Many of you surely would not know how to respond with total clarity to the question: What is an open credit with mortgage guarantee ? Well, the lack of financing of individuals as a result of the growing crisis, has caused the entities to use the real estate of their clients as a mortgage guarantee when granting them a loan. This is what is called open credit with mortgage guarantee .

 

CHARACTERISTICS OPEN CREDIT WITH MORTGAGE GUARANTEE

To understand this term a bit better, we will explain what its main characteristics are and how we can differentiate it from the rest of loans and credits:

  • Normally, in the open credit mortgage guarantee , there is a period of between 12 and 180 months to return the loan granted by the entity. Although sometimes, users reach an agreement with the borrower and this return period is extended.
  • The maximum amount that is granted to a customer is between 30 and 40% of the total value of the property.
  • In terms of interest rates , the open credit with mortgage guarantee goes beyond a personal credit. The high cost of this service is due to the facilities it offers when it is granted.
  • To request these loans, it is not necessary to be linked or have contracted any type of additional service with the entity. 
  • One of the negative aspects that we can find is that it can not be used if what we want is to buy a house .
  • Your grant is much faster than any other loan.

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HOW DO YOU GET IT?

The granting of this type of credit is much simpler than the rest. To be effective, you must present a proof of monthly income , not being necessary a payroll. Regardless of the user profile that requests it (freelancers, temporary workers, pensioners, etc.), even users registered with Bank or another list of defaulters, can obtain this type of loan.

This type of open credit with mortgage guarantee , are obtained mostly through private credit institutions . In this case and to give an example as an entity, you can see what are the conditions to obtain an open credit with ‘ La Caixa ‘ mortgage guarantee .

 

IS IT EFFECTIVE TO ADOPT A CREDIT WITH A MORTGAGE SECURITY?

Surely, to ask for an open credit with mortgage guarantee , is the last resource that is used when we need money. This is a very recurrent market when the requirements to have a personal credit are not met . However, although the requirements are much more flexible, the danger is that what you are endorsing is your assets .