2023-11-11 22:48:37
The dream of expanding and improving your home can come true through the mortgage loans that BIESS offers to its members.
Through the concept of home remodeling and expansion, the bank of the Ecuadorian Social Security Institute gives you the freedom to make significant changes to the interior of your home without affecting its main structure.
But a question arises regarding this loan among homeowners who want to give a new look to their space: Can I apply for the BIESS remodeling and expansion loan if my house is mortgaged? Stay with us to find out.
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If you already have a current mortgage with the BIESS and want to make improvements to your home, it is important that you know that you can access the loan for the remodeling of your home.
However, you must first meet a series of requirements, among which the first step is to cancel the previous loan.
This process, known as pre-cancellation, is essential to unlock the possibility of applying for the remodeling and expansion loan.
Once you have prepaid the previous loan, the next crucial step is to lift the home mortgage.
This procedure allows the property to be freed from the existing mortgage burden and opens the door to the possibility of obtaining a new loan to finance the planned improvements.
To obtain more information about the benefits that BIESS offers you for the renovation and remodeling of your home, we suggest you read this article, in which we expand on this credit and all the documentation you need to prequalify and access it.
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