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What lends itself is known as loan . The act of lending consists in delivering something to a person, with the condition that the person returns it within an agreed period and respecting certain requirements. Mortgage , meanwhile, is something linked to a mortgage (the right that applies to a property so that it serves as a guarantee of payment of certain debt).

A mortgage loan Therefore, it is the one that appeals to a mortgage to guarantee compliance with the obligation. It's about a bank loan in which the person who comes to request money (the borrower ) puts a real estate as collateral: if it does not fulfill its payment obligation, in this way, the bank can execute the mortgage and keep the home.

The mortgage loan allows access to a significant amount of money , since property values ​​are high. This means that if a person mortgages a house of their property that is valued at $ 50,000 , you can receive such money as a loan. If you return the money with the corresponding interest within the agreed period, your home will no longer be mortgaged and the subject may dispose of it again without any lock.

In case the bank decides to execute the guarantee for non-payment, it is usual to call a judicial auction to proceed with the sale of the property under guarantee. The money raised with the auction will be held by the Bank in order to cover the debt that the person did not pay.

Besides of risk that the mortgage loan entails, since real estate property is at stake, it is important to highlight its complexity at a technical level, since it combines certain legal and financial aspects that not everyone has the tools to understand. For that reason it is vital to carefully plan each step before embarking on the application.

Once the interested party has identified the conditions they expect to find in the mortgage loan according to their personal needs, the most advisable thing is to make a comparison of the financial institutions available. As this is a considerable amount, even the smallest percentage differences can lead to significant savings. Among the highlights to take into account when choosing an entity, are the repayment term , he type of interest , the commissions and any other expenditure associated with the operation.

After applying for a mortgage loan, the financial institution needs to carry out the study of viability of the operation, for which it asks the client (who receives the name of borrower ) a series of certain documents.

The appraisal of the real estate property that will be used as collateral is one of the fundamental points of the mortgage loan, since from the value The entity may determine the maximum amount that it is willing to offer to the client. The professionals of the Authorized Appraisal Companies are responsible for defining the value of the home, and for this they must take into account factors such as: their age, location, characteristics (dimensions, qualities, orientation, number of floors, amenities, state of conservation, etc.), their legal status of occupation and their registration identification.

When the mortgage has been formally requested, the financial institution must give the borrower a document called Binding offer , in which are all the details concerning the writing of the mortgage loan, such as the clauses that have been negotiated between both parties and those that have not. The mortgage entails the payment of a tax, which usually has a maximum payment term of 30 business days from the signature.

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