Latest Mortgage Rates

Latest Mortgage Rates

AHP

Are you thinking of buying a house but do not have enough? One of the options that you can contemplate is mortgage loans . In the next column we will explain everything about mortgage loans and some tips for choosing the best mortgage credit .

What is a mortgage? Tips to choose the best
What is a mortgage?
A mortgage loan is a loan granted by a financial institution for the acquisition of a property remaining as a guarantee to the property itself, whether the house, apartment or land. So the acquired property happens to be mortgaged. Therefore, mortgage credit is also known as mortgage-backed credit. Discover now: What are the best mortgage loans?

This does not mean that the bank keeps the new house or apartment, on the contrary. The one that buys and is paying, lives in it while paying punctually, month to month, to the financial institution that granted you the loan and when you finish paying the loan, and your corresponding interests, house, apartment or land will be freed from In other words, you will be free of liens.

Tips to choose mortgage credit: it is very important to choose the mortgage loan that best suits your needs, that is, the credit that allows you to acquire or build the house or apartment that your family needs that also fits your monthly payment capacity.
The mortgage loan is the tool that allows you, in the short term, to make you a new or used house or apartment, from your own land or to build on your land the house of your dreams, but for this to be a dream, It is important that at the time of acquiring the credit, you consult that financial institution offers you the best option, in interest, terms and … that really suits your payment possibilities, not only today, but tomorrow ….
What are the main requirements to apply for a mortgage?
The main requirements to apply for a mortgage or a mortgage are:

Savings: banks do not lend 100% of the value of the house or apartment, so it is advisable to have something saved for the foot and paperwork; It is not advisable to ask for a second loan for it, because then you will face the need to assume two debts.
Good credit history: good management of credit cards, personal loans, consumption, is reflected in your history. If you do not have credit history, do not worry, there are banks that despite this, they consider you to grant you a mortgage, the important thing is not to have black spots, to be in Dicom or to be delinquent debtor …
Proof of income: this way you will demonstrate your ability to pay, if you are an employee you will show it through your salary settlements; If you work on your own, you can demonstrate it by submitting fee slips, bank statements or annual tax returns. It is possible to supplement income with the family group.
In mortgages, it is only compulsory to take out insurance for seismic and fire insurance. The other insurances are voluntary.
Tips for choosing mortgage credit
National Consumer Service (Sernac) released a study, which analyzed the differences that exist in the final value that Chileans end up paying for mortgage loans in the different banking and financial entities of the country. The inquiry considered 44 banks, compensation funds, credit and savings cooperatives, and mortgage servicers in the country (see listing here). They evaluated how much a client finally pays, by requesting a mortgage loan of 1,500 UF (around $ 37 million) to 20 years terms, which covers 75% of the value of a property of 2000 UF.
The main conclusion is that there is a difference of up to 23% in the total cost of the same mortgage credit between the different institutions, that is, clients could save up to $ 11,900,000 depending on the entity where they request the loan.

A consumer, in this case, could end up paying between 2,043 UF and 2,519 UF That is to say, almost 12 million pesos of difference between the total cost of the cheapest credit and the most expensive “, indicated the Sernac.
Also, it was established that there are “up to 77% differences in the CAE, and up to 225% in the cost of seismic fire and seismic insurance, so it is advisable to quote and compare before hiring.
This means that at the end of the payment of the credit, a consumer could pay 72 UF, for this concept, that is, $ 1,805,904, while for the most expensive insurance could pay 233.88 UF, which is equivalent to more than 5 million 866 thousand pesos.

So the best advice to choose the mortgage credit , is to take the time to compare, choose, search, until finding the most convenient and economical solution. And to do this, consider the rates that apply, the values of costs and interests, insurance and terms, which, in the longer term, you will pay more interest.

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