Mortgage loan with a Good Financial
July 12, 2019
A mortgage loan with a Good Financial is an alternative to acquire housing. It constitutes another option besides the Infonavit credit or that of a bank.
What is a Good Financial?
Means Multiple Object Financial Company. Good Financial are companies that are regulated by Mexican financial laws and are classified as non-bank financial institutions.
It differs from a bank in that it does not capture resources from the public. They cannot open savings or investment accounts. They are regulated by the government and comply with the rules on money laundering and data protection of financial users.
There are currently 27 regulated Good Financial, which can be consulted on the CNBV website.
A Good Financial usually offers credits in a simpler
More flexible way and with lower requirements. It is a good a good option in front of large financial institutions.
When we think of financial institutions, we consider only banks but there are many more entities that are worth knowing. This in order to have more options and know what authorizations they have.
The lack of interest of financial institutions to serve sectors of the population considered as risky to be subject to credit is taken advantage of by Good Financiales.
It is estimated that eight out of 10 Mexicans are served by the unconventional financial system, which includes Good Financiales, according to figures from the Employers’ Confederation of the Mexican Republic (Coparmex).
These companies start with their own capital, then seek funding from private or government sources with programs or trusts. It is estimated that 79% of these entities have a capital of less than one million pesos.
What requirements does a Good Financial request to obtain a loan?
In the case of natural persons, a mortgage loan can be obtained with these requirements:
- Official ID in force.
- Tax Identification Card
- Proof of address.
- Proof of income.
- Credit bureau report.