Mortgage loans, an alternative to get a home
Mortgages are a direct tool to get them to access the thousands of offers that exist in the real estate market and today an opportunity seems to buy the land a home.
Current market conditions allow a family through financing to access credit, and the developers and institutions have a large sale of housing available and the stock is very important.
Faced with the situation of the price of housing
Faced with the situation of the price of housing and the need for banks to improve their balance, there is an impressive variety of villas for sale at very attractive prices, so there is something dynamic available, and an interesting opportunity to search for. a bank for financing to access a real estate for sale.
When it comes time to buy a villa through a mortgage, you will be signing a contract with a key feature that guarantees a good property.
Through this credit, the financial entity grants the customer a financing line for the purchase of an immovable property; Well, the client can mortgage his property with other fines.
Recalling that in both cases, if the customer does not meet the payment of the agreed amounts, the entity will foreclosure on the mortgage.
In some cases, credit may be granted for a sum that is not frozen beforehand, which varies in response to customer needs.
If each entity sets its own requirements, these are generally the communes:
- Count with a current, and in independent form the business.
- Edad: from 22 years old. If you have more than 50 years old, if your credit score exceeds 75 years, you must adjust it so that between the customer’s age and the payout result is the 75 years of age.
- Co-accredited: In case you have a spouse who can present substantial evidence, the amount of credit can be increased. Some entities include in this denomination to priests or hermanos.
Questiones to consider
- Benefits: Compare the benefits that different entities offer.
- Financing plans: Analyze the different plans according to their possibilities. The return plate can go from five to 30 years ago.
- TASA OF INTEREST: EVALUATING YOUR MONTH AND FINANCING. Currently the same ranged from 12.75 to 13.40 per cent.
- Expenses: sound of the elements to be reviewed On the one hand, the Effective Annual Tasa (TAE) – which is used to compare the different financial products – and the Total Annual Cost (CAT) – which consists of a mathematical formula which will result in the actual casiple cost in the plazo a year.
- Coupling: if you vary in relation to the bank, the minimum is 25 per cent and the maximum 45 per cent. The lower the amount of the loan, the greater the risk that the bank runs for granting credit, because the immovable value covers a lower percentage of credit.
Financing entities are required to purchase insurance to cover certain contingencies. Among them, the following stand out:
- Life Insurance: Your medical examination will be applied to mortgage applicants when the amount required exceeds one million pesos, in the event that it appears that some medical form must be completed with the application form. With this insurance, we seek to ensure that – in the event of invalidity the loss – the credit will be paid in all forms. The term of this insurance is independent of the lifetime you have credit.
- Damage insurance: serve to protect the construction and installation of immovable property by damage of various kinds, such as fires and meteorological phenomena, among others.
Generally, the former members are required by the financial entities to approve credit. But it also offers other types, such as being the Family and Private Liability Insurance – which protects the homeowners – and the Performance Insurance – which comes into force as a result of the loss of cause.
Finally, we can highlight among the benefits of this credit that is used by financial entities is smaller than that of other credits that do not have a real guarantee, but that the amounts and plazas are better than the rest of them. credits.
As far as the disadvantages are concerned, it is the value that goes up the expenses due to the intervention of a scribe and a deed of the mortgage must be made and inscribed in the Register of the Proprietor that it entails greater expenses.