When it comes to performing calculations of the costs involved in a mortgage, often you forget an essential factor: Q W hat commissions charged by banks in mortgage lending?
They are charged by all banks and are calculated
And it is not about smaller amounts. They are charged by all banks and are calculated, mostly, according to the price of the home purchased . Why do banks charge a mortgage with a commission?
What commissions do banks charge on mortgage loans in Mexico?
There are three universal commissions that by law you should consider when hiring a loan to buy a home:
- Commission for opening
- Commission for bank appraisal
- Commission for research expenses
What is each of them, and what is the amount you must pay?
It is the payment made by all banks for the procedures of opening the mortgage loan. Its amount varies from bank to bank, and the minimum allowable charge is 0.50% of the value of the home, and the maximum of 3% of the value of the home.
Commission for bank appraisal
What fees do banks charge in mortgage loans for calculating the price of a home? This is the commission for bank appraisal. By this essential process for the purchase and sale of a house, because at the end of it the commercial price of a house is obtained. Its cost varies from bank to bank, and is calculated on the final price of the property: it ranges from one peso per thousand to three per thousand.
Commission for research expenses
Banks check each and every one of the data and references provided in the applications and documents of the mortgage loan application. For this concept a cost is added to the final amount of the mortgage that goes from 500 to 1500 pesos, according to the bank.