Most of the mortgage loans in Mexico are fixed-rate, this means that the contracted interest rate of the mortgage loan is the same during the time you spend to pay it, in some cases it can go down depending on the bank but never goes up. To reduce mortgage debt, it is necessary to review which banks offer the best offers.
To find the best offers offered by banks, the following factors must be taken into account:
Fees and expenses
These include the Total Annual Cost (CAT), the higher this amount is, the greater the actual cost to be settled from the credit. Also included are the socio-economic study, the opening of the administration and management of the payment of the annuity. The aforementioned are the basic expenses that are taken into account when calculating a mortgage loan.
It is a percentage of the total amount of the property that must be covered to access a housing loan. In some cases the bank offers as credit up to 90% depending on the value of the property, the remaining will be the down payment that must be paid by the applicant.
Deadlines to reduce mortgage debt
It is the time that will take you to pay the credit and interest.
When applying for a mortgage loan, life insurance and damage insurance are also acquired, provided by the same financial entity. The cost is included in commissions and expenses.
So that Mexican citizens can choose the best option and reduce mortgage debt, the National Commission for the Protection and Defense of Financial Services Users (Condusef) makes available a mortgage credit simulator to make the best decision. With it, you will know which bank has the lowest interest rate, the cheapest monthly payments and the most comfortable initial outlay.
It also offers the option to visualize the promotional schemes offered by Goodcare Bank, Rose Bank and San Juanico Bank at a fixed rate with the balance of Infonavit housing sub-account.