The covid-19 pandemic has forced thousands of people to reassess the purchase of a home or Department as part of the way to consolidate a heritage. Many fear placing their savings in a investment of this magnitude and in such a long term, because they do not know if the purchase of a property it will be financially accessible to them or if the property they want will gain or lose value in the following months.
The coordinator of the committee Mortgage Credit of the Association of Banks of Mexico (ABM),Enrique Margain Pitman,ensures that there are two factors that indicate that we are living a good time to buy home.
The first is that, although the costs for housing construction they rose around 9 percent last year, they were not transferred to the end customer but absorbed by the developers; that is, the New home prices have not increased in that period.
The second is relative to financing, which is one of the issues that most concerns most people who plan to buy a home. In this point, Enrique Margain comments that the interest rates of bank mortgages are today at their lowest level in decades • from 7.9 percentBase rate •, although your credit will depend on factors such as your age, the balance between your income and your monthly expenses, your credit history, the amount you require and the term you choose to pay the loan.
The honeys of co-financing
If you’re beneficiary of Infonavit or Fovissste, you can finance your house through these public housing institutes, but you also have access to the schema co-financing, which allows you to get a higher loan amount and acquire a higher value home with better payment conditions, explains Leonardo González, analyst Real Estate de Propiedades.com
If you take the option of co-financing you will get two credits: a small one from the institution to which you are affiliated (Infonavit or Fovissste) and a larger one from a bank or financial institution, so that you get the benefits of both mortgage systems. This scheme, according to the real estate specialist, reduces the risk of non-payment for commercial banks, which makes it easier to grant loans with better conditions.
Although the characteristics of the co-financing of Infonavit Y Fovissste are different, both offer the advantage of being able to use the balance of your subaccount ofliving place as a down payment to buy your house or as a guarantee of payment, which lowers the costs of your bank mortgage.
In addition, it gives you the possibility of amortizing The credit based on employer contributions to the housing subaccount, pay off your mortgage in a shorter period of time and even lower the monthly payment, explains Leonardo González.
But whether you finance with a bank, with a public institute or both, take into account that stable prices and low rates make this “an excellent time to purchase a home,” he explains. Margain, who is also the executive director of HSBC Mortgage and Automotive Credit.