Understand everything about how mortgage loans are made at Bancomer.
Having their own property is one of the biggest dreams of Mexicans. Ensuring that they will live forever in your own home may seem impossible to some, but the truth is that financial institutions are making it easy to apply for a loan and purchase a new property.
One of the largest and most respected in the country is Bancomer. With decades of tradition, the institution offers enormous advantages for those who decide to opt for real estate financing. Are you one of these people? Find out more about what a mortgage loan is and when you should apply in this article.
This type of credit allows people to buy a villa. It is a medium size for the purchase, expansion, repair or construction of a home, purchase of lots, workshops or commercial premises.
In this case, the property acquired is under the guarantee of the “mortgage” in favor of the bank to ensure compliance with the loan and therefore this loan bears this name.
However, a mortgage loan can also be granted “for general purposes”, and only to use the money in the projects that the beneficiary client of the loan can carry out. In this case, a property is also used as a guarantee of payment of the fee received.
The terms to which these credits were granted are for several years, a place that must be informed within the characteristics of the credit, along with the other costs and associated interest rates.
Bancomer is one of the most respected financial institutions in Mexico. Therefore, when you opt for a mortgage loan through the bank, you will be sure of having the best rates and also the best service.
Before deciding to apply for a loan, you must take into account several factors so that your decision is the most appropriate to your lifestyle.
- Hook: to be eligible for a mortgage loan, you must pay a hook to the financial institution. These hooks range from 5% to 20%. In some entities it is also possible to apply for a mortgage loan without a hook;
- Terms: these will be the months in which you will be paying the mortgage loan. It can range from 60 months (5 years) to 360 months (30 years);
- Guarantee: that which will be left as a guarantee to the institution if it does not comply with the payments. It is mostly the same property that is left, guaranteeing that it will not comply with the provisions of the contract.
- CAT (Total Annual Cost): will be all costs that include credit, interest rates, commissions, insurance and other expenses. The CAT is the fundamental part to be able to compare between one loan and the other, when analyzing which is the best mortgage loan for 2021;
- Extra expenses: these are all expenses external to the mortgage loan, such as property deeds, appraisal and bad legal documents.
We have the misconception that a mortgage loan can only help to buy a house, however, at the current date, financial institutions give greater facilities to obtain a loan and here we show you the options:
- Buying a property like a house in the apartment;
- Buying a piece of land and build it;
- Remodeling and decorating your home;
- Buying a property in pre-sale;
- Obtaining greater liquidity by mortgaging a property;
Redeeming a bank mortgage with better conditions.