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What Are the Best Mortgage Instruments?

“It is important to pay attention to the initial expenses as they take into account commission costs and appraisals, among other things.”

3 min read

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What Are the Best Mortgage Instruments?
What Are the Best Mortgage Instruments?


  • According to Leonardo González, property analyst at Propiedades.com, it is important to pay attention to the initial expenses as this is where commission costs and appraisals are taken into account, among other things.

Purchase a Financing to Buy a Home It’s something you should be calmly checking out. Before making a decision, it is wise to understand the options offered by the market. This way you can easily determine which mortgage instruments are the best.

The real estate portal Propiedades.com carried out an analysis based on the Condusef Mortgage Credit Simulator. For this exercise, 17 mortgage instruments were assessed using data collected from August 2020.

This example suggests that if you are looking to buy a home worth 1.6 million pesos on a 15 year loan and pay a down payment of 160,000 pesos, the HSBC Low Payment and Fixed Payment credits would be the best for you Profile.

The best mortgage instruments

Image: Depositphotos.com

In view of this, HSBC Fixed Payments is the instrument with the best terms. Here are its features:

  • Initial expense: $ 277,742
  • Monthly payment: $ 16,599
  • Income to Verify: $ 27,665
  • Interest rate: 9.65 percent
  • CAT: 11.80 percent

Under this scheme, the total loan payment is approximately 2,498,528 pesos.

Meanwhile, HSBC Pagos Bajos has the following characteristics:

  • Initial expense: $ 277,742
  • Monthly payment: $ 15,275
  • Income to Verify: $ 25,458
  • Interest rate: 9.65 percent
  • CAT: 11.90 percent

Another benefit is that these HSBC instruments allow you to take advantage of your benefits when you have access to products such as COFINAVIT, Apoyo Infonavit, Alia2 Plus and Respalda2.

More options

Banamex and Banorte Fuerte are further instruments that also fit your profile. As long as you take out a 15 year mortgage to buy a home for 1.6 million pesos and make a down payment of 160,000 pesos.

For both, the initial expense increases from 266,600 to 356,718 pesos and the monthly payment from 15,924 to 17,626 pesos.

The amount of income that you need to verify is between 35,253 and 45,497 pesos. In terms of the interest rate, it is 9.3 percent for Banamex and 10.5 percent for Banorte Fuerte.

The CAT in the first facility is 11.20 percent and in the second 13.40 percent. Under these systems, the total loan payment for both instruments is approximately 2,498,513 and 2,778,642 pesos, respectively.

What to Remember Before Hiring

According to Leonardo González, property analyst at Propiedades.com, it is important to pay attention to the initial expenses as this is where commission costs and appraisals are taken into account, among other things.

For the expert, regardless of the institution you want to get the deal with, before getting a loan you need to do the following:

  • Sort out your personal finances
  • Analyze total annual costs (CAT)
  • Look at the interest rate

Remember that you need to have documents handy. Thus, the processing of a mortgage loan is accelerated.

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