Reading time: 1 minute and 10 seconds
A powerful tool for investing in a property, whether it's a house, apartment, or lot, is a mortgage loan. Banks in Mexico have designed different types of payment plans to suit their clients' needs. Stay with us and find out which type of mortgage loan is best for you.
Features of mortgage loans
A mortgage loan is a loan, mainly provided by banks, whose purpose is to purchase a property with the payment guaranteed by the value of the property itself. This type of financial product involves a long-term commitment of periodic payments to pay off the borrowed amount plus the corresponding interest. Some features of mortgage loans are:
- They are granted exclusively for the purchase of real estate.
- The payment guarantee for the loan is set with the property itself, so if monthly payments are missed, the collection can be made with the property left as collateral.
- At the end of the loan term, a release of lien letter is processed.
- You can use co-financing schemes that allow one or more institutions to participate in the loan, so you can check the cases in which you are allowed to apply your INFONAVIT loan or other financing.
- You can take out the mortgage loan together with a first-degree relative.
Types of mortgage loans
To apply for a loan, you need to know the payment plans offered by banks. There are usually two types:
- Fixed payments: With a fixed-rate mortgage loan, the payment is made monthly, providing a fixed installment until the end of the loan.
- Increasing payments: With a variable-rate mortgage loan, the monthly installment changes according to the interest rate. In this scheme, you can receive more money, but it is only recommended if you expect to be able to allocate more income to payments in the future.
Invest in the Riviera Maya and get your investment back
Now that you know the different types of mortgage loans and the advantages of each, we invite you to discover our developments in the Riviera Maya. We have excellent business models so you can make the most of your mortgage loan—acquire a lot or apartment near the beach and generate high returns in the medium and long term through vacation rentals. Invest now and make your dream of living in paradise come true.
You might be interested: Grupo Emertia: a developer with experience
