We know that acquiring a home of your own is a long-term investment, which can be made safely and securely through a mortgage loan. In addition, it helps to have a credit history that can be of great help for future financing.
The Cofinavit mortgage loan is granted by Infonavit, which is added to the credit obtained through any financial institution (bank), plus the balance in the Housing Subaccount. Thus, with both credits, the amount destined to the investment is increased.
For example, if the amount of your Infonavit credit is $500 thousand pesos, and the value of the house you want is $800 thousand pesos, the Cofinavit credit is an excellent alternative to complete the amount of the house and buy your new home.
In addition, the employer’s contributions can be credited to the capital. Another extremely important point is that bank rates are usually a little lower; that is, you will pay less interest during the financing period.
In case your Infonavit credit is not enough and you have an excellent credit history, with a balance in your housing subaccount of $50,000 or more, in addition to a verifiable income of more than $10,000 per month and that certain savings are destined for the down payment, a Cofinavit Credit will probably be convenient for you.
Cofinavit is a credit of co-financing, that of great part is granted by the Infonavit and of the other part that is going to complement on the part of the Bank or Sofol; for some times 300 thousand or 500 thousand pesos can make all the difference for which the one that reaches us, for it can the Cofinavit support you.
For all this you can get advice from an advisor, approach the bank or sofol of your preference so that they can support you with the simulator, this can vary since various factors are taken into account, which will depend on your verifiable income, which can be added with those of some of your co-credited family members, the term to pay that you choose, and the price of the home that is your preference.
Cofinavit could be one of the best options for you to purchase a house or apartment, taking advantage of the benefits offered by both the bank and Infonavit and here we explain how the Cofinavit program works and what you have to do to apply for it.
Cofinavit is a program that allows you to apply for two loans to buy your house, one of them would be authorized by a bank of your choice (covers most of the credit) and the other part would be approved by Infonavit (covers the smallest part of the credit), these credits are paid and managed separately.
Cofinavit also offers you the possibility of using the balance in your housing subaccount as a down payment, this benefits you by not having to apply for a larger amount of credit and thus reduce interest.
In 1972, President Luis Echeverría Álvarez founded the Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit), with the objective of fulfilling the workers’ right to housing.
To achieve this goal, the employers were asked to contribute 5% of each worker’s salary. A portion of the employee’s salary is withheld and, finally, the government contributes another portion, which constitutes the worker’s housing sub-account.
In principle, the Institute acted not only as a financier of the workers, but also as a developer of housing complexes. Loans were granted by lottery, exclusively for new housing developed by the Institute, which gave rise to corruption, blackmail and fraud.
The Institute has gone through many stages throughout its history. An obscure stage of the Institute was in the 1990s. The Institute began to favor loans for the acquisition of housing built outside the cities.
