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What is the best bank mortgage credit this 2019?

Are you considering applying for a mortgage loan? Here you will find what you should know before choosing the best mortgage for you this 2019

Applying for a mortgage to buy a property is a great responsibility, so you need to thoroughly analyze all the options to choose the one that best suits your needs. As you well know, each institution handles different offers and conditions, and these can vary each year. Here we give you an updated summary of mortgage loans from 8 of the largest banks in Mexico so you can analyze the options and choose the best mortgage loan according to your purpose.

Mortgage loans 2019

  • BBVA Bancomer
  • Citibanamex
  • Banorte
  • Santander
  • HSBC
  • Scotiabank
  • Inbursa
  • BanBajío

BBVA Bancomer

This institution divides its mortgage credits into three:

Fixed Bancomer Mortgage : loan to buy a new or used home with a fixed annual rate of 11.20% in terms of 5 to 20 years.

General characteristics:

  • Financing of up to 90% of the property’s value
  • Minimum amount of $ 50,000
  • You can link your credit with Infonavit or Fovissste

Residential Bancomer Mortgage : loan to buy a home with a fixed annual rate of 10.75% in terms of 5 to 20 years with fixed payments.

General characteristics:

  • Financing of up to 80% of the property’s value
  • Minimum amount of 600,000
  • You can link your credit with Infonavit or Fovissste

Increasing Bancomer Mortgage: loan to acquire a home with increasing payments over a period of 20 years. Its initial annual rate is fixed for the first 3 years and is 11.20%, from year 4 to 6 it will increase to 12% and from year 7 to the end of the loan it will be 12.80%.

General characteristics:

  • Financing of up to 90% of the property’s value
  • You can link your credit with Infonavit or Fovissste

The requirements to apply for BBVA Bancomer credits are:

  • Be over 25 years of age
  • Plan credit so that it ends before your 85th birthday
  • Have a good credit history
  • Check the minimum required seniority of your current job, which will depend on the value of the house you want to buy.
  • Have Life Insurance and Property Damage Insurance

Santander

Santander divides its mortgage loans into 5 schemes:

Santander Mortgage : loan to acquire a home, remodel it, replace a mortgage, finish a work, and build either on its own land or acquire land plus construction. These are its general characteristics:

  • Financing of up to 90%
  • Financing of up to 95% with Infonavit support
  • Fixed annual interest rate from 9.79%
  • Terms from 7 to 20 years
  • Minimum home or land value: $ 250,000
  • Minimum amount of $ 100,000
  • Minimum construction amount of $ 700,000

Acquisition of land : loan to acquire land.

  • Financing of up to 70%
  • Fixed annual interest rate of 13.64%
  • Minimum land value of $ 250,000
  • Minimum credit amount of $ 100,000
  • 10 year term

Liquidity : loan according to the value of your home for what you need.

  • Financing of up to 70%
  • Fixed annual interest rate from 12.64%
  • Fixed payments with a term of 5 to 10 years
  • Minimum home value of $ 250,000
  • Minimum credit amount of $ 100,000

Santander crediferente mortgage : loan to acquire a home with which you can count on a housing subsidy from buyproperty, in addition to the benefits of the Crediferente program of the Federal Mortgage Society. To apply for this credit, seniority is not required. Its general characteristics are:

  • Financing of up to 90%
  • Fixed annual interest rate of 13.50%
  • Term of 10, 15, 20 and 25 years
  • Minimum home value of $ 200,000
  • Minimum credit amount of $ 100,000

Santander Red Salud Mortgage : loan to acquire a space in a condominium dedicated to a medical office. Its general characteristics:

  • Financing of up to 70%
  • Ordinary annual interest rate of 13.64%
  • 10 year term
  • Minimum home value of $ 250,000
  • Minimum credit amount of $ 100,000

These are the requirements to apply for Santander mortgage loans:

  • Minimum age of 21 years
  • Plan credit so that it ends before your 78th birthday
  • Check the minimum income according to the credit requested
  • Verify work seniority (with the exception of the Santander mortgage) of at least 1 year in current employment in the case of being a salaried employee and 2 years in the case of being independent
  • It is not necessary to have a credit history, however, if you have them, you must show a good credit history

Citibanamex

Citibanamex has three types of mortgage loans:

Profiles mortgage : with this credit you will have a fixed annual interest rate of 9.90%, you will have to make a down payment of 10% and fixed monthly installments with terms of 10 to 20 years. The average CAT for this loan is 11.7%.

Mortgage profiles to suit you : with this you can obtain your credit with lower monthly installments. The fixed annual interest rate is 9.90%, you will have to make a down payment of 10% and the annual increase in your monthly payments is 2% over a period of 20 years. The average CAT for this loan is 11.7%.

Profiles mortgage changes your mortgage : with this credit you can improve your current mortgage with a fixed annual interest rate of 9.65%, fixed monthly payments, notary fees and free appraisal. The average CAT for this loan is 11.4%.

General characteristics:

  • Financing of up to 85% of the property’s value
  • Minimum home value of $ 500,000
  • Minimum loan amount $ 425,000
  • You can complement these credits with Infonavit and Fovissste

Requirements:

  • Have a good credit history
  • Be between 23 and 69 years old
  • Have a minimum monthly income of $ 15,000
  • Check minimum 6 months of seniority

Banorte

This institution divides its loans into the following 4 schemes:

Strong Mortgage : loans to buy a home, remodel or build, as well as to improve your mortgage. You can combine it with the Cofinavit credit, in case you have it. The fixed annual rate of this credit is from 9.85% and is granted according to your credit behavior.

Mortgage More For Less : loans to buy a home, remodel or build, as well as to improve your mortgage. With this credit you can receive a higher amount if you have the Infonavit or Fovissste credits. Its initial fixed annual rate is 11.25%.

Liquidity Credit : with this credit you can receive up to 70% of the value of your home in monetary resources for what you need. It has a fixed interest rate of 15.70% with fixed payments in terms of 5 to 15 years.

Land Credit : loan to acquire land with fixed payments in terms of 5 to 15 years. It has a fixed interest rate of 15.50%.

These are the general characteristics of Banorte credits:

  • Financing of up to 90% of the property’s value
  • Interest rate from 9.85%
  • Traditional credit of up to 95% in co-financing with Infonavit and Fovissste

HSBC

These are the 4 HSBC mortgage loans and their general characteristics:

Acquire your home : loan to buy a home.

  • Financing of up to 90%
  • Annual fixed interest rate from 9.65%
  • Terms of 5, 10, 15 or 20 years
  • You can add the benefits of Infonavit or Fovissste

Transfer your mortgage : credit to change your mortgage credit to HSBC and obtain better conditions.

  • Financing of up to 85%
  • Annual fixed interest rate from 9.85%

Mortgage transfer plus liquidity : improve the conditions of your current mortgage credit and in case you have available payment capacity, obtain liquidity to use it in whatever you need.

  • Financing of up to 85%
  • 11.25% annual fixed interest rate
  • Terms of 5 to 20 years

Liquidity : gives you the loan you need for your projects

  • Financing of up to 70%
  • Annual fixed interest rate from 12.25%
  • 5, 10 or 15 year terms

Scotiabank

Scotiabank offers you a wide variety of loans, be it to acquire a home, buy in presale, build or remodel your home, transfer your mortgage or obtain liquidity. The general characteristics of these credits are:

  • Financing of up to 95% of the value of the property
  • Fixed annual interest rate from 10.20%
  • You can use the savings from your Infonavit or Fovissste subaccount
  • Minimum purchase value of $ 400,000
  • Terms of 5 to 20 years

The requirements to apply for Scotiabank loans are:

  • Be at least 25 years old and under 65
  • Plan credit so it ends before your 80s
  • Check the minimum income required (varies from $ 10,000 or $ 20,000 depending on the credit you request)
  • Be at least 3 years old between current and previous employment, as long as you have completed at least 6 months in the current one

Inbursa

Inbursa has two mortgage loan schemes:

Inburcasa : loan to acquire a house, remodel it, buy a land, build, replace the current mortgage and obtain liquidity.

  • Payment terms from 1 to 20 years
  • Minimum amount of $ 150,000
  • You can get an additional 5% credit in the SEARS e-wallet
  • By obtaining a mortgage loan of at least $ 300,000 with the acquisition destination, you can obtain the TELMEX residential telephone line for free.

Inburcasa Transfers : credit to reduce the monthly payment of your current mortgage and receive an additional liquidity credit. In order to apply for this credit, you must be with the destination of home acquisition, remodeling or construction, and Infonavit support with 1 year old and a current balance of at least $ 300,000.

  • 12% interest rate
  • Interest rate and payments are fixed

BanBajío

This institution offers you mortgage loans to acquire a house, remodel it, finish it, buy a land, buy a place, improve your mortgage or obtain liquidity.

As a requirement to apply for the following credits, you must prove a minimum monthly income of $ 20,000.

Buy your land : loan to acquire land.

  • Financing of up to 70% of the value of the land
  • Minimum land value of $ 570,000
  • Minimum amount of $ 200,000
  • Maximum term of 10 years

Remodeling your house : loan to remodel or expand your current house.

  • Financing of up to 30% of the value of the property
  • Minimum property value of $ 500,000
  • Minimum amount of $ 150,000

Finish your house in smart city : they give you a loan to finance the project, as long as the construction is 50% complete.

  • Financing of up to 30% of the value of the current work plus the budgeted work
  • Minimum property value of $ 500,000
  • Minimum amount of $ 120,000

Improve your mortgage : credit to change your mortgage with better conditions.

  • Financing of up to 80% of the property’s value
  • Minimum property value of $ 500,000
  • Minimum amount of $ 250,000

Get liquidity : loan for what you need, using your home as collateral.

  • Financing of up to 50% of the property’s value
  • Minimum property value of $ 500,000
  • Minimum amount of $ 250,000

Buy your local : loan to acquire a local, whether for an office, office, consulting room, etc.

  • Financing of up to 75% of the value of the property
  • Minimum property value of $ 500,000
  • Minimum amount of $ 350,000

BanBajío mortgage loans to acquire a home grant you loans with terms of 5 to 20 years. These credits are divided into 4 schemes:

Traditional home credit: loans to buy new or used home, acquire land, remodel a house, finish a house under construction, obtain liquidity or pay a mortgage, substitute debtor and for a commercial mortgage. As a requirement to apply for this credit you must prove a minimum monthly income of $ 20,000.

Infonavit support credit : loans to buy new or used housing or to pay a mortgage. With this credit you can settle in less time and reduce interest by applying employer contributions, in addition to the fact that you can count on the balance of the Housing Sub-account as a guarantee of payment. As a requirement to apply for the credit you must prove a minimum monthly income of $ 11,000.

These are the general characteristics of traditional credit and support for Infonavit, however, the data varies depending on the purpose.

  • Financing of up to 80% of the property’s value
  • The minimum home value is $ 500,000
  • The minimum financing amount is $ 225,000

Cofinavit home loan: credit granted by Infonavit in conjunction with BanBajío, to acquire a new or used home. As a requirement to apply for this credit you must prove a minimum monthly income of $ 8,000.

General characteristics of the Cofinavit credit:

  • Financing of up to 100% of the property’s value
  • The minimum home value is $ 300,000
  • The minimum financing amount is $ 120,000

Protected mortgage credit : loan to purchase a home and to pay a mortgage. As a requirement to apply for this credit, you must prove a minimum monthly income of $ 20,000. These are its general characteristics:

  • Financing of up to 80% of the property’s value
  • Minimum home value of $ 20,000
  • Minimum amount of financing to purchase a home of $ 225,000
  • Minimum financing amount to pay mortgage of $ 250,000

The general requirements to apply for BanBajío credits are:

  • Be between 25 and 64 years old
  • Plan the loan so that it ends at the age of 75
  • Be at least 3 years old in employment and domicile (in combination)

NOTE: All data is based on the official pages of the banks as of February 28, 2019. Depending on the purpose of the loan you request, some interest rates shown may increase for VAT.

To help you further with choosing the ideal mortgage loan for you, take into account these tips to choose the best mortgage loan , or consult our Guide to Mortgage Loans to answer your questions.