Buying your own home is the goal of many people in 2023. To achieve this, a good alternative is to resort to a mortgage loan.
Therefore, today we are going to analyze what a credit of this type is and when we can opt for it.
What do we call Mortgage Credit?
Un mortgage credit or a mortgage is a loan of money for the purchase of a property. These types of financial products involve payment of the amount of money borrowed plus the corresponding interest through periodic payments. And the same property serves as credit guarantee.
5 conditions to consider in a mortgage loan:
- As we have already said, the credit payment guarantee is fixed with the same property. This carries the risk that if the monthly payments are not made, the financial institution can recover the money it lent by "collecting" the house to sell it in a subsequent auction process.
- At the end of the credit payment term, a lien release letter is processed. This document serves to ratify that money is no longer owed and that the house is no longer mortgaged.
- They are medium and long-term loans, with payment plans that go up to 30 years. The credit payment is made monthly in installments that include interest and a contribution to the amount that was initially lent.
- The purchase of a property through a mortgage loan associated some expenses of experts, notaries and property registration, for example, that must be considered.
Mortgage loans in Coopealianza
In short, a mortgage loan It is when a contract is established through which Coopealianza, as a financial institution, lends you an amount of money for the acquisition of a property, during a set period. And that same property serves as collateral.
In other words, a mortgage loan is the amount of money that we would grant you to, for example, buy a home, assuming the guaranteed obligation so that, in the event of non-payment, the guarantee of repayment of the loan would be the property itself.
In this way, it is the same property that provides the interested party with the opportunity to obtain credit and that which supports the financial institution.
Some advantages are that the house can be occupied almost immediately and that the amortization and interest payments are an investment, instead of what it would mean to take out an amount of money each month just for the rent of a house.
If you are thinking of buying a new house, contact us immediately to assess whether a mortgage loan is the solution you need.