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Home Buying

How to buy a house without Infonavit: 3 practical tips

Do you want to buy a house without INFONAVIT? Match the following 3 recommended options but first check your personal finances and decide better. 

Check your personal finances to buy a house without Infonavit

  1. Plan and reduce your expenses. 
  2. Allocate time to improve your economy 
  3. Identify your borrowing capacity 

1. Plan your expenses 

If you want to buy a house without INFONAVIT, you must analyze your budget by writing down all the income and expenses, separating the fixed ones from the variable ones. 

Reduce expenses 

Watch the expenses ant! The beer or the coffee in the morning are delicious but how much do they add to you a week? Identify them and reduce cravings. 

2. Allocate time to improve your economy 

Buying a house without INFONAVIT is also reading or hearing about personal finances. Learn more about this subject, so used and necessary; but that sometimes apathy can win you because you consider that your economy is under control. 

Check your account statements. Open the envelopes hidden in your mailbox or lying on the floor and if you have them in the mail do not ignore them!

3. Identify your borrowing capacity 

Analyze your debts with their corresponding payments. If you want to acquire a mortgage loan, it should not exceed 30% of your income. 

But also: 

  • Don’t spend more than you have
  • invest more 
  • Set financial goals 
  • Reduce expenses ant 

Institutions to buy a house without INFONAVIT 

Check these 3 alternatives that offer you the opportunity to acquire a property. 

1. Federal Mortgage Society

It is an organization that belongs to the Mexican banking system; Its objective is to offer financing to professionals to buy a house without INFONAVIT who do not have INFONAVIT or FOVISSSTE through different intermediaries such as: 

Private  Financial Intermediaries Products
Commercial Bank Mortgage credits 
Sophomes MicrofinancingMortgage loans 
Credit Unions microfinance 
Popular Financial Companies microfinance
Cooperative Savings and Loan Societies microfinance

One way to buy a house without Infonavit is through mortgage loans that have terms from 5 to 25 years and request a down payment of 20% of the value of the property; in addition to verifying income and a good history.

The Sofomes are financial entities whose main objective is to grant credits of different kinds, both mortgages and financing for individuals and various companies, particularly SMEs.

If you plan to consider this option to buy a house without Infonavit, it is very important that you verify if it has an authorized registration with the National Commission for Protection and Defense. 

If you decide on a Sofom to buy a house without INFONAVIT, check the following options: 

AF Banregio, SA de CV SOFOM, ER, Banregio Financial Group. NEW LION
Leasing company Banobras, SA de CV, SOFOM, ER CDMX 
Leasing and Factor Banorte, SA de CV, SOFOM, ER, Grupo Financiero Banorte. NEW LION
Bansi Servicios Integrales, SA de CV, SOFOM, ER JALISCO
Firm Credit, SA de CV, SOFOM, ER CDMX 
Financial Alcanza, SA de CV, SOFOM, ER CDMX 
Financial Help SA de CV, SOFOM, ER CDMX
Financial Bajio, SA de CV, SOFOM, ER CDMX
Financial Yes, SA de CV, SOFOM, ER NEW LION
Fincasa Hipotecaria, SA de CV, SOFOM, ER, Ixe Grupo Financiero. CDMX 
Banamex Action Fund, SA de CV, SOFOM, ER, Member of the Banamex Financial Group. CDMX 
Globalcard, SA de CV, SOFOM, ER CDMX 
Grameen Carso, SA de CV, SOFOM, ER CDMX
Hipotecaria Nacional, SA de CV, SOFOM, ER, BBVA Bancomer Financial Group CDMX
Ixe Automotriz, SA de CV, SOFOM, ER, Ixe Grupo Financiero. CDMX
Ixe Equipment, SA de CV, SOFOM, ER, Ixe Financial Group CDMX
Ixe Cards, SA de CV, SOFOM, ER CDMX
Santander Consumer, SA de CV, SOFOM,  CDMX
Synergy Comprehensive Energy Solutions, SA de CV SOFOM ER CDMX
Inbursa Financial Society, SA de CV, SOFOM, ER CDMX
Banamex, SA de CV, SOFOM, ER cards CDMX
Live Financial Solutions, SA de CV, SOFOM, ER, Banregio Financial Group. CDMX 

To find out if a Sofom is registered; it is necessary that you consult the CONDUSEF. 

The National Housing Commission has a support program for the acquisition of housing, the beneficiaries must be low-income households with housing backwardness and in need of new housing. This is undoubtedly an opportunity for those who need to buy a house without Infonavit.

2. Banking institutions

Another very common option is to resort to bank mortgage loans with attractive rates. To buy a house without INFONAVIT, it is necessary to do the following: 

  • Good history in the credit bureau
  • Minimum verifiable income of 15 to 20 thousand pesos per month 
  • Have initial capital for the down payment approximately 20% plus expenses such as appraisal and notary fees. 

The interest rates of the banking institutions, which are an alternative to buying a house without Infonavit, are the following: 

  •  BBVA Fixed Mortgage From 7.90%
  • Scotiabank Values ​​7.40%
  • Mortgage Banamex Profiles From 7.90%
  • Santander 9.65%
  • HSBC 8.40%
  • Affirm 8.90%
  • BanRegion 8.80%
  • Inbursa “Inburcasa” 9.50%
  • Banbajio 10.49%

*Remember that rates may vary somewhat depending on the macroeconomic environment. 

3. Real Estate Financing 

It is a system that allows you to buy a house without INFONAVIT; which are the Multiple Purpose Financial Institutions that grant the credits under the regulation of the CONDUSEF.

The financing can be used for various purposes such as buying land, houses, apartments or even to remodel. 

The financing can reach up to 95% of the total value of the home and the current credit terms are up to 25 years; and without a doubt it is a great alternative for those who want to buy a house without INFONAVIT.

Conclusions:

Analyze, compare and decide the best form of financing to acquire properties according to your personal finances. Take your time and find out your pre-authorized credit in less than 5 minutes .

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