The installment is always the same throughout the life of the loan.
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Acquisition of Permanent Own Housing: up to 90% of the acquisition value or appraisal value of the property (the lower of the amounts), depending on the client profile and the guarantees presented.
Acquisition of Housing for other purposes: up to 80% of the acquisition value or appraisal value of the property (the lower of the amounts), depending on the client profile and the guarantees presented.
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Term of 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29 or 30, fixed-rate and up to the age limit of 75 years at the end of the loan.
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Fixed-Rate of 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29 or 30 years established in when the loan was contracted and without the addition of a spread.
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What does it mean to be a Guarantor? Being a guarantor means taking on the responsibility of fulfilling the obligations of the holder of the loan if it is unable to fulfill its responsibilities.
Why do banks apply for Guarantors?
Generally, the need to resort to guarantors results from the need for the Financial Institutions to strengthen the operation of Housing Credit, increasing the guarantees of compliance with the Loan and the involvement of the holders in the financing operation.
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However, although the Guarantors increase the likelihood of approval of the loan, they should not be substituted for the principle that Mortgage Holders should be able to meet the Loan charges alone and with their income.
What are the requirements to be Guarantor?
In practice, any person can be guarantor, as long as the Financial Institution accepts. However, usually, the people who are often asked to be guarantors in the Housing Credit operations are the family members and the people closest to the Loan holders.
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Considering that the purpose of the presentation of the Guarantors is to reinforce the operation of Mortgage Loans, some of the most valued aspects in the profile analysis of the Guarantors are an affinity and the relationship with the holders of the loan, income, professional stability and existence of assets.
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What are the obligations of the Guarantors? Whenever the holder of the loan is unable to fulfill its part of the payment of the debt, that is, with the installments of the Housing Credit, the guarantors undertake this commitment, responding with their income, personal and property assets.
When do you stop being a Guarantor?
The bond ends when the Debt of the online mortgage loans Texas is settled, that is, when the Housing Loan is fully amortized, or when the Housing Credit contract is extinguished, for example, because the property was sold or the Mortgage Transfer was transferred.
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Besides the Guarantors, is there another type of guarantee to strengthen the Housing Credit?
Yes, in addition to the Guarantors there is another guarantee that can be used to strengthen the Housing Credit. This guarantee is called Property Support and consists of the presentation of an additional property (in addition to the property being financed) to guarantee the Loan.
What is the Support Property and what is it for?
The Support Property can be used to reinforce the Housing Credit operation, for example, in situations where the percentage of funding is very high for the clients’ profile. Can be used as Property Support property of the owners themselves or, for example, the property of parents, grandparents or other family and friends.
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One of the requirements of the Support Property is that it is free of charges or charges, that is, that there is no mortgage on this property. Another requirement relates to the property itself, its value and its location since it must be accepted to guarantee the Loan.
How does Support Property work?
When there is a need to present a Support Property to reinforce the Housing Credit application, an assessment is made of the property to determine its market value. If the property is accepted as collateral, then, on the day of the deed, a mortgage will be registered on that property, corresponding to a portion of the Loan.
The Support Property only gets Mortgaged by a portion of the Loan. From the moment this portion of Loan is amortized, for example, through amortization with the monthly installments, the mortgage is canceled and the property is released.