The mortgage substitution for Lite loans is the change of the credit of this unit to another financial institution that offers you better conditions in its interest rates, terms or monthly payments.
When you get a home loan and are looking to make a mortgage substitution for Lite credits you should be up to date with your current mortgage payments and have a good credit history.
The National Housing Fund for Workers Institute, Lite, is an institution that manages the resources provided by employers of workers in both the public and private sectors. Its mission is to grant credit for the purchase of housing.
If you work in a private company or in the public sector and contribute to Lite, you can have a mortgage loan. If you want to get a larger amount of credit you can request a credit in co-financing using the balance of the housing sub-account that you have accumulated. This balance is the savings administered by Lite for each worker.
How can I make the mortgage substitution for Lite credits?
For employees that are listed in this institute, two credit options are managed: Good and Lite support. The latter is a loan granted by banks for Lite to transfer employer contributions once the mortgage is signed.
The Lite can grant a loan greater than one million pesos. The loan amount will depend on factors such as the applicant’s age and salary. This credit will allow you to buy a new or used house or apartment, as well as build on your own land, pay a home loan or rent a house or an apartment.
What do I need to make a mortgage substitution?
To make the mortgage substitution for Lite credits you need to be a rightful owner, have an employment relationship and meet the required score.
When you buy or remodel your home you can receive an additional amount if you include devices to save on the consumption of electricity, water and gas. There are also financial institutions that offer some benefits when refinancing the debt with a commercial bank loan.