- In 2023, 35% of the mortgage loans granted in Mexico were requested jointly.
- A joint mortgage increases borrowing capacity and can improve interest rates.
Buying a home is an expense that can take up to 21 years to pay off, according to figures from the Federal Mortgage Society (SHF). Even with the support of a mortgage loan, the repayment period ranges from five to 30 years, depending on your income and the agreement you’ve signed. However, there are ways to speed up the process and make the dream of owning your own home a reality. To achieve this, the option most sought after by Mexicans is obtaining a joint mortgage, one of the options offered by institutions like Infonavit and Fovissste, which allows for combining loans.
Many couples dream of building a home and creating a legacy, which is why they decide to combine their incomes to secure better financing when applying for a housing loan. But this type of loan benefits not only established marriages but also offers other advantages. Here are five reasons why getting a mortgage as a couple is a great option.
• Increased chances of obtaining the loan: Financial institutions often deny mortgage loans when the applicant has insufficient income. By applying jointly with another person, solvency increases and the ability to assume such a large debt improves, plus they could obtain a lower interest rate. However, keep in mind that it’s not just the positives that count; both applicants will be investigated and must have good credit histories.
• No need to be married: The most appealing advantage of this type of loan is that it can be requested by couples who are not legally married, whether they live in cohabitation or common-law relationships. Some financial entities even grant loans to same-sex couples. Additionally, applications can also come from siblings, parents and children, or two individuals with some familial connection.
• Shared responsibilities and rights: While one person will be listed as the borrower (the primary account holder) who contributes a greater amount based on their monthly income, both will have the same legal responsibilities. Upon repayment of the loan, both will be equal owners, regardless of whether their contributions were the same.
• Life insurance coverage: Another benefit of joint mortgages is that both applicants are covered by life insurance linked to the loan, which will pay off the debt in case one of them passes away, provided that payments are up to date. It’s worth mentioning that not all financial institutions offer this insurance, so it’s recommended to research this first.
• Protection in case of separation: Although this type of loan is an excellent option, many couples hesitate to take it on due to the possibility of future separation. However, while the agreement is not altered by divorce, a legal arrangement can be reached, where a judge will determine who will continue making payments and who will be the owner upon repayment of the debt. This agreement must be signed by both parties.
In summary, we can say that applying for a mortgage as a couple is an option that can help fulfill the dream of buying a home more easily, while also reducing the amount and duration of payments. Nevertheless, both partners should remember that this is a long-term responsibility, so it’s important to discuss it objectively, setting aside emotions. If you’ve already decided to apply for it, remember to research the options offered by banks and other institutions before signing, to ensure everything goes smoothly.
Comprar casa para rentar, una inversión inteligente
Fuentes de consulta:
https://www.gob.mx/condusef/articulos/credito-hipotecario-en-pareja
https://www.bbva.mx/educacion-financiera/creditos/-que-es-un-credito-mancomunado-.html
https://www.tuhipotecafacil.com/post/hipoteca-para-dos
https://www.yotepresto.com/blog/creditos-hipotecarios-mancomunados-lo-bueno-y-lo-malo