Condusef: Do you want to buy a house? This way you can choose the mortgage loan with the lowest monthly payment

2023-09-28 02:42:28

Written in ECONOMY on 9/27/2023 · 6:38 p.m.

If you are interested in buying a house-rooman alternative is to use a mortgage loan, thinking about the above, Condusef shared how to choose this loan with the lowest monthly payment.

The National Commission for the Protection and Defense of Users of Financial Services (Condusef) He pointed out that the first thing to consider before the election is the medium and long-term payment capacity. that you have, since these are credits that range from 5 to 30 years.

Remember that being informed will prevent credit from becoming a heavy burden. and on the other hand it means a good option in the construction of an asset.

In the market there are various financing alternatives, with different characteristics and schemes, such as: Infonavit, Fovissste, Banks, Sofomes, Sofipos and SCAP’s.

What should be checked when applying for a mortgage loan, according to Condusef?

Response time for credit authorization. Total Annual Cost (CAT). The agency points out that it is important to have the best interest rate on the market, even if it does not guarantee the best financing; and remembered to take into account the amount of the opening commission and whether advance payments generate commissions. Compare the conditions offered by financial institutions. Variables such as the down payment, notary fees, insurance, monthly and total payment, as well as the duration of the credit. Consider the amount of the exact monthly payment. If you take out a loan at a fixed rate, and make sure the monthly payments are really the same. Keep in mind that you will have to pay an amount for insurance. Life, property and unemployment insurance are included. Check the different financing plans that exist. When taking out a loan you must cover a series of initial expenses such as: the down payment, the appraisal, research expenses, etc. Keep in mind that you can find financing in three types: 1) in pesos; 2) Times Minimum Wage (VSM); 3) in Investment Units (UDIs). Request the Binding Offerthis document contains how much your credit will cost you in pesos and cents. Plan your budget and check your payment capacity. Before signing the loan Make sure that all documents meet the conditions that were offered to you.

Condusef launched an online calculator to facilitate the comparison of credits and conditionswhich you can find on their website.

The tool requires that you have data such as the price of the property, the down payment you can give (20% of the total cost is suggested), the period in which you consider you will finish paying.

The calculator shows the cheapest option depending on the initial outlay, monthly payment, income to be verified, total payment, interest rate and the Total Annual Cost (CAT).

Here you can consult the calculator from Condusef so you can compare credits and conditions before choosing a mortgage loan.