As an option I can mortgage my house to obtain a loan, but before going through difficulties, the destiny of the money must be analyzed. This is due to the different applications that can be used. There are to cover other debts, as to make investments that offer good profits as an opportunity.
First of all, it is best to avoid the least risk of loss of the guarantee. For this it is necessary to bear in mind that the term of a loan with mortgage guarantee is long. Therefore, financial stability must be kept in mind to cover the fees during this time.
Considerations to mortgage my house and get a loan
- As mentioned above, you must have a good capacity to pay, to be able to assume the monthly payments of the debt.
- You must have a good financial organization, separating the other expenses and if it is the case to have a savings as support.
- Be clear about the conditions of the loan: term, interest, insurance and other variables that affect the amount to be paid monthly.
- When it is obtained to cover other debts, it is necessary to make a previous analysis to know the benefits when acquiring the new loan.
Requirements to obtain a mortgage loan
- The first is to make a formal request to the bank. Keep in mind that loans are granted for people between 18 and 64 years of age.
- Follow the evaluation carried out by the bank. You must verify that you have fixed income, in order to support the monthly payments up to the last of the debt. The entity verifies the credit history and the indebtedness that it has to date.
- In this step it is important to show that you have the ability to pay according to the monthly income. Since, the quota should not exceed 30% of them; and by means of a certification present the seniority.
- Submit the title deed that is issued by the Public Registry of Property and Commerce
- Taxes paid by the owner.
In the end, the financial institution will report the result of the mortgage loan analysis, through the amount approved according to its conditions. But not to mention that the one who makes the last decision is the client. That, according to your needs and benefits, celebrate or not! The contract with the bank.