THE BEST TIME TO CONTRACT YOUR MORTGAGE LOAN.

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We have good news! In this year and the next, you have the possibility of paying less for your mortgage credit. This is due to a downward trend in the interest rate issued by the Bank of Mexico (Banxico).

On September 26, the Board of Governors of Banxico reduced the overnight interbank interest rate by 25 basis points, to place it at 7.75%, mainly thanks to the decrease in general inflation.

The decrease in the interest rate by Banco de México implies a decrease in the interest rates that people pay in consumer or mortgage loans. In that sense, it is a good time to take out credit to buy a house.

This was reaffirmed by the executive of Santander, Santiago Artigues, by presenting a mortgage loan with a fixed interest rate of 7.99%, (very close to the Banxico rate), which “represents the lowest level in a mortgage rate in more 15 years in the banking market “.

“This rate is unprecedented since there are fixed rates for mortgages, after the 1995 crisis, and for the first time breaks the barrier of 8 percent in mortgage credit, notably improving the current average fixed rate of 10.40 percent. ”, Said the same manager.

Why are interest rates so important on a loan?

Interest rates are key to determining the final cost of a loan, although it is also important to know other commissions. However, lowering interest rates by just one percentage point makes a big difference.

For example, for a loan to buy a house of one million pesos for 15 years, with an interest rate of 7.99%, in the end you will pay $ 2,016,721.30.

Under the same conditions, with an interest rate of 8.99% (one percent difference), you will pay $ 2,111,648.30, that is, you would pay around 95 thousand pesos more for the same credit. Now, calculate the difference in credits with a rate of up to 12%, you would pay more than 300 thousand pesos.

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