Choosing the Right Mortgage Loan: Key Factors to Consider

The process of acquiring a mortgage credit for the purchase of a home has gained an increasingly important role in the lives of citizens in Mexico. According to a recent survey carried out by the Institute of the National Housing Fund for Workers (Infonavit)the expectations of access to this type of financing have increased in the second quarter of the year.

Deciding to opt for a mortgage credit it can have a significant impact on people’s financial stability and future. Before taking this important step, experts recommend considering various recommendations that will contribute to choosing the most suitable alternative to the economic needs and capacities of each individual.

One of the first recommendations is to carry out a thorough investigation about the time that the financial entity will require to approve the mortgage loan. This factor becomes especially relevant if there is an urgency to complete the acquisition of the home.

Another crucial aspect is the Total Annual Cost (CAT), an indicator that presents the complete cost of credit, including interest rates, commissions and other charges. The suggestion is to compare the CATs offered by different financial institutions in order to make an informed decision.

While the interest rate is a factor of great importance, it is not the only one to consider. It’s critical to examine the overall cost of credit and make sure it fits manageably within your personal budget.

Las commissions for opening and advance payments They must also be investigated. It is relevant to know the existence of possible additional commissions that could affect the total cost of the credit.

Contractual aspects

Los aspects contractual offered by different financial entities must be carefully analyzed. Elements like the down payment, notary fees, insurance, credit duration and other important details should be considered when making a decision.

Additionally, it is essential to know precisely the exact monthly payment to be paid. In the case of opting for a fixed-rate loan, it is vital to ensure that the monthly payments remain constant throughout the life of the loan.

hire a mortgage credit It also implies the possibility of paying safesuch as life insurance, property insurance, and unemployment insurance. Obtaining detailed information about how these insurances influence the overall cost of credit is essential.

Initial expenses, including the down payment, credit investigation expenses, notary fees and other expenses associated with the purchase of the home, must be taken into account for accurate financial planning.

opt for a mortgage loan in pesos It can provide greater certainty, avoiding worries about exchange variations. In addition, before signing the contract, it is advisable to ask the financial institution for a Binding offer. This document will provide the exact cost of the credit in pesos and cents, with the guarantee that the terms and conditions will be maintained for 20 calendar days.