Even if you have saved enough to buy in cash, keep in mind that you will have more expenses, such as the deed, the contracting of services, insurance and other procedures. And in case your intention is to apply for a mortgage loan in Mexico, the institutions that make these loans do not cover the entire cost of the property, so you must have enough saved to pay a down payment.
Before making a decision as big as buying a house, study your needs. You may not need a very large space and decide that an apartment is a better option for you.
Study the area where you are going to buy. Make sure that the area has the basic services for a life in which you feel happy: electricity, water supply, garbage collection, access to recreational areas, proximity to health centers and commerce. It is your investment and it is your patrimony, take care of where you put your investment.
Mortgage loans in Mexico
We know that with the current market prices, saving enough money to pay for a house in cash seems like a very complicated mission. At the same time, for many, decapitalizing in this way does not sound like a good financial decision. Mortgage loans in Mexico are an excellent way to help you achieve your goal of acquiring a home.
The National Commission for the Protection and Defense of Financial Services Users (Condusef) has identified all the institutions that provide financing services or mortgage loans in Mexico. You can review their comparisons here.
It is impossible to make a general recommendation of which is the best mortgage loan in Mexico, because each person lives a different circumstance as well as their possibilities and interests. Therefore, we recommend you to visit as many institutions as you can, compare their requirements and conditions and make the decision that best suits you.
What we can recommend you are some factors to take into account before making the decision that best suits you:
- Your personal finances. Again, shop within your means and verify that you can afford the mortgage loan you are applying for.
- The Total Annual Cost (CAT). This refers to the actual interest rate you will pay each year on that loan. Verify this with each institution and pay close attention to it.
- It is very likely that insurance charges, commissions and penalties will be added to the monthly payment of your loan. Study these numbers well so that you can take into account how much you will actually pay each month.
- The type of financing. Loans can be given in pesos, foreign currencies or units such as times of minimum wage (VSM) or Unidad de Medida y Actualization (UMA), which have to do with inflation and factors that do not depend on you and can be a headache. Whenever you can, look for a way to constitute your debt in pesos and not be worried about the conversions.
A safe investment with high capital gain
When carrying out our real estate projects, at Grupo Gova we have always been concerned about providing all the security for your investment. We deliver our homes with all the services for you to have a dignified life, accompanied by your loved ones.
Our subdivisions are in areas of high added value, and you can be sure to put the most important investment of your life in our hands. You can review our projects
, and you will surely find an option for your real estate investment.
We work with many financial institutions that grant real estate loans in Mexico. If you are looking to buy a house in Puerto Vallarta or Bahia de Banderas, contact us
and learn about our financing options. Before making an important decision, get to know us.