Long-term loan to buy a home, with the property itself as collateral. In Mexico terms run 5 to 30 years. Private banks charge between 9.5% and 12% on a fixed rate; Infonavit charges less but requires accumulated weeks of contributions. Half a percentage point over 20 years can swing the total interest by 300,000 pesos.
In Mexico you weigh three routes: pure bank credit (BBVA, Banorte, Santander, HSBC at 11% to 13% CAT), Infonavit if you contribute, and the combined Cofinavit and Apoyo Infonavit schemes. The typical term runs 15 to 20 years and the minimum down payment is usually 10% to 20% of the value.
A detail that shifts the decision: nearly all bank mortgages are fixed-rate in pesos, so a TIIE hike won't move your payment. Before signing, compare the CAT — not the rate — because the mandatory life and property insurance weigh in and vary widely between banks. On a 2-million loan, half a CAT point is hundreds of thousands of pesos over 20 years.