You have surely heard that debts with Infonavit can grow like snowballs or you know someone who is unfortunately living this experience.

To understand the full picture, we need to first know the reason why an Infonavit mortgage loan increases year after year and we take into account that in Mexico there are 3 million 725 thousand 334 Infonavit loans denominated in times minimum wages (VSM).

In this type of financing, the total debt and the monthly payment of the borrowers increases with the adjustment of the minimum salary or the Unit of Measurement and Update (UMA) - depending on which is less - and this increase takes place every first of January.

This has happened since 2016, when the decree to deindex the minimum wage was published, ”explained Fernando Soto Hay, director of Tu Hipoteca Fácil, in an interview for Forbes Mexico.

Since then, the UMA is the economic reference unit that is used to update the value of, among other things, payment of obligations, such as fines, surcharges, and it is also used to update the value of mortgage loans denominated in VSM.

See also: More than 3,000 loans for housing delivered by the CDMX Government

This does not happen with loans in pesos and a fixed rate, in that case from the beginning it is known how much you will pay during the entire life of the loan and the monthly payment will be fixed.

Let's see with an example how this of the UMA ends in additional costs that few beneficiaries had contemplated at the time of exercising their home loan.

As of the first day of 2022, the minimum wage had an increase of 22% with respect to its value in 2021. On the other hand, the variation of the Unit of Measurement and Update was 7.36% compared to 2021. Its new value (daily ) recently announced is $ 96.22 pesos and will take effect from February 1, 2022.

Thus, between both values, 7.36% increase to the UMA and 22% to the minimum wage, the one with the lowest value is used, that is, 7.36%, so the latter will be applied as an increase.

Imagine your Infonavit credit was granted in times of minimum wages (VSM), and until December 31, 2021 your debt was one million pesos.

Automatically, on February 1, 2022, your debt will rise 7.36% more, so that as of this year your debt increased to one million 73 thousand 600 pesos. To this we will have to add

the automatic increase of 2023, 2024 and so on until covering the 10, 20 or even 30 years of the life of your mortgage loan in VSM!

Of interest: Do you qualify for an Infonavit loan? Check out how the evaluation is

To prevent the debt from continuing to grow, the ideal is to change your credit from VSM to pesos, which you can manage directly with a bank that can assess whether restructuring is an alternative for you.

If yes, Infonavit or Fovissste will accept the payment of the current loan that the bank will make and you will be left with a new mortgage in much better financial conditions for you, that is, in pesos, fixed rate and preferably 15 years..

The requirement to replace your Infonavit credit to pesos is that you are up to date with all your payments and do not have a delay in the last 12 months. The bank will be in charge of reviewing your Credit Bureau to verify that you are subject to credit and, in certain cases, you will have to verify income.

The process will take about 30 days and the expenses derived from this are marginal, since unlike when buying the house or apartment, in this case no taxes are paid and the notary's fees are much lower.

In Solili you can check available departments in Doctores, Obrera and Centro

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