the conditions of the financial institution. Although, as in any credit application, you need to check a stable cash flow, not have an excess of debts and have a good credit history.
This type of credit can facilitate a better and bigger investment but, when done together, it is very important that you evaluate all your options, in some of them the interest rates and commissions will vary.
What institutions offer them?
You can apply for these credits through commercial financial institutes such as banks or a Sofom, however, the latter can be somewhat risky depending on your level of regulation. Of course, Infonavit and Fovissste also grant this type of credit, and spouses with a savings fund in different bodies can join them to obtain their credit.
Previously, the amount obtained by both parties amounted to 100%, that is, only one acquired the maximum amount and the couple only completed the rest. In the latest updates, the institution provides the opportunity for both stakeholders to reach 100% of individual loans and, in addition, can add their housing sub-accounts, thus giving them a greater capacity for financing. For this it is important that both comply with the quotation requirements.
Fovissste, on its own, offers two programs that allow couples to increase their credit capacity, considering the contributions that another financial institution can offer, for example, banks. To obtain it, both must be the beneficiaries of Fovissste and have enough in their housing subaccount, either to increase the amount or to give it as an advance.
Infonavit + Fovissste
Likewise, both public institutions offer an alliance credit, ideal if you and your partner quote in each of them. Whoever is entitled to Fovissste will not have to participate in the draw, since the credit authorization is automatic. The maximum amount that is granted by the Infonavit is $ 1,712,717.16 pesos. The two credits will add only 100%.
To know the amounts and the types of joint credit offered by the different mortgage institutions, we invite you to visit the mortgage credit guide.
Source: blog vivanuncios.