Buying a house is one of the most important decisions you will have in your life, and before If you do, you want to know absolutely everything about your new home.
You have probably already started looking for a loan and have approached a banking entity, but do you know the meaning of the terms they use?
In this article we present some basic concepts that will surely be of interest to you. Helpful to know before applying for a loan.
1. Mortgages and home loans
The mortgage loan is an operation in which the bank gives a determined amount of money to the client to buy his house; said amount should be covered with interest, within a stipulated period of time.
For its part, the bank requests a mortgage on the property, in order to have it as a guarantee in the event that the applicant does not comply with the stipulations.
2. Support from Infonavit and Fovissste
n Mexico there are many types of mortgage loans, granted by private banks, but there is also support from national organizations such as Infonavit and the Fovissste, which have different programs that allow workers to can obtain a loan for the purchase of a home of their own.
3. Interests
The term “interests” can be confusing, but you should know that it corresponds to the additional amount that you will pay according to the total amount of financing obtained through the bank to acquire your house.
The interest value can vary in the agreement with the conditions of the deal at the time of acquiring your mortgage loan.
4. Compare CAT and commissions
When buying a house, it is very important that you give yourself the time to quote and compare the different mortgage loan options on the market. In
In many cases, the CAT (Total Annual Cost) that a banking institution will offer you can change.
At the same time, the conditions offered by each entity may have differences. It will always be recommended that you review all the credit details, especially those related to CAT, commissions and clauses that may be included.
5. The terms to pay
Buying a house through a mortgage does not imply paying the bank for life.
In principle, the terms can be established at the time of making the credit deal. Keep in mind that the longer you request, the greater the amount of interest that you will have to pay.
With these concepts in mind, you are ready to start your search for a loan.
and acquire the house of your dreams.
Do you want to know which is the credit that best suits your needs?
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