To be able to purchase your home with a mortgage loan, you must take into account the following:

1. Decide between buying or renting:

Evaluate whether you prefer to buy or rent. Buying a house has advantages, such as building equity and avoiding changes in rent. However, it also entails responsibilities such as maintenance and associated expenses.

Analyze your personal situation and the real estate market to make an informed decision.

2. Calculate your budget:

Determine how much you can spend on the home. Generally, you will need to save at least 30% of the price of the house to start the process and the expenses and taxes. The monthly mortgage payment should not exceed 35% of your income.

3. Gather documents and look for financing:

Prepare your financial resume: organize your income, expenses and savings.

Contact several banks to obtain information about their mortgages.

Negotiate good conditions and submit all required documents.

4. Look for the right home.

Explore different options and neighborhoods.

Consider the location, size and features you want in your home.

5. Appraise the home:

Have an appraisal done to determine the value of the property. This is essential to apply for the

mortgage.

6. Analyze the final offer from the bank:

Once you have a mortgage offer, review the terms and conditions carefully.

Make sure you understand the terms, interest rates and other details.

7. Prepare a reserve of funds:

Set aside the necessary funds to cover expenses.

This includes notary fees, taxes and other associated charges.

8. Sign the mortgage:

Finally, the delivery of documents to the notary and the signing of the mortgage.

Remember that each situation is unique, so I recommend consulting with a Camacho Real Estate advisor for personalized guidance.