What is a mortgage credit?
A mortgage is basically a plan to facilitate the securing of a proper housing based on the hiring of a mortgage credit.
At present, and due to the inflation that takes place every day on the real estate market, to resort on a mortgage credit is the first option of the whole world. One of the principal characteristics that possesses the same sound the plans of payments which interests are usually very low (2 %) and by installments that can go from the 8 up to 25 years depending on the company or financial bank lender. There are great the options that appear before us at the time of requesting a mortgage credit, since the financiers and the banks lenders offer us different types of mortgages; for example, one that turns out to be very popular, although nothing advisable, in these days there are the mortgages with his base in the mortgage credit named bridge.
 As well we have revised in other articles about our place, the mortgage bridge is based in requesting a mortgage credit for the buy of a new housing or, for the buy of an area in which the above mentioned housing will be constructed, offering like guarantee the entire money of the sale of the housing in which it is inhabited at present. Generally the companies that offer this type of mortgage credit usually give period of up to 2 years for the sale of the current housing, but the same one is not granted at the moment of the sale but the request of the mortgage is granted immediately after approved.
These mortgage credits usually cover a value of the new house equivalent to the value of the old house (with the included interests) what means that if, for example, the current housing in which we reside has a current value of approximately 50.000 dollars and the house that we want to buy requesting this mortgage costs 70.000 dollars, the alone mortgage credit will cover this number therefore 10.000 remaining ones will have to be paid for our own means. In case the sale of the current housing could not materialize in the dear term, of that time the new housing will happen to be a property of the financial company that granted us this mortgage credit that logically was forcing us to expire with the buy of the new property, and in these cases it is possible only to resort to a mortgage refinancing. These are the reasons for which, to realize a request of mortgage credit of the type bridge is not advisable, since the sale of a property is anything that we cannot control and certainly it is a luck question, for it we recommend to him if it is not sure of the sale of the house, then to choose for another type of mortgage credit.
Plans of mortgage credits
 Generally a mortgage credit, like any financial service, needs of a guarantee, and in those cases in which, a mortgage is requested to gain access to a housing without being able to offer like guarantee another building, then it will be the same who was appearing as guarantee in the contract of the mortgage credit. In these cases, and because most of the persons who request this type of mortgages have no experience in the real estate buying and selling, the plans that offer the financial institutions and the banks are usually more that suitable, and it is in these situations in which the interest of the above mentioned credits they usually do not go any more above of 2 % with period of up to 25 years, as well we said at the beginning of our article, providing us this way, a facility of payment of the very suitable mortgage. Since well it is known, but there is not the others to mention it again, the consequence for stopping paying this type of mortgage credit, be already for impossibility or simple slowness, it is a question of the auction of the property, without mentioning a very big spot in the credit records of the individual.
Really here where we must notice the payments planning for a mortgage, or for any other type of credit it is fundamental, since this way we will be able to avoid these problems. Remember whenever at the time of requesting a mortgage credit, the calculation that it must realize to be able to achieve an efficient planning of the payments corresponding to the mortgage, it is that every quota of the same one, it must represent as maximum 30 % of his salary, if we refer to a general employee salary; in case this is not the situation, and of that you perceive an executive's salary, debit of that time to administer it so that the payment of the monthly quotas corresponding to the mortgage does not affect his general monthly expenses, what means that the percentage of monthly money that is not used to cover the basic needs, must be the percentage destined to be able to pay the refund of the mortgage credit requested for the acquisition of a proper housing. |
