The loans with mortgage guarantee offer financing to pay our debts among other purposes such as, for example, to undertake, in exchange for contributing our home as a guarantee of payment for the lender. For this, the most important requirement that we must meet is to have a house owned or that is in its last years of the mortgage. This type of loan offers the possibility of obtaining financing of up to 40% of the appraised value of the property, returning it within a maximum period of 20 years and requesting a deficiency, that is, not paying a part of the monthly payment in five years. In addition, we can access them even if we are registered in a file of defaulters.
A type of flexible loan to make it easier to pay your debts
This type of loan products offers to finance at an interest ranging between 12.68% and 17.28% APR depending on the risk profile of the borrower. In the case of the Mortgage Loan of SuizaInvest, we can request it quickly through the Internet. Another advantage is that we will know if they grant us the loan or not in less than 24 hours.
In addition, we will not have to pay anything in advance. We will save opening fees and advice, so our first installment will be lower. However, we will have to pay the expenses corresponding to the appraisal of our home.
As it appears before, it not only offers a great margin of capital but also flexibility in relation to the term to finish paying it. However, we must bear in mind that the maximum amount of financing that we will be able to obtain is 40% of the value in which our home has been valued.
Reduce the fee you have to pay for your debts
One of the advantages of opting for a payday loan consolidation is that regrouping our loans, we will have to pay a lower monthly payment- homepage. For example, if for a debt of a loan and several credit cards we were paying a monthly payment of 600 euros, with this reunification we can reduce that amount by extending the term to finish paying.
As for the interest, it will also be lower. In the event that there are debts of several credit cards we will have an interest of around 21% APR for each of them. With the Mortgage Loan of SuizaInvest we will be paying from 12.68% APR for all our debts, so in the end, it will be profitable, since we avoid unbalancing our finances.
A loan to hire with great responsibility
Before hiring a loan with a mortgage guarantee, we must bear in mind that we will be contributing our own house as a guarantee of payment. This means that in case we do not pay our installments on time, the bank will be able to recover the home placed as collateral to settle the debt. For this reason, it is fundamental to choose well the capital that we really need and the term that we are going to choose to finish paying. We must take into account aspects such as interest, capital and the repayment period to assess whether we can address them according to our financial capacity. In this way, we will be able to face the installments and finish paying our debts.
In case we can not afford the payments we can lose our home since it is the good that the lender has to recover the money that he has lent us. Therefore, it is only advisable to go to this type of credit products when our level of indebtedness is very high and we obtain a lower quota. We can also do it in the case that we are registered with ASNEF and we can not access the financing we need through other channels.