If you are thinking of buying a property, it is best to analyze how to choose mortgage credit and see which offer best suits your needs.
Choose mortgage credit in the best institution
Among the options, there is the mortgage loan. It is a loan granted by a bank or other lender. The guarantee is mostly a property, so if you do not meet your payment obligations, the entity can liquidate the home to collect the debt acquired.
Other credit institutions may be savings banks or cooperatives, some specialized in housing financing. Cooperatives have lower interest rates than banks, although they cannot always lend as much money like a bank.
Before buying a home and / or acquiring a loan, it is best to inquire about the different lenders to find the best offer. Sometimes the terms are longer, less stringent conditions or lower interest.
4 factors that you must take into account to choose a mortgage loan
- There are 3 types of interest rates: fixed, variable or mixed
- The time to pay. Normally it goes from 5 to 15 years.
- The time between installments. They can be monthly or quarterly.
- The fees may vary in flexibility: fixed or variable.
Possible interest rates when choosing a loan
- Fixed interest rate: It is an interest rate that does not change in the term of payment of credit.
- Variable interest rate: It varies according to the conditions of the entity or due to external variables.
- Mixed interest rate: Popular in promotional loans from banks. Some promise even a period without interest at the beginning of the term.
A mortgage broker is an expert in the world of credits. Hire a broker so you can choose the best credit option and make a good deal. The terms you accept now will haunt you in the next decade.