Alejandro Blé Maldonado I Marketing Manager When we make the decision to buy our house, and we don’t have enough money to pay for it in cash, we wonder where to get the money to pay for it? For that question there are various financing. One of the most important financial resources when wanting to acquire a property is mortgage credit. It is properly a loan that is made for a specified term by a financial institution with interest and there are different types: Infonavit mortgage loan, Fovissste mortgage loan, SOFOM mortgage loan and mortgage loan from banking institutions. For example, they offer for the purchase of houses, apartments, land, construction or liquidity (cash loans). Their interest percentages range from 9% to 14.5% depending on the institution and the loan. In the case of banking, it has the advantage that it can be combined with that of Infonavit or Fovissste. In general, for all credits, the main requirement is to have a good credit history, which tells them that you are a good payer and punctual in your obligations, so they will look for you at the Credit Bureau to review this information. They will also ask you to have a little money saved -between 10% and 20% of the value of what you want to buy- for the down payment, administrative expenses and deed, and of course that you are of legal age and that your salary is sufficient. The terms to pay it are usually 10 to 20 years, which will depend on where you buy it, but at Infonavit and Fovissste, they allow you to extend the term up to 25 or 30 years. And regarding the payment schemes there are mainly two: fixed payments, which you will pay the same monthly payment until the end of the loan; and increasing payments that change according to the interest rate. And to all this, how much can you lend me? It depends on where you process your credit, but it ranges from 40% to 95% of the value of the property you want to acquire. So if you want to realize your dream of having your own place and creating new experiences, either alone or with whoever you want, mortgage credit is a very good option, just keep in mind what we have explained here and that’s it … but if you have doubts or you don’t know where to start, Coldwell Banker México has the most qualified staff in the industry, who will gladly support you. www.bancomer.com www.conducef.mx *** Visit our site to learn more about our properties Also check out our blog for more articles About Coldwell Banker México: Master real estate franchise in Mexico, focused on creating leaders in the real estate brokerage sector. With independent operation offices that support and advise the interested party in the purchase, sale or rental of properties in Mexico. https://www.coldwellbanker.com.mx/ Follow us on Facebook Instagram YouTube