Tips to pay your mortgage credit faster
When you buy a house, the first thing you have to know is that you must have a "little deposit" to give as a down payment, this will make the payment of the debt that you are going to acquire lower in the long term.
Among the main benefits of paying for your house faster is that the home is already 100% yours, you stabilize your personal finances and improve your credit stability. With this you can in the medium or long term, depending on your age, buy a second property with better credit conditions and you can even access a house with a higher value, this is because banks can acquire the basis of your credit history. confidence for your financial solvency and prompt payment in credit settlement.
The important thing you should know is that the payment terms of home loans in Mexico range between 15 and 20 years, your challenge is to try to release the mortgage in a shorter term, a recommended one is 8 years, this will make life Useful of your credit acts in your favor, reducing interest rates and on the other hand increasing the value of your home for the capital gain generated in that period.
To achieve the payment of your mortgage in less than 10 years, what you should take into account is the following, first you must reduce your additional expenses to the maximum and seek to increase income. It is very important that you see as additional income all those income that do not function as a family mattress, those are savings, neither do those businesses or extra jobs that you generate apart from your salary function as additional income.
It is important that you know that additional income is all those that come to you without expecting them, for example bonuses, bonuses, to name a few. The ideal with this type of income is that you allocate 100% for the payment of your mortgage. At this point, it is highly recommended to go to the bank or the Institution with which you have your mortgage and pay it directly to capital, with this you will help reduce the duration of your debt and readjust the interests that have been agreed in the beginning, between you and the Financial Institution.
Another factor that is very important and that depends entirely on you is discipline. The first thing you should do is check with your bank or the Institution where you are going to request the loan or support, is there the possibility of advancing monthly payments or the amount you decide to pay in addition to your monthly fee. For example, you can ask the bank if there is the possibility of paying 15% more than the monthly contribution.
As a last tip, avoid falling into the temptation to request a debt deferral, this will be a decisive factor so that the time of your mortgage is prolonged and thus accumulate more years in debt payment, in this case you need time to play your game Please, so the faster you release your mortgage, the faster you can normalize your financial status.