6 things you should know if you take out a loan and leave your home as collateral

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MEXICO CITY.- There is a type of financing offered by financial institutions where the guarantee is a property, which is granted to natural persons.

Usually The loan can be between 50% and 70% of the value of the property to whom it can prove ownership., as long as it is fully paid and free of lien, in addition to having economic capacity for repayment.

THE MOST FREQUENT DOUBTS

José Ángel Borbolla, director of Cybergestion by BC, solves some of the most frequent doubts about the subject:

1.-IF I APPLY FOR THIS CREDIT, WOULD I BE LOSING THE PROPERTY OF MY HOUSE?

No, as in a mortgage loan, the property remains as collateral, but you are still the owner. Legally, it is different to pawn a good, because in this case the possession of the good is transmitted to the financial institution that grants the credit.

2.- IS THERE THE POSSIBILITY OF LOSING MY HOUSE IN A CREDIT OF THIS TYPE?

As with a mortgage loan, the property serves as collateral for the credit, in case of default of payment the banking institution can sue the debtor to pay and, in extreme case, the property can be awarded to the credit institution. That is why you must be realistic about how much to pay.

3.- IS IT RECOMMENDED TO USE A CREDIT OF THIS TYPE TO SET UP A BUSINESS?

It is not recommended to apply for a loan with a home room guarantee to start a business, since when starting a business the uncertainty is high, therefore, the property could be lost, not linked to the business, which was given as guarantee, on the other side could be considered as working capital in ongoing businesses. A credit to SMEs is better.

4.- IS IT CONVENIENT TO USE THE LIQUIDITY CREDIT FOR REMODELING OF THE PROPERTY?

There are in the market credits created specifically to remodel your house or apartment, since this is a credit that you can request even if you currently have a mortgage loan contracted, in this case you can choose to increase the term or the amount of the monthly payment.

5.- WHAT ARE THE REQUIREMENTS TO OBTAIN A LIQUIDITY CREDIT?

Although they depend on each financial institution, the requirements in general are:

  • Owning the property.
  • That is free of levies or taxes.
  • That the property has commercial value.
  • Have a good credit history.
  • Economic solvency to pay the monthly payments.

6.- WHAT KIND OF DEADLINES DO THESE CREDITS OFFER?

As they are loans with real estate guarantee they are medium and long term credits. It is advisable to analyze if it is possible to give advance payments without penalty.

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