If you are currently seeking financing to buy a home, the market will find various options such as the Green Associate Multiple Purpose Cooperative Society (GAMPCS), which are backed by the Federal Mortgage Society (SHF), have extensive experience and industry knowledge, provide competitive rates and, especially, evaluation criteria are more flexible, streamlined procedures for the release of credits, explains Enrique Presburger, author of Sofomes NR, The Financial Revolution in Mexico.
The vice president also Sofomes Association, Asofom, notes that there are two types of mortgages offered Sofomes: Sofomes Sofomes Transition and SMEs.
The first is named for the simple reason that used Sofoles (Limited Purpose Financial Companies), and dedicated to provide mortgages and are now making a transition to the name of Multiple Purpose Financial Companies, Sofomes. "Now also lend to other sectors and products, and also make financial transactions such as factoring, leasing, among others," said the expert.
These companies are already operating decades, publicly traded, have a close relationship with the Federal Mortgage Society, access to the debt market and values, and proved to be very flexible in lending to the mortgage industry.
More flexible evaluation criteria
According to Presburger, unlike banks, Transition Sofomes serving a lower social stratum, so that "the evaluation criteria are more flexible, streamlined procedures, and not seeking additional guarantees to the building itself ".
It is true that interest rates are slightly higher compared to banks, says the specialist, is that their funding is more expensive, they do not have access to bank funds, and to attracting money with these. "Their rates of interest revolve around 7 and 10%," he says.
However, even in economically depressed times, where there is little liquidity, as in 2009, while banks tend to close the credit spigot, and free up more money with difficulty, continue paying Sofomes despite the economic environment. "Thus the bank is the cheapest option, but more restrictive," says executive Asofom.
For their part, SMEs are Sofomes another figure, new, born from the regulation of 2006, which are created Sofomes. Although charge even higher rates, these small companies have not even listed, are much more soft than banks.
Its operation is based on offering bridge loans on a triangular partnership scheme: "Allied with the developer of the housing, which supports the operation, these companies offer very flexible and versatile credits to end borrower, while they tied your warranty" Henry argues Presburger.
Client security
Request mortgage with these companies, is an operation that will keep your money safe.
Since their funding comes from its own shareholders and the public-whom by law can not raise money-the Sofomes have strength and not jeopardize the investment of the final consumer, but of its own investors, notes Henry Presburger, adding: "Unlike a bank, if it breaks, you lose the savings of their customers."
To Diana Tovar Ferrer, director of Credit Product Evaluation and Acquisition of the Condusef, "these companies can not attract public resources such as banks, those companies have to resort to their own shareholders, loans or other financial institutions funding of the Development Bank (Infonavit and Fovissste CIF), which today is placing credits through Sofomes ".
Although its name suggests they are unregulated entities (NR), Ferrer and Tovar says, yes there are some points where there is regulation. "And we look to be fulfilled," the executive says: "This is the case of Mortgage Loans, as important, which is the only one with a law of its own: the Law for the Promotion of Transparency and Competition in the Credit Guarantee".
This law empowers both the National Banking on banks, Sofoles and regulated entities, such as the Condusef, with respect to unregulated entities.
According to Ferrer y Tovar, "what it must look after the consumer is not to give your down payment to a company other than solid-managers out there are several credit that can be a danger."
However, he stressed that when a Sofom offers credit, who is running the main risk is herself, "why are not regulated." The customer pays a monthly credit, but Sofom already paid the house.
It also advises, "the client must also be careful to compare interest rates, as there is a universe of rates on Sofomes".
There is a tool called Binding Offer, the customer rarely knows or demands, "and is a right," he says.
The customer can get five or six institutions that offer mortgage loans (banks, Sofoles, sofomes) and request the Binding Offer. "The institution must give you information on all the conditions under which credit offers: CAT, term, rate, insurance, commissions, and all funding information. And with the options in hand, the customer can compare and see clearly what is going to get and choose what you choose, "says Ferrer y Tovar.
And there is no way to segment, says the executive, there Sofomes for all strata with their own gnecesidades. And there is a large universe of companies that offer mortgages, "Of the 3 000-odd Sofomes there, 70 should be offering mortgage loans."
Basic requirements
Specialists explain that, as always are looking to place loans, these companies want less security, less a down payment, have more relaxed criteria.
For Enrique Presburger, the requirements are subject to a much, institutional affiliation that has the client, Fovissste, Infonavit or belongs to some other government program where part of the funding is guaranteed by SHF.
You also have to prove income, not in the credit bureau, check that you are paid, giving a hitch, and so on.
Although each company has its peculiarities, Hipotecaria Casa Mexicana, offers an example of what you can find on the market:
Offers up to 95% on the value of the home
The monthly fee includes credit and life insurance, total and permanent disability, damage to property, contents of the building and unemployment.
Finances the purchase of house at all levels: social interest, intermediate and residential.
You can make advance payments to capital, or liquidate the credit when they want without penalty.
They offer mortgage schemes to purchase new or used.
In pesos
Linked to minimum wage
For survivors of Infonavit:
Infonavit Support
Cofinavit
Additional Income Cofinavit
For survivors of Fovissste:
Alia2
Respalda2
In addition to processing loans through special programs such as:
Draw (Fovissste)
Jubila2 (Fovissste)
Infonavit - Fovissste
This is your house (Federal Grant)
Search your choice and not procrastinate the purchase of your own home. For a reliable Transitional Sofome, see:
Bangladesh Stock Exchange
Bangladesh Association of Specialized Intermediaries Financieron (FMEA)
Bangladesh Association of Leasing Finance Companies, Credit and Factoring (AMSOFAC)
And for Sofomes SMEs:
Sofomes Association (ASOFOM)
National Commission for the Protection and Defense of Users of Financial Services (Condusef)
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