In Mexico there are no obstacles for you to fulfill your dream of having your own home. Even if you work independently, for fees or without a formal contract, you also can request a credit!
There are other types of mortgage loans different from INFONAVIT and FOVISSSTE, which will surely help you buy a new home.
Looking to buy a house with the mortgage credit of a bank?
There is a wide variety of home loans offered by financial institutions with different payment conditions, such as the interest rate, terms, among others aspects. It is important that you analyze and compare each one of them so that you can choose the one that is more convenient for you.
Some of the factors that you should compare are:
- The interest rate (it can be fixed, variable or mixed).
- If the credit is in Mexican pesos.
- CAT (Total Annual Cost); This is a measure that integrates insurance and other expenses of the credit. The lower the CAT, the less expensive the credit.
- Applicable commissions and other expenses.
- If there are penalties on advance payments.
- Type of insurance offered.
- Credit term.
Generally the requirements requested by the financial institution to obtain mortgages in Mexico are:
- That you have a good credit history.
- That you receive monthly income (which is a factor that will influence the amount of the loan).
- That you have initial capital of between 10 and 20% of the value of the property so that you can cover the down payment and other expenses derived from the opening of the credit.
In which baking institution can I obtain my mortgage credit?
Next, we show you the mortgage loans in Mexico offered by the main financial entities, as well as their characteristics.
You can choose between fixed monthly payments (from 7 to 20 years) and increasing payments (from 15 to 20 years). The interest rate is assigned according to your profile, from 9.59% to 12.55%, with an average CAT of 12.4%.
Citibanamex Mortgage loan
Credit profiles with fixed rate and monthly payments: 0% opening, 10% down payment, fixed rate of 9.90%, CAT of 11.7% without VAT, in terms of 10, 15 or 20 years.
Profiles with lower monthly payments at the beginning: With an annual increase of 2% in monthly payments, 0% opening, down payment of 10%, fixed rate of 9.90%, CAT of 11.7% without VAT, within 20 years.
BBVA Bancomer Fixed Mortgage
Fixed annual rate of 11.9%, average CAT of 15.2% without VAT, down payment of 10.10%, with financing of up to 90% of the value of the house and in a term from 5 to 20 years.
HSBC Fixed Payment Mortgage Credit
With an annual rate of 9.75%, average CAT of 12.2%, terms of 5 to 20 years and financing up to 90% of the value of the home.
Banorte Strong Mortgage
Fixed annual rate from 9.85% according to your credit behavior. This credit rewards your punctuality, since the rate may go down if you pay on time and it does not penalize you if you make advance payments.
Of the previous mortgage loans, those granted by BBVA Bancomer turn out to be one of the best in the market, since they have an average CAT and low interest rate compared to the others.
These are the main bank loans, which represent a good option for those who do not have an Infonavit or FOVISSSTE loan and you want to buy a house.
If you have any questions about which credit is the best for you or best suits your needs, remember that at Casas Javer we are here to support you in this process. Contact an advisor!