When deciding to buy a house or apartment, many people wonder how a mortgage works, what steps are necessary to formalize it and to choose the best option, because this is the financial tool that most people use to form heritage.
The conditions of the mortgages are negotiable and nothing prevents asking for offers in several financial institutions to choose the best one. It is a mistake to keep the mortgage offered by our regular bank without consulting other offers. It is essential to compare mortgages and seek the best possible conditions, as this can represent a good saving of money or acquire a better property.
It must be borne in mind that the mortgage loan also includes other important expenses, such as the fees charged by the financial institution, insurance and notary expenses.
The basic questions are: the interest rate that will be applied, the term, the commissions and the possible penalties.
What is a mortgage
Also known as mortgage credit; It is a loan that makes you a financial institution, with a cost (interest) and a certain term. Monthly during that period, established in a contract, you must pay the agreed amount.
The property you are buying is "mortgaged", that is, as a guarantee that you will comply with your payment in a timely manner, hence the importance of requesting a credit appropriate to your profile, that does not put your finances and assets at risk. your family.
At the end of the payment of your credit, the freedom of lien is processed, a document that confirms that you do not owe any bank to Sofol, that the house is no longer mortgaged and that it is yours.
Mortgage loans can be used for different purposes related to real estate, such as the purchase of a new or used house, department, land, construction, remodeling, extension or completion of work.
How to process
Go to request it with a mortgage professional or the branch of the bank or Sofol you prefer. This first approach should serve to clear up doubts about the process of granting credit, know the detail of the mortgage product you chose and corroborate that it is the one that suits you best.
In general, if you meet all the requirements, it can take between 4 and 5 weeks for the signature of your credit and purchase before the Notary Public.
Rights and obligations
When you acquire a mortgage, you sign a mortgage opening credit agreement, where the rights and obligations for both parties are established.
You, agree to pay an agreed amount monthly, within the established time and place.
For its part, the bank or Sofol assumes the commitment to respect the terms and conditions of the loan set out in the contract.
Remember that your property remains as collateral for the loan, therefore the institution has the right to claim the property if you do not pay as agreed.
What happens if you stop paying
The general policy of institutions in the area of delinquency works like this:
As of the first month of arrears, in addition to the own interests of the credit, moratoria interests are generated, that are between 1.5 and 2 times greater than those of your credit.
If the breach of the monthly installments passes the three months, most of the institutions freeze the interest rate, in the case of a credit with decreasing rate, and you continue accumulating late interest.
Beyond three months, it is likely that an adjudication trial will begin, where the bank will claim the property as a guarantee of non-payment.
We know that we are all exposed to contingencies, so we recommend that, if at any time you have an eventuality that will affect the payment of your mortgage, go immediately to the institution to raise the problem and listen to their alternatives.
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