He home has become a critical place as a result of confinement by the pandemic by the covid-19. Office, kindergarten, school, game room, cinema and even a place to vacation are the uses that have had households in recent months, so if you are thinking of buying new house In the short term, do not forget to take into account the benefits that the mortgage credits in times of crisis.
Logically, the crisis will not affect those people who are able to buy a living place cash. For this group, wait for the properties to become cheaper as a result of the decline economic activity it is, a priori, the most appropriate option. But what should those who do need a mortgage do? Then, Paulina Prieto, representative of the mortgage committee of the Association of Banks of Mexico (ABM) assured that currently there are favorable conditions since the interest rates of mortgage loans are among the lowest in history.
In recent weeks, it has been observed how banks have deepened the competition to position themselves as the best mortgage option, specifically with the reduction in interest rates that are between 7.90 and 11 percent. The low in interest rate translates into banks offer cheaper creditsThat is, customers will pay less for the money that is loaned to purchase a home.
During the broadcast of #BancaExplica, the expert mentioned that currently the mortgage credits They have various attributes to protect the borrower in the event of any unforeseen event, such as a life insurance, damage insurance and unemployment insurance and even the postponement of the first monthly payment.
Prieto He added that before acquiring a property it is relevant to look at the costs of the origination of the credit such as the commissions for opening, appraisal and notary expenses that come to represent up to 8 percent of the cost of the property, and those that are had during the credit life as is the rate that composes in Costo Anual Total (CAT), insurance and monthly administration.
In addition, there is a wide range of products that meet the different needs of customers. The shelf of mortgage products is made up of the acquisition of houses and departments, the purchase or renovation, expansion and improvement, purchase of land, construction, presale, payment of liabilities and granting of liquidity.
He added that the prices of households have remained stable in recent months, even in some segments and areas they show small signs of slowdown and with a small correction in prices at the beginning of the year, mainly in the segments of living place The highest are those showing the steepest slowdown, reaching handicaps of the order of 6 percent so far this year.
Paulina Prieto explained that after the 1995 economic crisis, the tequila crisis, the banks they stopped granting mortgage loanss, it was not until 2000 when they resumed this activity in their loan portfolios to families. In the last 20 years it has been consistent with a value of 2.7 billion pesos.
Prieto indicated that, in the last 20 years, almost 7 million families have acquired a home through the mortgage credits offered by banks led by BBVA Mexico, with 22 percent of total loans in the sector, it is followed by Banorte with 19 percent; Santander, with 17 percent; Scotiabank, with 15 percent; HSBC, with 7 percent and other banks that include mortgages in their credit portfolios have 7 percent.
He National Housing Development Institute (Infonavit) It is the one that has the most weight in the total portfolio with 54 percent of loans, followed by commercial banks with 35 percent, Fovissste with 9 percent and Federal Mortgage Society with 2 percent of the portfolio share.