One of those points to take into account, in addition to the term and monthly payments, is the total annual cost (CAT), the cost of financing that is made up of the costs and expenses that come with a loan, such as commissions, interest rate, bonuses, penalties, mandatory insurance and expenses derived from other financial services.
In Infonavit, the amount to be loaned and the interest rate depend on the worker’s income. In the case of the total annual cost, this ranges from 3.1% to 13.1%, the institute reported in a statement.
While the CAT of bank loans ranges from 10.9% to 28.2%, the institute added.
The institute’s CAT has remained low due to: that the interest rate has remained between 3.09% and 10.45%, historically low levels, despite the increase in the reference interest rate of Banco de México (Banxico), as well as because lower-income workers are exempt from charges associated with financing, such as the administration commission.
Among the main recommendations is to look for an institution that grants a fixed interest rate and that there are no penalties for payments or early settlement.
Regardless of whether you go with Infonavit or with a bank, you must have at least one year of seniority in your job, this to demonstrate that you have a stable income to assume the debt, saystrabajocasa.com.