Know the minimum time you have to pay a mortgage loan

When you want to buy a house, it is important that you know how a mortgage works and the minimum term allowed to pay it off. Here we tell you the characteristics of this loan so that you can do your calculations and choose the one that suits you best.
A mortgage loan is a loan that a financial, governmental or private entity, offers you so that you can buy a property in a period of between 5 to 30 years, with installments determined by your ability to pay, salary, down payment percentage and savings.
In organizations like Infonavit and Fovissste , you need to meet a series of important requirements to be a creditor of a mortgage loan. For example, having a permanent job, having made continuous contributions to your savings account, meeting the score and contribution semesters established by these organizations.
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The minimum time to pay a loan depends mainly on the amount of your installments, which are calculated according to your salary and savings. For example:
Minimum time to pay a mortgage loan according to your salary:
• Salary from $ 8,000 to $ 10,000 pesos
• Salary from $ 11,000 to $ 15,000 pesos
• Salary from $ 16,000 to $ 20,000 pesos
• Salary of more than $ 20,000 pesos
Salary from $ 8,000 to $ 10,000 pesos per month
In government institutions, having this amount of salary is not a disadvantage, since they offer payment plans and rates that adjust to the money that workers receive monthly.
However, upon receiving this monthly salary amount, the institutions will analyze an appropriate fee for your needs and will probably determine that the minimum term for you to finish paying off your mortgage is 20 to 30 years.
Salary from $ 11,000 to $ 15,000 pesos per month
A salary of this amount will allow you to negotiate more freely the time in which you must finish paying a loan. In Infonavit, despite its fixed fees, there are options to pay off the debt in a period of 15 to 20 years. Fovissste also gives you the opportunity to do it at a similar time.
Some banking institutions give you the option to pay off the credit within 20 years, setting monthly payments of more than $ 7,000 pesos.
Salary from $ 16,000 to $ 20,000 pesos per month
Generally, the time that those who receive a salary between $ 15,000 and $ 20,000 pesos a month have to pay a loan is a minimum of 10 years, a maximum of 15 years, depending on the timeliness of their contributions and the proof of their salary.
Infonavit and Fovissste handle terms of 15 years for this type of beneficiaries, with monthly installments of $ 8,000 pesos generally. On the other hand, banking institutions offer monthly payments of between $ 7,000 to $ 8,000 pesos to pay off the debt.
Salary of more than $ 20,000 pesos per month
By receiving an amount greater than $ 20,000 pesos per month, the mortgage credit options granted by commercial banks grow, without losing opportunities in public organizations such as Infonavit and Fovissste.
In some banks you could acquire a mortgage loan whose monthly payments are at least $ 15,000 pesos and you can pay your debt in 5 years.
Infonavit and Fovissste offer a period of 10 to 15 years to pay off the mortgage, however, you can advance your payments to reduce this time.
With this information, it will be easier for you to organize your finances when choosing a mortgage loan. Start your search now and take advantage of all the benefits that await you when owning a property.
Visit our mortgage loan guide to learn more about these loans and how to get the best one.