Do you want to buy a house? In this article, we will guide you through the process of getting a mortgage in Mexico, from the requirements you must meet to the advantages of buying a home at this time.
Who can get a mortgage?
Financial institutions evaluate various factors when analyzing a mortgage application, including:
- Your financial stability: Your income, expenses, and debts will be analyzed to determine your ability to pay.
- Your credit history: A good credit history demonstrates your financial responsibility and increases your chances of getting a loan.
- The down payment: You will be required to make a down payment on the value of the home, which is usually 10% to 30%.
- The value of the home: The amount of the loan will be limited by the value of the property you wish to purchase.
What can you do to improve your chances of getting a mortgage?
- Maintain a good credit history: Pay your debts on time and avoid late payment.
- Save for a down payment: The larger the down payment, the smaller the amount of the loan you need and, therefore, the monthly payment.
- Compare different options: Research the offers of different financial institutions before choosing a mortgage.
- Seek advice: A financial advisor can help you choose the loan that best suits your needs.
Options for self-employed workers and people without demonstrable income:
- Mortgages with a guarantor: You can apply for a loan with a guarantor who has a good credit history and a stable source of income.
- Mortgages for self-employed workers: Some banks offer special mortgages for self-employed workers who can demonstrate a steady stream of income.
- Government programs: There are government programs that offer support for homeownership to low-income people.
Why is now a good time to buy a house in Mexico?
- Low interest rates: Interest rates are at historically low levels, which means that monthly loan payments will be lower.
- Attractive promotions: Financial institutions are offering attractive promotions for home purchases.
- Good time to invest: The real estate market is in a good time to invest, so you can find good buying opportunities.
What is mortgage refinancing?
If you find a mortgage with better terms than the one you currently have, you can refinance it to get a lower interest rate, lower monthly payment, or longer repayment term.
In summary, getting a mortgage in Mexico requires a combination of:
- Financial stability
- Good credit history
- Ability to meet the requirements
However, in a context of favorable interest rates and attractive promotions, access to the mortgage market is more accessible for those who meet the established criteria.
We recommend that you consult with a financial advisor to help you determine if a mortgage is the best option for you and advise you on the application process.
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