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
- Banking
- They offer different rates and conditions. They have specific income and credit profile requirements.
- Variable and fixed options. Rates are usually lower with excellent credit history.
- INFONAVIT and FOVISSSTE
- Mexican government programs for affiliated workers, with affordable rates and co-financing options.
- They offer loans for affiliated workers, with fixed rates and subsidies.
- Co-Financing
- 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
- Necessary Documentation
- Identification, proof of income and credit history.
- Pre-approval Process
- 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:
- Official Identification: INE or valid passport.
- Proof of Income: Payroll receipts or account statements to prove payment capacity.
- Credit History (Credit Bureau): Evaluated by institutions to determine the viability of the credit.
- Birth Certificate and CURP: Documents that prove the identity of the applicant.
- Proof of No Debt: Issued by the bank or mortgage institution that validates the payment history.
- Property Appraisal: Essential document that defines the value of the property and is a requirement in all institutions.
- Credit Pre-Approval Letter: Issued by the bank as a guarantee that the buyer has the funds to make the purchase.
- 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.
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