Processing a home loan can be the answer to how to buy a new home , however, along the way there are many terms that can be somewhat confusing, so we leave you a list of some of the most important.

1. CAT (Total Annual Cost)

It is an indicator of the total cost of credit financing, it is expressed as an annual percentage and incorporates all the costs and expenses inherent to the credit . It is used  to compare how expensive a long-term loan is, as it includes interest rates, annual fee, commission for opening, insurance premiums, among other expenses. 

All banks and financial institutions calculate the CAT with the same formula, which makes it a reliable indicator to compare and find the best option. The rule of thumb is "the lower the CAT, the less expensive the credit."

Read more: 5 signs that show I'm ready to buy my first home

2. Interest rate

It is a percentage of the total amount of credit that must be returned to the institution that grants it, that is , it is the price of the money , or a payment for receiving the loan. This can be fixed or variable, depending on the institution with which you carry out the procedure.

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3. Mortgage credit

Loan for the purchase or remodeling of some construction, usually housing. Its main characteristic is that the property will remain in guarantee (mortgaged) in favor of the bank or institution to ensure the payment of the loan, this type of credits are usually medium or long term for the amounts that are handled.

How does a mortgage credit work? Each financial institution handles different options, but we can talk about some characteristics in common, for example that a series of requirements must be met and based on them it is decided whether or not the credit is approved, as well as its amount.

Request a mortgage credit counseling here

4. Infonavit CreditIf you are listed on Infonavit, you have the right to request a loan once you have accumulated 116 points in your Housing Sub-Account, it can have different purposes; buy new or used home, build, repair, expand or improve your home.To know the conditions of your credit you must carry out a prequalification where your age, salary, score and time that you have been contributing is taken into account. Something important is that this home loan applies to all salary levels and has a fixed annual rate of 12%.

Do you want to know the status of your Infonavit credit? Request a free prequalification here

5. Housing subaccount

It is the money that you have accumulated throughout your working life , it is made up of the bimonthly contributions made by your employer and corresponds to 5% of your integrated monthly salary (sum of your net salary plus benefits such as Christmas bonus and vacation bonus). For example, if you contribute with a monthly salary of $ 12,000, 5% of this amount is $ 600, so every two months $ 1,200 should be credited to your Sub-Account .

When applying for an Infonavit loan, this savings is automatically used, you can also add it if you apply for a bank mortgage loan that is affiliated with the institution. In case you decide not to use it for housing, you can request the savings for your retirement.

6. Credit Fovissste

The Fovisste is an institution in charge of granting  housing loans to workers at the service of the state . It offers different modalities because they seek to cover different needs, although the most common type is traditional credit, which is accessed through a lottery among active workers and based on some government agency.

7. Marital mortgage credit

This is granted to couples who have the common objective of buying a home to share, for many it is the best mortgage loan because it gives the possibility of joining the credits of both and increasing the total amount of the loan to buy a better house, or pay lower monthly payments or decrease the total term.

Read more: 7 things you should know about the Infonavit marital credit

There are several institutions from which this modality can be requested and agreements can even be made between more than one entity to grant the loan, some of them are: Infonavit, Fovissste, banking and through a Sofol ( Limited Purpose Financial Company) .

8. UMA (Unit of Measurement and Update)

An Infonavit credit can be granted in pesos or in UMA's , this concept was created to replace VSM (Times Minimum Wage) and is used as a reference to calculate the payment of housing contracts, surcharges, fines, benefits, etc. Its value is updated annually according to inflation, it is for this reason that many recommend acquiring credits in pesos to keep the debt fixed.

What did you think of these terms? Hopefully they have been useful to enter the world of mortgage loans. If you still have more questions, we invite you to download the Guide to buying your first home for free by clicking on the button below to find out more information.

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If you have more than 5 years with your mortgage credit and pay more than 12% interest rate, you can consider a mortgage subrogation, which refers to the change of the financial institution that gave the loan for another that offers better conditions, such as a lower interest rate, for example.

Either because of an analysis of your financial situation or because you found out about a banking opportunity and are considering applying for a mortgage subrogation, we share some simple steps to follow so that you can succeed in the process and be very beneficial for your economy.

1. Analyze your finances and determine if the change is appropriate

Mortgage subrogation may not be suitable for all cases, since there are times when it takes very little time to finish paying, for example. So it is very important that you review your contract, your payments and the date of the mortgage term . This way you can decide if the change is the best option for you.

2. Compare banks

If you have made the decision to carry out the mortgage subrogation, there are different banks that offer you opportunities according to the type of credit you have. Some have a lower interest rate, others may offer different terms on payment dates or even absorb the some expenses that are implicit when you make the change.

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Review your options and compare them to give you an idea , it is best to go around the different banks to talk directly with the executive advisors and ask them all the necessary questions.

3. Ask your bank for a "statement of account for subrogation purposes"

Once you have identified the bank with which you would like to make the movement, it is necessary that you ask your current creditor (your bank) to give you an account statement for subrogation purposes , a document that must be delivered within the following 15 calendar days. This document is the notification from the bank where it is made aware that you are seeking to change creditor .

In the event that your bank does not deliver the document within the established deadline, it is necessary that you approach the National Commission for the Protection and Defense of Users of Financial Services (Condusef), so that they can help you with your request.

At this point, it usually happens that your own bank offers you to improve the conditions of your mortgage; Consider if the options they offer you are better or the same as those of the bank you would like to switch to so that you can choose the best option.

Free Download: Essential Guide to Buying My First Home

4. Deliver the necessary documents for the transaction

Generally, when you go to apply for a mortgage subrogation to another bank, they ask for proof that you have a good solvency profile , this means that you show that you have a stable job, that you pay on time, and that you do not have too many debts . So they will request proof of payment (payroll, for example) and address. Also the documents may vary depending on the bank you choose.

Assuming that you continue with the change of creditor, you must deliver all the necessary documents requested, such as the account statement for subrogation purposes and those mentioned above. In this way the new bank will be able to pay off your credit to the previous bank and the mortgage will be changed, the transaction will have been carried out.

5. Payment of Registration Rights

Once the mortgage credit movement has taken place, it is necessary that you make the payment of the Registration Fee with a notary. This payment refers to the cost of registering the new conditions of the mortgage .

6. Take advantage of the change

Once everything has been carried out successfully, you will be paying a new monthly installment according to what you have agreed with the new bank, which will allow you to make an adjustment of your resources and feel more comfortable while you continue to pay your mortgage to finally be owner of your own home.

If you need more information, do not hesitate to download the Guide to buying a first home:

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Finding the perfect house may seem like an impossible task, however, we want this process to be satisfactory and that is why we share the best options to buy houses for sale in Chetumal , I assure you that there is an ideal one for you.

Residencial Bosque Real

If your budget is not very high, this is one of the options that is best for you to get one of the houses for sale in Chetumal , since you will find homes from $ 650,000 pesos.

This development is ideal to live alone or with a small family,  offers houses of 54.94 m2 of construction with 2 bedrooms and 1 bathroom distributed on a single level.

Although in Residencial Bosque Real you will find only one model of house, you can choose between two options the facade that you like the most. In addition, it is a very safe place because it has perimeter fences and controlled access to guarantee the tranquility of each of its inhabitants.

Its location is excellent because it is very close to various entertainment venues so you will always have something to do in Chetumal . The development is just 5 minutes from the Multiplaza shopping center and 15 minutes from Calderitas, a tourist center where you can rent a boat and take a ride to Tamalcab Island, home to spider monkeys, eagles, herons, coatis, among other species. of animals; If, on the other hand, you are one of those who like fishing or snorkeling, here you can also practice it.

Another advantage of buying a house in this development is that it accepts different forms of payment, one of them is the Infonavit credit ; If you are a beneficiary of this institution, the first thing you should do is calculate Infonavit points to know if you can already request your credit.

Read more : Quick guide to process Infonavit credit 

Once you know your Infonavit score , find out about the requirements, make sure that you meet all of them to start your process and gather the necessary documents as soon as possible to integrate your file.

La Herradura III

Just 5 minutes from Chetumal International Airport, is this development that offers, from $ 890,000 pesos, 6 different models of houses, all equipped with hidden electricity and cable services; you will only have to worry about planning your move.

This project is surrounded by important avenues from where it can be accessed by either of its two entrances; it is also close to schools, parks, hospitals and supermarkets.

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Read more:  Do you want to know why buying a house in Chetumal, Quintana Roo is a great investment?

Some of the  activities that you can do if you live in La Herradura III , is to visit the Museum of Mayan Culture and the Museum of the City of Chetumal, which you will arrive in 10 minutes to know what the Mayan world was like through environments, mockups of your everyday life and symbols; In the same way, you will be able to learn more about the foundation and history of Chetumal through objects, maps, diagrams and historical documents.

You will be close to the Belize free zone, a place that is characterized by the low costs found in clothing stores, electronics, shoes, accessories, cigarettes, perfumes, food and much more.

If you work in a federal agency, you probably have the right to process your Fovissste credit . To obtain it, you only have to register for the housing raffle at the housing delegation in Quintana Roo.

Marseille Residential

If you plan to buy your house with a bank loan , take advantage of the amounts and conditions that these financial institutions offer and look for your next home in this beautiful development.

It is a subdivision that offers houses from $ 1,150,000 pesos, since its dimensions are greater than previous developments. Each house has 107.79 m2 of construction distributed on two levels: on the ground floor are the separate living room and dining room, kitchen, guest bathroom and terrace; while on the upper floor are the two bedrooms and the bathroom. In addition, the houses have a growth area so that in the future, you can build an extra bedroom.

The only two accesses that Residencial Marsella has , provide the confidence to its inhabitants that they live in a quiet and safe place, it has a controlled access that prevents the entry of people outside the development.

Its location is excellent, it is surrounded by elementary, middle and high schools, hospitals, grocery stores and restaurants; In 5 minutes you will arrive at Plaza las Am?ricas and in 15 minutes you will be on Boulevard Bah?a where you will find the Renacimiento Park, the Sculptural Corridor of Boulevard Bah?a, the Lighthouse, the Acoustic Shell and other places of interest.

Read more: 10 things you will love about living in Chetumal, Quintana Roo

To get to Boulevard Bah?a, you will only have to take Avenida Insurgentes, one of the main roads of Chetumal, Quintana Roo and on which this residential is located. If you want to find something else to do in Chetumal , you can get away a bit and in 40 minutes you will arrive at Laguna Milagros, a family resort that has restaurants and activities such as boat rides and kayaks.

When you start looking for options for your next home, you will surely find many houses for sale in Chetumal that may seem attractive, however, it is best not to make hasty decisions and think in detail about what you want in this new stage of life. your life that you are about to begin. 

Remember to take into account the dimensions you require, the number of levels, the design, security and, above all, the location, as this will define how accessible it will be to get to your home and how much you can enjoy your free time; being close to various entertainment spaces, you will surely take advantage of every second to visit new places.

I invite you to prepare a budget so that you can decide which is the best mortgage loan for you, depending on your job, salary, expenses and payment possibilities, you can start your buying process soon, do not let more time pass!

Now that you know which are the best options to buy a house in Chetumal, do not hesitate to visit the developments and let yourself be conquered by the benefits that each of the house models has for you.

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How do Infonavit auctions of abandoned houses work?

Do you want to participate in the auction of abandoned houses of Infonavit ? Here we tell you what you need to know in order to participate. Take note! 

If you own or represent a legally constituted Mexican company that has financial capacity and experience in promoting or developing real estate, then Infonavit's abandoned house auction program is ideal for you or your organization. 

The houses that are auctioned are in different parts of the national territory. It is important that you know that Infonavit is the sole owner or owner of said properties, so there will be no problem with third parties seeking to claim ownership. 

In case you are interested in this type of investment, you have to know that the packages consist of between 10 and 200 houses, as well as that the reference value will be defined from a commercial appraisal , which will be carried out before the auction by valuation units authorized by the Institute. It is worth mentioning that legal entities can also participate in this scheme. 

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Next, we will share with you how the Infonavit auctions of abandoned houses work. 

What is the process to participate in the auction of abandoned houses of Infonavit ?

• Pre-register and know the documentation



• Check the dates of the call



• Sign up and comply with the participation bases



• Visit the auctioned houses



• Clarify your doubts with the institute



• Participate in the opening of offers



• Meet the winners



• Signing the contract 

Pre-register and know the documentation

It is essential that you know that the Infonavit auction of abandoned houses lasts approximately 7 business days, however, there are times when the process takes longer. 

The process begins with the pre-registration of the interested parties, who will have to gather and deliver the following documentation at Av. De las Culturas # 101, col. San Pablo Xalpa, Azcapotzalco mayor's office in Mexico City.

• Pre-registration request prepared by Infonavit.



• Testimony or certified copy of the Articles of Incorporation of the company.



• Testimony or certified copy of the Power of Attorney of the Legal Representative.



• Proof of the fiscal situation of the company before Infonavit.



• Valid official identification.



• Tax identification card (RFC).



• Recent proof of address.



• Bank statement.



• Curriculum of the interested company; in case of being recently incorporated, that of its main partners.



• Financial statements for the last fiscal year.



• Dun & Bradstreet Business Evaluation Report.



• Letter I protest.



• Confidentiality agreement.

If the aforementioned requirements are not met, an Infonavit executive will contact the interested party to deliver the missing documents to pre-registration.  

Check the dates of the call

The call is the most important element that you should consider in the auction of abandoned houses of Infonavit. This instrument will disclose the general conditions under which the house will be put up for sale and how the auction process will be carried out. For this reason, it is very important to know the date on which it will start, which you will be able to consult through the auction calendars published by the Institute on its website .

Register and acquire the participation bases

Once the pre-registration is done, the participants will be able to carry out the registration process for the auctions that interest them the most on their corresponding date. The address where they will have to be presented is the same one where they delivered the pre-registration documentation.  

When they are already registered, the interested parties must acquire the participation bases, which have a cost of 3,000 pesos and must be paid by certified check from the legal entity that will participate in the auction in favor of the Institute of the National Housing Fund for the Workers (Infonavit). Subsequently, you must send a copy of the check to the email: [email protected] . 

In the participation bases, each of the details of the auction and the location of the participating real estate are specified. A very important fact that you must bear in mind is that the bases cannot be shared with any other company, since they are an individual and essential requirement to continue with the process. 

Finally, you have to know that, as it is a recovery fee, no fiscal receipt will be issued for the cost of the participation bases. 

Visit the auctioned houses

As soon as you receive the participation rules, you can start visiting the houses recovered by Infonavit . The hearing is mandatory, so it is very important that you have enough time to attend. 

Clarify your doubts with the institute

In case of doubts, or if you are looking for some kind of clarification, it is necessary that you describe them through the email provided by the Institute. You have a deadline of up to 48 hours. It is important to send your doubts before celebrating the reception ceremony and the opening of auctions. 

Your questions will be answered by the same means within a maximum time of 24 hours before the Infonavit auction process for abandoned houses takes place . 

Participate in the opening of offers

The people who will participate must present themselves on the date, time and place indicated in the bases. Once all the offers are delivered, the envelopes will be opened to find out their content, they must contain:

• Offer to purchase on company letterhead with legible signature and must have the amount offered and the payment term (no more than 90 days). The envelope should be protected with transparent tape.



• Certified check as guarantee of seriousness issued from the participant's account. The amount will be 10% of the position value presented.

The offer must be for the total of the dwelling of the selected package (between 10 and 200 houses), since Infonavit does not consider partial offers. 

During this process, a methodology is used by the Infonavit Board of Directors to determine whether or not an offer is suitable for the Institute. This is evaluated with the indifference price and the net value of the auctioned property. 

Meet the winners

Once the results of the indifference price analysis and the evaluation are favorable to any of the participants, a ruling will be issued and the winner of said auction will be designated. In the event that the results of the indifference price analysis are not favorable for Infonavit, the corresponding minutes will state that the process is declared void.

On the same day the bids are received, the winners will be known, and when the opinion is issued, the checks for the rejected bids will be returned to the representatives of the participating companies. Only the check of the winning participant will remain in the custody of Infonavit.

Signing the contract 

When the ruling is issued, the contract will be signed between the Infonavit representative and the representative or legal representative of the winning participant. Subsequently, the winning company may begin to repair or promote the homes that were left at its disposal. 

Finally, they have a period of 90 calendar days to make the payment of the houses recovered by Infonavit . 

Now that you know how the Infonavit auctions for abandoned houses work, are you ready to start the process? 

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