In this article, check out the main differences and what makes the most sense for you!
It is common that, when wanting to buy a house, the interested ones make a meticulous investigation of all the available methods to carry out the transaction in the best way.
On the other hand, a worker who has social security may find himself confused about the advantages and disadvantages of choosing to process an Infonavit home financing against a bank mortgage. Check out the main differences between the two modes below and according to your needs!
Infonavit mortgage loans for acquisition, in their different modalities, offer their beneficiaries a maximum annual interest rate of 12 percent. This means that the final amount of the mortgage debt will include 12 percent, apart from the loan, which increases the monthly amounts to be paid.
The interest rates of the bank’s mortgage loans, on the other hand, vary from institution to institution and depending on the amount of financing granted to their users.
In other words, to choose the type of mortgage credit that best suits the investor’s needs, it will be necessary to analyze their purchasing power and the disposition they will have when their debt increases that percentage.
A down payment on a house is that initial payment that is made to “set aside” a home and cover a percentage of its value as the first payment.
In the case of Infonavit mortgage loans, the percentage to be paid can vary from 10 to 20 percent of the total value of the property and be taken from the housing subaccount of the rights holder, which contains savings made thanks to the bimonthly contributions taken from your take home pay. In the case of bank mortgage loans, the down payment percentage that must be paid varies in the same way that interest rates vary.
The maximum amount of financing offered by an Infonavit mortgage loan for acquisition is one million 795 thousand 378.70 pesos in its Infonavit Credit, 462 thousand 329.28 pesos in the Cofinavit loan, two million 49 thousand 659.81 in Infonavit Total and one million 885 thousand 276, 06 in Your 2nd Infonavit Credit.
These amounts will depend on the payment capacity of the beneficiary, and in the case of the Infonavit Total loan, it will cover up to 95 percent of the value of the home. The titling, financial and operating expenses will be 3 percent, but if the beneficiary earns up to 7,191.79 pesos per month, these will not be charged.
In the case of bank mortgages, the vast majority of the examples that were compared by Condusef cover from 70 to 90 percent of the total value of the home.
One of the advantages of Infonavit is that the beneficiary will be able to choose, from among five credits for acquisition, the one that best suits his needs. Likewise, this institution offers loans for construction, remodeling and to pay mortgage debts acquired with banks or other institutions.
Infonavit mortgage loans maintain a fixed annual rate on unpaid balances, are acquired through employer contributions and can be requested in the company of a spouse.
Banking institutions also have a host of mortgage options to offer their clients; however, it is important that beneficiaries take into account the different conditions that banks require to grant a loan.
Among them are: their reputation in the credit bureau, the maximum amount of the home and the type of loan they require, among other factors, to decide which is the best for their purposes.