Discover the types of loans for buying a home
Do you dream of owning your own home? Home loans can help you fulfill that dream. In this blog, we will explore everything you need to know about home loans and their main features.
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Credit options to purchase a home
The most widely recognized loans and financing options are those offered by banks. However, there are additional alternatives that may be available to you, especially depending on your employment and whether you are a beneficiary of certain institutions.
The following is a list of home loans available in Mexico.
Bank loans
Nowadays, many banking institutions present various credit options, becoming a frequent solution when buying a house. However, keep in mind that each bank has different requirements and documentation.
In addition, loan amounts, interest rates and payment terms vary. So it is essential to do your research and be sure of your choice.
Characteristics of bank loans:
- These loans are primarily for home purchases and are not usually approved for remodeling or construction.
- The property itself acts as a payment guarantee, which means that if you default on your payments, the bank can reclaim it.
- At the end of the loan payment, the bank issues a lien-free letter, indicating that the house is free of mortgage.
- The terms for these loans range from 5 to 25 or 30 years, depending on your needs and capacity.
- Payments are monthly and in some banks you can make extra payments to reduce the debt.
- Proof of income and a solid credit history are fundamental requirements.
- If you have access, you can combine these credits with other options such as FOVISSSTE or INFONAVIT.
INFONAVIT loans to buy a home
It is an entity that provides employees with the opportunity to obtain loans to purchase a home. Both private and governmental companies.
Unlike other sources of financing, INFONAVIT offers a wider range of loans to purchase a home. Workers can access loans to purchase new or used homes, land, home improvements, among other options.
Characteristics of INFONAVIT loans:
- They are exclusive for beneficiaries.
- They are used for different purposes: buying a house, remodeling, among others.
- The calculation is based on age, salary, savings and contribution time.
- You can apply for up to two of these credits.
- If you and your partner are eligible for this credit, you can combine your amounts.
- Includes payment insurance in case of unemployment.
- Employer contributions contribute to the monthly payment of the loan.
- When you reach the required score, the credit can be used.
Learn more about the Infonavit vs. bank credit: Which is better?
FOVISSSTE
FOVISSSTE is a government entity that provides loans to workers in service with the purpose of acquiring a home. Considered vital in the financial panorama of the country, FOVISSSTE adapts its financing schemes to the needs of its beneficiaries. Enabling them to achieve homeownership or ensure a solid retirement.
Characteristics of FOVISSSTE loans:
- They are used to purchase a new house, build on one's own land, make repairs or expand it.
- The amount is based on salary and savings in the housing subaccount of the SAR.
- Payment terms can be extended up to 30 years.
- They offer competitive interest rates (around 4% to 6%).
- They can be combined with another bank mortgage loan.
Banjercito
The Banco Nacional del Ejército, Fuerza Aérea y Armada, is a financial institution exclusively for the workers of the Army and the Armed Forces. They offer various services, including loans, credits and savings funds.
If you are an active or retired worker of the Mexican Army, Air Force or Navy. You have the opportunity to access loans to buy a house and own your own home.
This entity presents 8 mortgage loan options. Among its general characteristics:
Characteristics of Banjercito
- They are available for general workers, single mothers and retired personnel.
- Compared to other loans, they may cover inherent expenses or origination fees in certain cases.
- If you applied for a bank loan while you were in service and retired with the loan in force, the monthly payments can be significantly reduced.
Which of these home loans best fits your plans?
At iBrokers, we are here to make that dream a reality. With various loans to purchase a home, each with unique products and schemes, choosing a mortgage loan can be overwhelming.
But don't worry, at iBrokers we take care of the paperwork. Our team of advisors will guide you to find the option that best suits your needs and desires. From selection to obtaining the loan, we are with you every step of the way.
Ready to take the step towards your new house or apartment? Get to know the properties we have available in the Riviera Maya. Speed up your credit process to acquire a house with our experience and advice.
We are committed to making your shopping experience smooth and exciting, and we look forward to starting this exciting journey to ownership!Contact us right now!
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