The liquidity mortgage loan is a financing provided by the banking institutions of our nation to individuals with verifiable revenue. What is offered as an ensure is housing. In this way, the lender lends 50 to 70% of the total value of the home. This is conditioned on the idea that it is fully paid, without any encumbrance and its market value will be greater than 1 . 5 mil pesos.
You will find two modalities in liquidity loans:
Closed plan: which are credits in a single supply, with a fixed term plus fixed interest rate.
Open scheme: which is a spinning line of credit similar to a credit card. Credit score is available as required as well as the interest rate is usually variable.
Important factors of liquidity mortgage loans
- They normally are cheaper than ordinary home mortgages, because the guarantee is remaining in exchange (paid house). Time periods to settle them never exceed 20 years, with rates of interest ranging between 13 plus 18%.
- Liquidity loans cannot be used to renovate the home or buy a 2nd home.
- These are an excellent option to get sources in case of some kind of urgency.
- They can be seen as a choice to cover study expenses.
- With the amount of the particular mortgage liquidity credit you are able to pay off debts with bank cards, personal loans or any other immediate.
Home loan liquidity loan
A home loan liquidity loan represents the of cash in the temporary, but its use is not suggested to start a business. This is because there is absolutely no certainty of whether it can be successful or not. There is the chance of losing money and even the possessions that have been given as security. In such a way that it is recommended simply to get solvency quickly plus guaranteed.
If you need to know more about mortagages simply keep reading on our articles.