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What is a mortgage? What about a mortgage guarantee on a home loan?

16 Jul 2020
What is a mortgage? What about a mortgage guarantee on a home loan?
Experts explain the importance of these terms when applying for a home loan.
A mortgage is the guarantee that the owner of the property presents as a commitment to his obligation to repay the loan. Thus, when we go to a bank, what we ask for is not a mortgage, but a loan. And when we receive the money, what we pay each month is the loan repayment installments, not the mortgage.

The mortgage is the guarantee that the bank receives from us and that is constituted with the public deed, as explained by the idealist / housing credit. When we mortgage our assets we remain their owners, which is why we can sell, lease or mortgage them again, although in most cases the entity imposes a duty on us to consult with it before carrying out these acts.

Mortgage credit for natural persons is commonly referred to as mortgage credit.
What is a mortgage guarantee on a home loan?

The mortgage guarantee is the security provided by the owner of the property as a commitment to his obligation to repay the loan. So what we ask for when we go to an entity is not a mortgage, but a loan. And once the money is received, every month we pay the loan repayment installments, not the mortgage. The mortgage is the guarantee that the bank receives from us, as owners, constituted with the public deed, on the other hand, explain the specialists of the idealist / housing credit.

When we mortgage our assets, we still own them, so we can sell, lease or mortgage them again. However, in most cases, the entity imposes the obligation to be consulted before carrying out any of these actions.

Source: Idealista, 15 July 2020, 5:17
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