Surely if you came to this article, it is because you are looking for a home equity loan. The first thing is to know if this is possible in Mexico, and the answer is a resounding yes. We recommend you not to worry if you have had a problem or unforeseen last minute, since this credit is the solution. But keep in mind, that you must meet some requirements to qualify for a home equity loan.
You will know that many times we have everything planned, especially if it is about our finances, but without prior notice an inconvenience arises. It is precisely at this time when you can mortgage a house to get a loan.
Technically, this type of credit consists in leaving your home as collateral, while you have just paid the loan. Throughout this process, your home becomes the property of the bank. As you can see, it is an important credit, finance specialists only recommend it if the urgency is serious.
What do you need to qualify for a home equity liquidity loan?
Next, we invite you to discover how you can qualify for a liquidity loan with mortgage guarantee. In any case, you should keep in mind that the requirements will vary according to the banking institution. But, usually they are the following:
- You must be between 25 and 65 years old. Sometimes, you can request it with an age limit greater than 65.
- Your home must be lien free.
- Your history in the Credit Bureau must be impeccable. Having no negative background in the bureau will help you apply for a loan. For example, a mortgage loan.
- You have to sign and answer the request correctly.
- Present yourself with a valid official ID, such as your voter card.
- Grant personal contact information, such as: your email; Your cell phone number and home phone number.
- Present proof of address (water, gas, property, etc.).
- Check work continuity for at least two years.
- Check that your monthly income is less than 30,000 pesos.
Being able to qualify for a liquidity loan with a mortgage guarantee will not be difficult, as long as you meet the requirements that we have just presented.