greenieS
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What is a home loan?
A real estate loan is a loan intended for the purchase, construction or modernization of a home.
The main feature of this type of loan is that banks consider only existing real estate for the mortgage. Keep in mind that the object of the mortgage may be another property than the one that is the object of the real estate investment.
The difference between a real estate and a mortgage loan
While the home loan can be secured by another home to secure the payment of the home loan, in the case of the mortgage loan it is obligatorily secured by the home in question.
1. Real Estate Loans
The real estate loan can be considered advantageous when you already have a home, you want to buy another one, but you do not have money to spend for the advance. This credit is more permissive in terms of the type of collateral accepted.
A disadvantage of real estate loans is that interest rates may change depending on financial market conditions.
2. Mortgages
An advantage is flexibility, which refers to the acceptance of income from various sources - income from salaries, pensions, per diems, rents, dividends, self-employment, intellectual property rights, salary income obtained from abroad, etc .;
On the other hand, although mortgages are aimed mainly at young people who want to build or buy their own home, they are the most expensive loans on the banking market and have a very long repayment period.
What conditions do I have to meet in order to access a real estate loan?
to have a permanent salary, pension or other type of income
to have an employment contract concluded for an indefinite period
not to have delays or arrears in the payment of amounts due if you previously had or currently have other credit products
to be at least 18 years old
have a maximum age of 65 at the end of the credit period (unless you have income from pensions, in which case the maximum age will be 70 years at the end of the credit period
The end of the credit period represents the time when you paid the last installment of the loan received.
What happens if I can't pay my credit installments at some point?
In such a situation where you can no longer pay your loan rates, the bank will try to resolve the dispute amicably through an agreement to recover the debts incurred.
If the proposed agreement is refused, along with any other form of refusal to resolve the dispute or even in the event of non-payment by the customer, the bank will proceed to enforcement proceedings.
A real estate loan is a loan intended for the purchase, construction or modernization of a home.
The main feature of this type of loan is that banks consider only existing real estate for the mortgage. Keep in mind that the object of the mortgage may be another property than the one that is the object of the real estate investment.
The difference between a real estate and a mortgage loan
While the home loan can be secured by another home to secure the payment of the home loan, in the case of the mortgage loan it is obligatorily secured by the home in question.
1. Real Estate Loans
The real estate loan can be considered advantageous when you already have a home, you want to buy another one, but you do not have money to spend for the advance. This credit is more permissive in terms of the type of collateral accepted.
A disadvantage of real estate loans is that interest rates may change depending on financial market conditions.
2. Mortgages
An advantage is flexibility, which refers to the acceptance of income from various sources - income from salaries, pensions, per diems, rents, dividends, self-employment, intellectual property rights, salary income obtained from abroad, etc .;
On the other hand, although mortgages are aimed mainly at young people who want to build or buy their own home, they are the most expensive loans on the banking market and have a very long repayment period.
What conditions do I have to meet in order to access a real estate loan?
to have a permanent salary, pension or other type of income
to have an employment contract concluded for an indefinite period
not to have delays or arrears in the payment of amounts due if you previously had or currently have other credit products
to be at least 18 years old
have a maximum age of 65 at the end of the credit period (unless you have income from pensions, in which case the maximum age will be 70 years at the end of the credit period
The end of the credit period represents the time when you paid the last installment of the loan received.
What happens if I can't pay my credit installments at some point?
In such a situation where you can no longer pay your loan rates, the bank will try to resolve the dispute amicably through an agreement to recover the debts incurred.
If the proposed agreement is refused, along with any other form of refusal to resolve the dispute or even in the event of non-payment by the customer, the bank will proceed to enforcement proceedings.
