In recent months, as a result of the coronavirus pandemic, it is known that the Mexican economy had serious problems and one of them could be seen in the credit sector. Many of them were given to a lesser extent without a doubt, but there was one that remained and that grew at many times: financing for housing. In fact, the higher granting of these made the impact felt less in the financial sector, compared to others that were abruptly reduced.

In order that there may be a greater incentive in mortgage loan applications, interest rates were established that were really very low, in some cases reaching historic lows, which was very attractive for thousands of Mexican families. In the country, it could be seen that mortgages in general had an expansion of at least 4.2 percent, taking as a reference year-on-year percentages, calculated until March 2021.

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According to the Association of Banks of Mexico (ABM), financial institutions granted in the last calendar year, approximately 10,300 mortgages.

Thus, today, according to statistical figures, mortgage loans in Mexico were ranked second in number of applications, which marks a very good long-term projection for the entire financial system.

Tenth of Total Financing: Future Expectations

If the financing granted for both new and used homes is analyzed, it can be seen that the money borrowed was reached, one tenth of the total lent by commercial banks, something very important also if it is analyzed from the investment point of view , the generation of jobs, among other factors. As of March of this year, at least 7.6 trillion pesos had been issued, always according to data provided by the Bank of Mexico.

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At the moment, it can be seen that home and personal loans remain at high percentages, but they are the first where they are expected to continue rising. This is because, mainly the banks, hope that they can continue to offer reduced rates in the coming months. Regarding that point, it should not be overlooked that, in the last days of 2020, the rate for mortgage loans had floors of 9.93 percent, something that surprised many.

Amount of credits: amazement of many

According to information provided by the Mexican Bank Association (ABM), banks on average granted in the last calendar year, approximately 10,300 mortgages. But of course, there were certain months where many banking entrepreneurs were surprised, because in December 2020 about 16 thousand mortgages were placed throughout the country, a figure that is considered historic.

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