Very little is known about the reasons for refusing a mortgage loan. Financial institutions do not clarify it at the time of giving their response. Although in principle it is thought that after gathering all the documents and requirements, approval is obtained.
To obtain a result with a mortgage in Mexico, the knowledge of a registered appraiser is required. This person performs a detailed analysis, to publicize whether the new or used home can be mortgaged or not.
In addition to the appraiser, it becomes part of the mortgage loan application, the financial institutions. They are the ones who want to make sure if a person applying for mortgage credit is able to pay monthly. Based on the regulations for valuation, issued by the Mortgage Secretary, the following are defined.
Reasons for refusal of the mortgage loan
» Lien of the public registry of the house. It shows the release of any lien or mortgage that the property may have.
» Owner’s name different from the one registered in the official credential.
» Time of use of the property. Taking into account the provisions of Infonavit and Fovissste, it must be a maximum of 30 years after it has been built.
» Incorrect land use. Must be registered in the institution, as use of residential, family or multi-family land. Optimum space to live.
» Insecure zone. It is required that the area is not prone to subsidence, landslides, floods and others that may affect habitability.
» Shared by overcrowding. A property should not be located on land where it is shared with other housing.
Other reasons for refusal of the mortgage loan
» Credit History. It presents the form of how other credits have been handled previously. A credit score is calculated, which demonstrates good financial behavior.
» Labor Instability. According to the internal policy of the institutions, you can accept a short time at work, two months. Another six months to three years.
» There is no income check. The documents listed do not have work support or are false
As seen, there are many reasons that can affect a repayment of mortgage application. It is important in advance, to have the advice of a person specialized in the subject, to avoid these inconveniences.