Mortgage loan

 

Mortgage loan

When applying for a mortgage loan to any financial institution, be it a bank or a private equity company, it is necessary to know what it is and the conditions with which it must comply, as well as to take into account what can and can not be done. do.

It is important to be informed about all the features offered by the mortgages before making any mortgage loan transaction because if done improperly it could lead to ruin.

The terms, interest and the fixed amount to pay are some of the most important things that you should be very informed of before signing any contract or form.

You should also know that there are many options in the financing market so you must ensure that you have the best option in the market.

What is the mortgage loan about?

The mortgage loan is a product offered by financial institutions with many different characteristics, but usually allow us to obtain a significant amount of money either for:

  • Buy a new house
  • Buy a car
  • Fix or rehabilitate a home

However, if you are interested in opting for a particular unsecured lender you should keep in mind what that means.

The owner of lod loans between individuals without mortgage guarantee,   must have a guarantee that the money will be returned, so you should normally have a property that will pass to the financial institution in case of default, so it is so important to take into account the deadlines and interests at the time of making this important economic decision.

Mortgage loan and its characteristics

The mortgage loan is linked to a book or current account in the operative state in the name of the borrower, that is, it must have an open account where the requested loan will be directed and the monthly installments will be charged in the same way.

Your mode may also vary depending on the form that best suits your needs. In addition, it is important to know that banks offer only 80% of the value of the property offered as insurance.

The monthly installment of the mortgage loan is made up of the part of the money you are repaying plus the interest expenses on which it depends:

  • The amount of the capital that I request
  • The interest rate
  • The term
  • The modality

Requirements to opt for a mortgage loan

Normally, the bank or financial institution will first carry out a study of your case to determine whether or not your mortgage loan application is feasible, to determine your capacity and viability, for this reason you will be required to have documents that include:

  • ID card / passport or residence card
  • Your last income statement
  • Your last two payrolls
  • Copy of the work contract
  • Housing appraisal report
  • The latest VAT declaration
  • Registration check
  • List of your assets at the time of applying for the mortgage loan

In this way the bank can study your case thoroughly, of course, before looking at the database of delinquent lists to know if you have a default and this could deny your mortgage loan application.