If for some reason you do not have access to the mortgage loans offered by the bank, do not despair. You still have the opportunity to request them in other types of financial institutions, or even individuals. Here I show you who can give a mortgage loan , in addition to the banks.
What is a home equity loan?
The mortgage guarantee is a right that you grant over a real estate property of your property, to the one that grants you capital as a loan. Thus, in case you cannot fulfill the payment commitment established in said loan, who lent you can proceed to the seizure of said real estate.
A home equity loan, or simply a home equity loan, is that loan granted by placing a mortgage guarantee. Generally, these loans are freely available, so you can use the capital obtained at your convenience: cancel debts, finance ventures, remodel real estate, etc.
Who can give a mortgage loan?
In principle, banks are the natural place to apply for this type of mortgage loan, because they offer the best credit terms. This is because they focus on customers who have a low probability of default, so their requirements are very strict.
Then, if you have an inadequate credit history or cannot adequately support your ability to pay, your application will be rejected. But do not worry about it, before the rejection of the bank, you can still go to:
- Municipal Savings and Credit Institutions, and Rural Savings Banks . Eventually the municipal and rural savings banks offer home equity loans. Although they usually do it without free availability, since they are oriented to the improvement of housing and entrepreneurship.
- Financial They grant this type of credit under free availability, demanding less requirements than banks and savings banks, although with an interest rate higher than those.
- Individual Lenders They require minimum requirements and their credits are processed expressly, although the conditions are not favorable at all, when compared to the other options. Therefore, you should only consider it in case of extreme urgency.