What are the best mortgage loans 2022 in Mexico?
What are the best mortgage loans 2022 in Mexico?
One of the best moments of finishing paying your mortgage loan is having the satisfaction that your property is finally completely yours. For this to happen, you must begin to analyze which is the best and cheapest mortgage loan that fits your plan and those banks that offer you the best payment conditions.
Thinking about buying a house , apartment or some other property is a decision that should be thought more than twice, since they are not cheap and having a plan will be essential to be able to pay the real estate loan that was assigned to you correctly without having than “tightening the pockets”.
Before starting to see which is the best bank for mortgage credit in Mexico that offers the most suitable alternative for you, you must take into account various factors so that your decision is the most appropriate for your lifestyle.
Here we present the best bank for housing credit:
- Down payment: In order to be a creditor of a mortgage loan, you will need to pay a down payment to the financial institution. These down payments range from 5% to 20%, depending on the entity, in some entities it is also possible to request a mortgage loan without a down payment.
- Terms: These will be the months that you will be paying the mortgage loan, they can range from 60 months (5 years) to 360 months (30 years).
- Guarantee: That which you will leave as a guarantee to the institution if you do not achieve compliance with the payments; Most of them are the same property that are left as collateral if you do not comply with what is established in the contract.
- CAT (Total Annual Cost): It will be all the costs included in the credit, these are interest rates, commissions, insurance and other expenses . The CAT is the fundamental part to be able to compare between one loan and another, when analyzing which is the best mortgage loan 2021.
- Extra expenses: These are all those expenses external to the mortgage loan, such as the property deeds, the appraisal and more legal documents.
It is necessary to contemplate the comparative mortgage credit to make the best decision.
Note. It is very important that you take into account all internal and external expenses when buying your house or apartment.
What can asking for a mortgage loan do for you?
We have the misconception that a mortgage loan can only help you buy a house, however, currently financial institutions provide greater facilities to obtain a loan and here we show you what the options are:
- Buy real estate such as a house or apartment
- Buy a piece of land and/or build on it
- Remodel and decorate your home
- Buy a pre-sale property
- Obtain greater liquidity by mortgaging a property
- Change to a bank mortgage with better conditions
What is the best mortgage loan in Mexico 2021?
If you have wondered which mortgage loan is better? You have to know that most mortgage banks offer mortgage loans in Mexico to facilitate the purchase of a house or apartment, but there are banks that offer better conditions than others. As we mentioned before, the CAT is the key to choosing which bank is better and which one offers the best mortgage loan 2021 Mexico , they will be all the expenses that you will be making month by month to comply with the established contract.
The best options of financial entities to acquire a mortgage loan in Mexico are the following: Scotiabank, HSBC, BANORTE and BBVA .
Also, if you prefer, there is a very popular entity in Mexico that offers mortgage loans to buy, build or remodel based on the contributions of your work and the salary you receive; this institution are Infonavit mortgage loans.
Now you may be wondering , what is the best 2021 mortgage loan from these banks and why?
Bank mortgages offer us various possibilities of hierarchy, let’s see them and discover which bank is better for a mortgage loan .
We are going to classify them according to the Mortgage Credit Interest Rate, the CAT calculated without VAT and by monthly payment.
By interest rate:
|BANCO||Annual interest rate)||TYPE OF MORTGAGE|
|HIR HOUSE||7.6% a 9.9%,||HIR FUNDING|
|BBVA||7.90%||BBVA FIXED MORTGAGE|
|BANKING MIFEL||9.30% A 10.69%||MIFEL MORTGAGE|
|BANAMEX||9.65% a 10.50%||MORTGAGE PROFILES|
|SANTANDER||9.75% A 10.15%||HIPOTECA PLUS|
|BATH REGION||9.75%||HOUSE PURCHASE CREDIT|
|affirm||11.75% A 12.75%||ENTIRE ACQUISITION|
CAT calculated without VAT and within a period of 10 years:
The terms can be movable, according to your income, here we present an approximate on the ANNUAL CAT in the banks with the best mortgage loans.
The best bank for mortgage is:
|BANCO||HOW MUCH ANNUALLY||TYPE OF MORTGAGE|
|BATH REGION||12.10%||ORANGE MORTGAGE|
|BBVA||12.60%||BBVA FIXED MORTGAGE|
|affirm||12.60%||PREMIUM FIXED PAYMENTS|
For the monthly payment calculated for each $1,000,000 MXN of credit requested for a term of 15 years:
This quote can be variable according to the value of the property or the type of credit you want to request.
The best mortgage loans according to the calculated monthly payment are:
|BANCO||Monthly payment for each $1,000,000 MXN of Credit for a term of 15 years||Mortgage Type|
|BATH REGION||$11,620.00||ORANGE MORTGAGE|
|affirm||$11,502.00||PREMIUM FIXED PAYMENTS|
|BBVA||$11,835.00||BBVA FIXED MORTGAGE|
For the sum of total monthly payments:
In the following table we will give an example of a mortgage loan of $1,000,000 MXN for a term of 180 months with a very low financing plan that each bank can manage to find out which is the best mortgage.
The best Mexico mortgages and best mortgage loans with the lowest rate are:
|BANCO||Sum of monthly payments for a loan of $1,000,000 MXN for 5 years||Mortgage Type|
|affirm||$2,070,421.00||PREMIUM FIXED PAYMENTS|
|BBVA||$2,092,624.00||BBVA FIXED MORTGAGE|
Answering the question What is the best mortgage loan from financial institutions in Mexico? our answer is Scotiabank, HSBC, BANORTE and BBVA. But this does not mean that the other entities are worse, each one has its benefits and taking the CAT they offered compared to other banks in the country, these were the best options.
We recommend that you make a call or schedule an appointment with those entities of your interest so that they detail all the information of your next credit.
Which bank has the best mortgage credit 2021?
Comparing CAT, interest rate, sum of total monthly payment, we consider that Scotiabank, HSBC, BANORTE, BBVA and HIR Casa as the top best banks for a mortgage loan out of dozen banks in mexico.
Mexico mortgage loans can be diverse, so we must verify our status in the credit history.
Which bank has the lowest interest rate on mortgage loans?
Here we tell you which are the best financial companies in Mexico so that you can know which is the best mortgage loan in Mexico.
Knowing which is the best bank to apply for a mortgage loan in Mexico gives us a window of possibilities to understand what is best for us.
What is the bank that charges less mortgage interest?
- By interest rate: SCOTIABANK 7.40%
- CAT calculated without VAT and within a term of 10 years: HSBC 8.90%
- For the calculated monthly payment: SCOTIABANK $10,500.00
- For the sum of total monthly payments: SCOTIABANK $1,848,547.00
Those are the banks with the lowest mortgage credit in the market.
Mortgage credit requirements
- Be over 25 years old.
- Plan your credit so that it ends before you turn 85.
- Have a good credit history.
- Check a minimum seniority in your current job, which depends on the value of the home you wish to acquire.
- Have Life Insurance and Property Damage Insurance.
What is the best credit for construction?
If you already have land and need the capital to start building, here we share the three best credits to build in Mexico.
|Banco||Annual interest rate)||Financing term|