With the entry of 2022 and a gradual adjustment of the world economy, aspects that refer to how the new mortgage loans will be and how interest rates will be readjusted must be studied, since the changes will be notorious and will affect the development of the Mexican economy.
2021 surprised those who got involved in the real estate sector, as mortgage interest rates reached an all-time low. This fact allowed the economic mobility that depends on this market not only to remain afloat, but also to show a notable increase, in contrast to the crisis prevailing in other economic sectors.
One of the reasons why private and government banking institutions chose to reduce their costs is, precisely, that they sought to generate a response to the crisis that was approaching. In this way, a balance was created between the reduction in income of some families and their possibility of buying a property.
Given the great accessibility and attractive offer of low interest rates, applications for granting loans and, consequently, the purchase of more real estate, made the real estate market grow up to 5%. However, this fact does not define what the new mortgage loans will be like, nor how the interest or other aspects of the credit will work. 2022 is shaping up to be a year of significant changes and a gradual return to the numbers that had been assumed as normal, in addition to presenting different types of credits, which will help stabilization.
What will the new mortgage loans 2022 be like in 2022?
Choosing a mortgage loan as financing in 2022 is a decision that must be made with caution and being informed of all the alternatives that are already available and what are the ones that will be proposed in the new year. Specifically, it is usually the institutions that belong to the government that launch new proposals for mortgage loans, to adapt to the needs that the population presents and its ability to pay.
Private financial institutions choose to restructure their mortgage plan, offering the same products but with new components. Even if they do not renew their mortgage credit programs, it is necessary to review what the adjustments will be and how they will affect the final amount that must be paid to ensure the possibility of access to financing.
Although Fovissste, one of the main institutions for granting loans for home purchases, did not propose a new form of credit in 2022, the numbers of applicants and, therefore, the number of loans granted, are expected to be significantly higher. higher than in past years. Estimates indicate that there will be an allocation of credits of almost 59 thousand by the end of next year, which represents just over 39 billion pesos and an increase of 4% compared to last year.
Infonavit, on the other hand, which is the institution that provides the most mortgage loans 2022 for Social Security coverage, announced that its credit portfolio will be expanded with five new products in its offer. These extend to the acquisition of land, the improvement of properties and also to reorganize existing credits.
One of these new credits contemplates the possibility of financing a piece of land for residential land use, and being able to complement it with an additional loan to start the construction of the house. Second, with the refinement of loans, it is expected that the borrower can access a second loan, even when paying the first, to improve the home that was purchased.
The following line of credits includes the possibility of self-producing a home, that is, building it by oneself, paying the liabilities that have been generated with Infonavit or with any other institution, and granting loans to expand, repair or improve a living place. This new product is one of the efforts to reduce the housing deficit.
The latter, specifically, is a credit modality whose objective is to provide a better quality of life to the sector of the population that requires special housing in order to fully develop. In addition to financing the purchase of materials, it can also include expert advice on the subject.
Although it is true that in the first months of 2022 not all the loan modalities that can be found will be updated, it is a good time so that, with the information available, a projection is made of what the new mortgage loans will be like in 2022. These , from a first perspective, they will respond to the growing need of the population to readjust to the global panorama and the new normality.
How will mortgage interest rates behave in 2022?
Much has been said that interest rates for mortgage loans in 2021 reached a historical low in order to benefit the Mexican economy and mobilize the real estate market. However, this period precedes the moment in which the rates will begin to regularize to the values prior to the health and economic crisis, which has been weighted for just over two years.
Inflation is one of the issues that most worries Mexicans, due to its inevitable relationship with interest rate hikes around the world. Expert estimates on the subject of real estate say that, for this year, the price of real estate could rise up to 3.6%. Therefore, it is expected that interest rates will have an adjustment that corresponds to the new value of the real estate sector.
After a minimum mortgage interest of 9%, it is projected that for the first quarter of 2022, the interest rate, at least in private banking institutions, will reach 11%. However, it has been declared that it should not be a cause for concern despite the context of recession.
Although it is known what the new mortgage loans 2022 will be like and the readjustment of aspects such as interest rates, it is expected that during the year these will also have variations regarding how the world economy moves and consequently financial actions.
Making a decision regarding financing for the purchase of a property must have an analysis process behind it. For this, we invite you to consult what are the mortgage loans that have the lowest interest rateregardless of restructuring and thus consider access to suitable options.