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• According to Leonardo González, real estate analyst at Propiedades.com , it is important to pay attention to the initial expense since it is the one that takes into account commission expenses, evaluations, among others.

To acquire financing to buy a house is something you should calmly review. Before making the decision, it is advisable to know the options offered by the market. This will make it easy for you to identify which are the best mortgage instruments.

The real estate portal Propiedades.com performed an analysis based on the Condusef Mortgage credit simulator. For this exercise, 17 mortgage instruments were assessed with data recorded in August 2020.

In this example, he suggests that if you want a 15-year loan to buy a house worth 1.6 million pesos and give a down payment of 160,000 pesos, HSBC Low Payment and Fixed Payment loans are the ones that best suit your profile.

The best mortgage instruments

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

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

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

At the same time, HSBC Pagos Bajos has the following qualities:

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

Another advantage is that if you have access to products such as COFINAVIT, Apoyo Infonavit, Alia2 Plus and Respalda2, you can add your benefits with these HSBC instruments.

More options

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

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

The amount of income you need to verify is between 35,253 and 45,497 pesos. Regarding the interest rate, with Banamex it is 9.3% and with Banorte Fuerte 10.5%.

The CAT in the first establishment is 11.20% and in the second 13.40%. Under these programs, with the two instruments, the total loan payment is approximately 2,498,513 and 2,778,642 pesos.

What to remember before hiring

According to Leonardo González, real estate analyst at Propiedades.com , it is important to pay attention to the initial expense since it is the one that takes into account commission expenses, evaluations, among others.

For the expert, whatever institution you are going to do business with, before contracting a loan you must:

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

Remember that you need to have documentation handy and up to date. Thus, the processing of a mortgage loan is expedited.