You mortgage without guarantee
One of the products that we see lately on the market there are the called mortgages without guarantee. The mortgages without guarantee are directed to young people, immigrants or persons with little economic capacity to whom it can turn out to be complicated to be able to present a guarantee at the time of hiring his mortgage.
In fact to speak about mortgages without guarantee can become a redundancy, since, as we have already commented, the mortgage of the housing constitutes the real guarantee to assure the cashing of this mortgage loan. In case of not return of the debt, the financial institution would happen to be the proprietress of the housing.
But the reality is that the banks need to be very sure to grant a loan, and always look for a few minimal guarantees of which it is possible to confront the payment of the letter not to risk with clients of few solvency.
With all this, we listen to speak about mortgages without guarantees to 35 years and for up to 120 % of value of appraisal of the building to be financed. That thing about 100 % or 120 % of the value of the building is usually to face to the expenses of escrituración and taxes or to be able to furnish the housing.
When we see this type of mortgages announced without guarantee it is suitable to read well the conditions of the offer since someone are not such a thing and immediately they ask you for some type of guarantee of one or another way. What these mortgages usually take with it without guarantee is the hiring of an insurance that covers this risk and that assures the payment of the quotas. This can bear an increase in the amortization of the mortgage that it is necessary to consider and to heft.