2023-10-14 23:53:27
The mortgage is one of these products. Basically, it is a financial agreement that allows a person to purchase a home by obtaining a loan from a bank or other financial institution.
The particularity of this loan is that it is made using the property as a pledge or collateral. That is, in the event that the loan applicant cannot cover the loan or has a recurring and accumulated default in payments, the lender can sell the property and recover the money borrowed, the BBVA portal states.
This type of loan normally has some conditions and factors so that it can be granted. However, it is not always assigned the same value.
There are four types of mortgages in Colombia: closed, open, with an amount limit and open without limit. | Photo: Getty Images
How much is the maximum a bank can lend?
That is, if you want to buy a home that costs $460,000,000, the bank could lend you up to $322,000,000. Some banks offer a modality in which up to three contributors can participate, to consolidate their income when creating their credit history.
Always keep in mind what the credit payment system will be, which can be located in UVR or in pesos. These are totally different.
At UVR, the installments can be modified by the bank each month given the effect of inflation. Keep in mind that the balance in this modality will begin to decrease from the first month.
In pesos, things change. The value of the installment remains fixed or decreases throughout the life of the loan. The balance in pesos also begins to decrease from the first payment.
Mortgage loans can be granted in pesos or UVR. | Photo: Getty Images
What advice should you follow before acquiring a mortgage
If you are going to apply for a mortgage loan or a housing lease, it is important that you take into account some expert advice so that you can obtain the best conditions.
It is important that you use simulators, so that you can have an approximate projection of the value of the quota you will have and how much you will have to invest in this.
You can also choose to add family income and thus increase the family group’s debt limit. According to Bancolombia, the value of the first installment cannot exceed 30% of the sum of family income.
It is crucial that you inquire about the construction company from which you will buy your project and check if it is supported by a fiduciary. You should also check aspects such as the company’s track record.
You can choose to acquire your credit in banks that favor you more. There are some that give you special interest rates for investing in their own projects.
Loans in pesos have higher fees than loans in UVR, but offer greater stability and predictability. | Photo: Getty Images
It doesn’t hurt to ask the financial institution about all the products and plans you can access. Choose the one that best suits your pocket and your peace of mind.
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