DO YOU WANT TO BUY OR REMODEL YOUR HOUSE? WE TELL YOU IF IT’S A GOOD TIME TO DO IT

  • At the moment, mortgage loans have attractive and competitive interest rates.
  • With the arrival of NOM 247, you will be protected from fraud and bad practices that could jeopardize your assets and finances.

Buying or remodeling a home is not a simple decision, as it requires a thorough evaluation, not only of the economic situation of the person planning it but also of other factors such as the variation in housing material prices or the increase in interest rates. So, if you are interested in applying for a loan to take that step, this is the ideal moment. Here’s why.

Recently, Banxico has made a historic decision in its 25 years of institutional autonomy, increasing the interest rate by 75 basis points, placing the benchmark at 7.75 percent; and it is expected to continue rising to close this year at 9 percent. Coupled with the rise in construction material costs, which in some segments could increase by up to 16% by the end of the year.

So, if you want to do it, it’s important to do it soon, before these benchmarks keep rising, as you still have many opportunities you can take advantage of. Here are some of them:

Contract fixed-rate loans. Although mortgage loans currently have attractive and competitive interest rates, it’s important to verify that the loan you contract is at a fixed rate. This is to avoid financial setbacks due to fluctuations in market benchmarks.

Define your payment capacity. A mortgage loan is not only of high value but also extends over the long term. Therefore, defining your payment capacity is essential to avoid future inconveniences. The Condusef credit simulator can be very useful for comparing your different options and checking how much your total payment would amount to, taking into account everything from your initial disbursement and monthly payment to the interest rate.

Protect yourself with NOM 247. With the changes in regulations that came through NOM 247, which will regulate the activities of Real Estate Agents, builders, financial institutions, or promoters, you will be protected from fraud and bad practices that could jeopardize your assets and finances. This will give you greater certainty when venturing to acquire a home, as the process will be carried out more securely.

In summary, remodeling or acquiring a home is always an investment opportunity for your future, as it is your assets and finances that are at stake. The important thing is that your bet goes hand by hand with the context in which you decide to do it so that prices and payments do not become a hardship, and on the contrary, they adapt to your needs and budget. And while this is the ideal moment, if you still have doubts, it is best to seek professional Real Estate advice, which can guide you step by step through the process, comparing options, and choosing the most convenient one for you.

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If you want to learn more about this topic, check out our similar articles:

https://blog.coldwellbanker.com.mx/casas-en-venta-encontrar-espacio-perfecto/

Reference sources:

https://phpapps.condusef.gob.mx/condusefhipotecario/

https://www.banxico.org.mx/publicaciones-y-prensa/anuncios-de-las-decisiones-de-politica-monetaria/anuncios-politica-monetaria-t.html

https://www.dof.gob.mx/nota_detalle.php?codigo=5646251&fecha=22/03/2022#gsc.tab=0

https://www.bbva.mx/personas/educacion-financiera/como-saber-si-es-un-buen-momento-para-comprar-una-casa.html

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