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MORTGAGES FOR EVERYBODY

To purchase a house is one of the main desires of Mexicans and while declining interest rates on mortgage loans offered by banks is an incentive to do so, is no longer the only thing you must take into account . Today, financial institutions offer additional services that can make it more attractive and livable the payment of such debt.

Currently, banks offer historically low interest rates and therefore their strategies now focus on providing added value to customers, to continue gaining ground.

In recent years, commercial banks in Mexico have reduced its rates steady, at levels up to 8.45%, more attractive prices than in the past and which are accompanied by payment schemes including life insurance, unemployment and punctuality bonuses, among other benefits to the borrower.

This new wave of supply has not been single since the position held today by Mexican banks (of solidity, strength and with a high level of capitalization) has driven the growth of credit, in addition to reducing interest rates .



»» What to look out for?

In addition to the interest rate the bank that offers to buy your house, there are additional key elements that need to check before hiring a mortgage.

In the current financial scenario, commercial banks have very aggressive proposals related to interest rates, it is important that all people pay special attention to the elements that revolve around a mortgage.

Choosing the right product goes beyond a low interest rate or fixed; should also consider other aspects, such as the ability to pay, the Total Annual Cost (CAT) and additional services offered by different financial institutions operating in Mexico, which can be a great support for people if they suffer a setback that prevents them from meeting their monthly payments.

An additional point of CAT (which represents the interest rate the bank charges, including insurance, fees, expenses for assessment and initial expenses) in a loan of one million pesos, equivalent to 50,000 pesos pproximately disburse or pay close 700 pesos more than in a 20-year loan becomes 168 000 pesos. This regardless of where the mortgage is acquired.

Two people can have the same interest rate, but different CAT, therefore the payment in each case will be different.

One must also consider the commission for opening, as this may represent between one and three percent of the amount of the mortgage.

That is, a loan of one million pesos, regardless of who it is acquired, the commission for opening accounts for between 10 000 and 30 000 pesos, the same person should pay upon disposition of the loan.

There is also the management fee, which may increase the monthly payment on a mortgage between 200 and 500 pesos, which in 20 years becomes up to 120,000 additional weights.

That's not all: There is also a prepayment fee, which may represent between 1 and 3 percent of the amount of the prepayment. So with the same example of a loan of a million pesos, if you prepay the amount of 200,000 pesos, the commission for it may be between 20,000 and 30,000 pesos.

Another important issue is to verify what kind of home you want to buy, to make a budget commensurate with ability to pay, and make sure you have savings to cover the additional costs to the loan.

When we hire a loan must have resources available to cover the down payment, an appraisal, commissions and deed. These things often can be included in the plan, but it is advisable not to do or see 'fine print' that could impact the cost and monthly payment for the life of the mortgage amount.

We must analyze the options offered by the various institutions to make a comparative enabling access to the best for you; comparing the interest rate and total annual, knowing that include interest, insurance and so on.



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