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Tips for choosing your Mortgage loan

Posted by AEspinoza on May 4, 2023

Choosing a mortgage loan is necessary when you do not have the necessary capital to acquire it outright. In the financial market there are many financing alternatives to purchase a home that can be adapted to your financial situation. What is the best mortgage loan?

What to consider when choosing a mortgage loan?

Compare the interest rate as this is the amount you will have to pay periodically for the amount you have received on credit. It can be fixed, variable or mixed. Ideally, it should be a fixed one.

The total annual cost (CAT) is a percentage calculated annually that includes other expenses such as commissions and insurance. This allows you to determine how much you will actually pay for the credit.

Choose the right currency to apply for a mortgage loan. In Mexico, the peso is used as a base, but there are other systems where Minimum Wage Times (VMS) or Investment Units (UDIS) are used. Which allow to counteract the effects of inflation.

Term and amortization is essential, since experts indicate that you should not allocate more than 35% of the income to pay the credit. Therefore it is important that you make an estimate of how much you want to pay monthly. Mortgage loans are given for terms of 5, 10, 15 and 20 years.

You should consider the amount of the loan to request and also what you have saved to buy the home. Finally, consider that within the payment of the credit the insurance will be charged, you have to know what the scope is. Contact us and we will advise you with your mortgage credit.

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