Mortgage: what is it, what is it for and what types exist in Colombia | housing | my finances
A mortgage is a contract through which a debtor leaves an asset, generally immovable, as collateral, to whom he makes a loan (creditor). This way, If the debtor does not comply with its payment obligations, the creditor will have the right to request the sale of the property so they can collect what they owe you.(See: What types of taxes are there in Colombia and how they differ) This type of agreement is usually used to obtain financing in the medium or long term and is made up of three main elements: the capital (amount of money to be lent),…
