Plan the purchase of your home by simulating your mortgage loan!
Are you planning to take the big step to purchase a property? Whether you’re ready to apply for your first real estate loan, mortgage loan or just exploring options, we’re here to help you every step of the way.
On our platform, you’ll find the best tool designed to simplify your process. Our mortgage simulator gives you a preview of your financial possibilities, based on key factors that influence your application. Find out how much you can borrow in 1 minute!
Log in now and start simulating your mortgage loan. We are here to make the process as easy and transparent as possible.
Online Mortgage Loan Simulator
Please note that this mortgage loan simulator is designed exclusively for Mexican residents, as well as for foreigners working in Mexico.
Are you a foreigner? We recommend the following article to learn about the best loans for foreigners in Mexico: See article
What is a mortgage loan in Mexico?
In Mexico, a mortgage loan is a financial tool that allows you to acquire a property, which can be a house, an apartment, offices, commercial premises or land. The main characteristic of this loan is that the property acquired serves as collateral for the loan. This means that if you do not comply with the agreed payments, the financial institution that granted the loan has the right to take possession of the property.
Generally, these loans have a long or medium term, depending on the terms of the contract and the borrower’s needs. This term may vary depending on the financial institution and the specific conditions of the mortgage loan.
Types of mortgage loans
Bank Mortgage Loan
- Offered by traditional banking institutions
- Down payment of 25% to 45% of the total cost of the property, although this varies according to the bank.
- Fixed interest rates for the entire term of the loan (depending on the bank).
- Age between 18 and 64 years old
- Work seniority of 6 months to 1 year
- A minimum of 500 points in the credit score.
- The amount of the loan depends on the applicant’s payment capacity and risk level, with terms from 5 to 30 years.
SOFOM Mortgage Loan
- Granted by Sociedades Financieras de Objeto Múltiple (Multiple Purpose Financial Companies).
- Current registration with CONDUSEF and CNBV supervision.
- Flexible requirements and longer payment terms
- Finances up to 95% of the value of the property and usually includes the payment of monthly insurance.
- Higher interest rates and Total Annual Cost (CAT) than bank rates
- Reliance on loans from other institutions such as INFONAVIT or FOVISSSTE
- Option to co-finance with INFONAVIT
How can I get a mortgage loan?
It’s easy! Follow these simple steps to obtain your loan and plan the purchase of your home.
- INE (Official ID)
- Be between 18 and 64 years old.
- Have at least 6 months to 1 year of work experience.
- Maintain a minimum of 500 points in your credit score.
- Consider the required down payment, between 25% and 45% of the total cost of the property, depending on the bank.
- Submit your application and wait for the evaluation of your payment capacity and risk level.
- Carefully review the terms and conditions of the contract before signing.
By using our mortgage loan simulator in Mexico, we offer you a clear and accurate vision of your financial options to acquire the home of your dreams. Remember that an informed decision is fundamental to guarantee your long-term financial well-being. What factors do you consider most important when looking for a mortgage loan? We would love to hear your opinion in the comments!
Remember, at Plalla we are committed to providing you with the most up-to-date and useful information for your financial needs in Mexico. Would you like to read more about topics related to the real estate and financial market? Visit our site and share with your friends and family so they can also benefit from our content.
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