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Quick guide to obtaining Mortgage Credit in Mexico

Mortgage loans in Mexico are a popular tool for purchasing a home. Understanding their features, types, and requirements can help buyers choose the best option.

Types of Mortgage Loans

  1. Banking
    1. They offer different rates and conditions. They have specific income and credit profile requirements.
    1. Variable and fixed options. Rates are usually lower with excellent credit history.
  2. INFONAVIT and FOVISSSTE
    1. Mexican government programs for affiliated workers, with affordable rates and co-financing options.
    1. They offer loans for affiliated workers, with fixed rates and subsidies.
  3. Co-Financing
    1. Combination of INFONAVIT and banks to obtain larger amounts.

Application Process

  • Payment Capacity Evaluation: Banks and organizations evaluate credit history and income.
    • Pre-approval and Simulation: Use simulators from banks such as Bancomer, Santander, and CONDUSEF to understand the fees.
    • Documentation: Identification, proof of income, and property appraisal.

Requirements and Application Process

  1. Necessary Documentation
    1. Identification, proof of income and credit history.
  2. Pre-approval Process
    1. Conduct an initial evaluation to define payment capacity and determine available options.

Comparison of Interest Rates and Conditions

  • CAT (Total Annual Cost)
    • Compare the rates of different banks and programs to find the most economical option.
    • Evaluate the Total Annual Cost in different banks for the most economical option.
  • Deadlines and Penalties: Analyze if there are penalties for early payments.

Tips for Choosing the Best Option

  • Compare interest rates, CAT, and additional benefits that certain banks or institutions may offer.
  • Evaluate the payment term, the interest rate and the possibility of early payments.

Documents Necessary to Request a Mortgage Loan:

  1. Official Identification: INE or valid passport.
  2. Proof of Income: Payroll receipts or account statements to prove payment capacity.
  3. Credit History (Credit Bureau): Evaluated by institutions to determine the viability of the credit.
  4. Birth Certificate and CURP: Documents that prove the identity of the applicant.
  5. Proof of No Debt: Issued by the bank or mortgage institution that validates the payment history.
  6. Property Appraisal: Essential document that defines the value of the property and is a requirement in all institutions.
  7. Credit Pre-Approval Letter: Issued by the bank as a guarantee that the buyer has the funds to make the purchase.
  8. Certificate of Freedom from Encumbrances: Necessary to ensure that the property is free of financial encumbrances.

Create your Mortgage Credit Comparison

  • 1. Objective: compare the different credit options available on the market.
  • 2. Financial Entity: Name of the bank or institution.
  • 3. Interest Rate: Fixed or variable.
  • 4. CAT (Total Annual Cost): Total cost that includes interest and commissions.
  • 5. Maximum Amount and Term: Amount that can be lent and duration of the credit.
  • 6. Additional Commissions: Opening cost, administrative expenses.

For more information on how to invest in real estate, follow us on our social networks or visit our website http://coldwellbanker.com.mx

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