Although in Mexico almost nobody asks for credit in a municipal, popular savings or cooperative fund, it is possible to change it to a bank. Changing a mortgage loan from a popular savings or cooperative bank to a bank to lower the rate and save money may be possible. Each case deserves its study.
Do you have a mortgage loan with a cashier or a cooperative and did you realize that the interest rate is high?
Most likely, you want to improve your credit business by looking to lower the rate to save a lot of money . That is, of course, an appropriate way to see the business of replacing your mortgage credit: be aware of changes in interest rates to see the possibility of making a transfer or purchase of mortgage debt .
But it is not the only way to understand a good business. Let’s see.
The savings banks, cooperatives and financial
In the Mexican financial system, the vast majority of mortgage loans are granted by banks. Municipal and rural savings banks, credit unions and financial companies, so important in our economy, lend rarely for home purchases.
The reason is simple.
These entities lend at higher rates and have more expensive commissions than banks. It seems that it is not a good business to acquire a mortgage loan with them. However, it can be: the boxes, for example, are quick to approve, assume high risks, and request fewer documents to approve applications. If you have a good business at hand and little credit capacity, savings banks, credit unions and financial companies are a good option.
Some things for others. A good investment, receiving credit approval without much paperwork has a cost.
The next question is,
Why are savings banks and cooperatives more expensive?
You can give that luxury. The law allows them.
The law establishes all the procedures that regulate financial activity: who can lend and receive money, who regulates interest rates, who monitors or how are the control reports of banks and financial institutions.
In Mexico there are more than 600 Cooperative Savings and Loan Societies (SOCAP) between authorized and unauthorized; From them we hear that some appear or disappear, merge or absorb them, are regulated or are not, expand or break, etc .; However, despite the fact that the savings and credit sector is 62 years old in our country, it has not been until the last 15 years that it has grown and made itself known in an important way.
According to recent data, 44% of adults in our country are users of informal savings and 34% of informal credit, being the first options the
Savings at home and borrow between family members
Respectively. Although savings banks continue to appear as a secondary savings and credit option among Mexicans, it is a sector that due to its characteristics is destined to grow in the coming years.
It must be made clear that in our country the denominations: savings and loan cooperative, savings and credit cooperative, savings and popular savings banks refer to the same economic-social model, where people who do not have direct access to Another type of financial institutions, seeks to solve their needs for savings and credit services, through a company that jointly creates the people themselves.
In this way, a savings and loan cooperative is a jointly-owned social enterprise, which seeks to provide savings and credit services among the same partners. People who approach a cooperative or savings bank seek to meet needs they have not been able to, under the conditions offered by the traditional market.