Financing for houses in construction
The current economy forces us to establish financing methods for house that generally have to do with the request of loans, credit and mortgages, since it is very difficult to be able to obtain a proper house with the means which we have. In this sense we must say that the mortgages that serve for the financing of a house in construction are delivered usually in a partial way, and according to the way in which it passes the work can be realized also in bonds on account of the holder since as it advances the construction the value of the property is increasing. Thus the owner can face his financing for house, facing to the periodic expenses that the autopromotion of the same one implies, or, the buy of the area, the schedules of those that there arranges the in charge architect, the contract regarding the construction, the urban licenses that are needed, the writing, etc.
In this case we must clarify that a bank will never realize the direct payment of the mortgage to a managerial entity that devotes itself to the construction.  To carry the corresponding payments out, the holder in charge of the financing order for house by means of a mortgage, he will be the manager of authorizing this payment as the clauses established in the contract with the bank, who is destined to take care of his interests opposite to the possible nonperformances that could go so far as to happen on the part of the constructor. Other one of the characteristics that possesses the financing for house in construction by means of mortgage there are the famous products of lack that lenders offer the banks and the entities.
Likewise delivery of the money is done as one begins to carry the work out, only there subscribe the interests that correspond to the given money. Across this financing system for house during his construction only the expenses of the interests are paid. As soon as the lack period was finished, there will proceed to begin the monthly amortization of the whole corresponding capital, as if it will be a question of a traditional mortgage. A possibility that exists is that the value of the area is not the sufficient one as to gain access to a financing loan for house, therefore in most of the times in which this disadvantage appears, to gain access to the loan they go to demand more guarantees that should proceed like guarantees of the loan, up to even the entity lender can request a mortgage on some property that is addressed to the holder. In these cases there are not included the quotas of amortization of the loan, also this type of mortgages must be able to be hired by all the financial forms that are in the bought lender, be already this to variable, fixed or mixed type.
Conditions and requisites in the financing for houses
 It is important that like any loan, the financing for a house to be constructed must expire with certain requisites as for request, which are very important to bear in mind, for example, the principal one of these requisites is that the person who appears as starter of the financing for house must possess an area that has the characteristic of being urbanizable, therefore it will have to present the writing of the plot that will be an object of the building and the corresponding and updated note of the property docket; also it is necessary to do delivery of the project of work that must include some memory detailed as for the qualities of the construction.
I project this one mentioned it must be acquired on behalf of the architect and of course, it is necessary that he is endorsed by the architects' school corresponding to the area of the construction. In addition to this work project, it is necessary to present to the entity that was granting us the financing for house a technical budget corresponding to the company of construction that will carry out the work. The same one can be formed by a series of partial budgets, as those of civil work, those of plumbing and systems of electricity, etc.
The license of work that was granted by the municipality or town hall also must be included between these documents since it is fundamental to obtain the financing for house. In addition to all these so necessary documents, the papers of general character corresponding to a loan, also it must be included, and an important detail that we cannot spend for high is that if the holder of the request of financing for house is married, and in case the above mentioned constituya financing on the property would domicile habitually of the family, the assent of both spouses is necessary.
Always remember that the commissions of opening and cancellation are usually much more raised in this type of financing for house than in the common mortgages, since in this sense it is needed many other expenses of papers and procedure. |
