What is a mortgage loan and when to use it?
What is a mortgage?
When you want to buy a house that has a very high value, and you do not have the money to pay it in cash; a mortgage loan represents an opportunity to acquire it, without having to bring a large sum of money at once.

A mortgage loan is a loan that is made in the long term, which is backed by the mortgage of the house that is purchased. If you intend to apply for a mortgage loan, you must first analyze if you are in a position to have one, to know, answer the following questions:

From my normal expenses, how much can I save to pay off a loan?
Am I constant in my savings?
Do I have any other credit I'm paying?
Have not I failed on my payments?

When should a mortgage be used?

The purchase of a mortgage loan should not become a great burden that prevents us from paying the most necessary expenses, therefore, the payments that we must make of a loan should not represent more than a percentage that we define (perhaps 25% or 30% ), because we must take into account that when contracting the credit, means to commit to pay that amount for many years. Therefore, credit should be taken alone:

When we do not have enough money to buy the house.
When it does not represent a heavy burden of our salary.