By looking for a way to obtain liquidity, you can learn how to mortgage a house and apply for a loan according to your needs and ability to pay.
This option seeks that you can have liquid money to be used in any type of personal project. When mortgaging a house free of lien, the bank allows you to obtain the capital invested in it and use the money according to your personal preference, unlike mortgage loans in which it is necessary to allocate the money for the purchase of real estate specific.
This type of financial scheme allows you to use your property to seek profitability. However, as in all credits, you must choose the appropriate option that suits your needs, as well as be clear about the destination of that money and the ability to return it.
How do you mortgage a house?
First of all, you must be clear that using the money from a mortgage loan, for some purpose that does not add financial value is to unnecessarily risk your assets. In addition, you must consider that the terms in which the agreements are established are long so, if it is not invested correctly, it becomes a risk.
If you have already decided to obtain a loan and do not know how to mortgage a house , you should know the steps that are required:
Just like when you want to buy a house, the first step will always be to make the formal application. In that sense, it can be done directly at a bank branch or online. In both cases, the institution will request that some data be provided.
According to the information you provide to the bank, a study will be carried out in which the credit history, the rating in the bureau, the monthly income will be reviewed and, above all, the amount they can lend you according to the cost of the house will be evaluated. .
Once the calculations have been made, they will inform you of the total detail of the loan that is being requested, which includes the total amount and duration of the loan, the monthly payments to which the interest and insurance included will be added, as well as the CAT and the interest rate .
If you decide that this deal satisfies you, the following will be the conclusion of the contract and the delivery of the deeds to the bank. While the deal is in force, the institution will have possession of these documents and will return them once the agreement is concluded.
Remember to always check the conditions, commissions and penalties of the agreement as it is possible that you will incur expenses not considered if you are not aware of all that information.