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7 Tips to Better Manage Your Mortgage Payment During COVID-19

If you are paying a mortgage loan or you want to buy a house, but you don't know how to organize your mortgage payment , here we share 7 tips to better manage your debt. Put them into practice!  

Buying a house through an Infonavit, Fovissste loan or through a banking institution is a commitment that can last up to 30 years. Due to this, it is very important to carry out good mortgage credit management so as not to harm your personal finances , especially since we are facing a health crisis caused by COVID-19 worldwide. 

In order to support the beneficiaries who are paying a debt as important as buying a home, Vivanuncios offers you a series of recommendations to have greater control of the mortgage payment during the health contingency . Know these 7 tips that we have for you and put them into practice when covering your credit monthly payments. 

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How to better manage your mortgage payment during the COVID-19 pandemic? 

  • Check the credit conditions
  • Set a personal budget
  • Make payments greater than the minimum
  • Hire a scheme in pesos 
  • Participate in Infonavit programs 
  • Deduct your mortgage credit
  • Always pay on time 

Check the credit conditions

To carry out a better management of the mortgage credit and avoid debt, it is important to review the loan conditions, as well as the basic elements of the mortgage, for example the term to finish paying, the credit amount that was granted to you, the loan rate. interest and monthly payment. This information is essential to better manage your debt in times of COVID-19. 

A tip is to write down all this information in a format that helps you organize and keep it at hand, as well as mark on a calendar the days when the monthly payment must be made and periodically deduct this amount from your total debt. In this way, you can know at all times the amount of money you owe and avoid generating extra charges for non-payment or late payment.

Set a personal budget

In the management of mortgage loans , it is essential to establish an income and expenses budget to have greater control of the loan, but above all to know how much money you can spend monthly considering the mortgage payment .   

Analyze your income and expenses very well. One way to do this is to divide them into fixed and variable amounts. A fixed income, for example, can be your payroll. Variable expenses can be expendable purchases, outings to eat, expenses on amenities or products that are not necessary, while fixed expenses usually refer to payments that are essential to have a good quality of life, such as basic household services or grocery shopping.

Once these expenses have been analyzed, assign a maximum amount of money that you can spend on them and based on this amount plan your other expenses so that they do not affect the payment of your mortgage or the debts generated by the health contingency. 

Make payments greater than the minimum

If within your economic possibilities you can make a higher initial payment, do so, since the amount of remaining payments and their interest will depend on the initial deposit. 

Also consider making advance payments and greater than the minimum required in the monthly payment during the first 5 years of the loan. This will help you pay off the mortgage before the established term and you will get better mortgage credit management by having to organize fewer payments and have less high debt. 

Hire a scheme in pesos 

In case of applying for a mortgage loan, you must contract it under a scheme in pesos, since the loans in Investment Unit or in Times Minimum Wages are more difficult to settle and the monthly payments are higher. This is because they depend on other factors such as inflation and wages that are the most affected during a health crisis such as COVID-19.  

Participate in Infonavit programs 

If you have an Infonavit mortgage loan , it is possible to participate in a benefit system if you pay in advance. This program known as "Infonavit Rewards" allows you to grant discounts on monthly payments and forgive payments. To participate, you must register on the Infonavit portal and maintain a constant payment history. 

In the event of illness, unemployment or loss of income, Infonavit offers benefits to regular beneficiaries such as unemployment insurance to help you keep your mortgage loan payment current.  

Deduct your mortgage credit

One of the advantages of buying a home through a loan is that they are tax deductible. To get a better mortgage credit management and to deduct this payment from your monthly income, you should hire an accountant to help you file your annual return. This document will have to be made up of the monthly contributions, as well as your earnings and daily expenses. 

Always pay on time 

Finally, make the payment of the mortgage loan on the corresponding dates to avoid accruing interest throughout the mortgage. For this, consider and plan all the payments you must make monthly, such as tuition, credit and departmental cards, and household expenses, in order to manage your personal debts without affecting your mortgage payments.


Put these 7 tips into practice to better manage your mortgage payment and avoid generating an over-indebtedness that damages your credit history during the COVID-19 health contingency.   

Stay informed on the Vivanuncios Blog , the best real estate portal and classifieds in Mexico. 


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