According to article 2432 of the Colombian Civil Code, the mortgage is a right of pledge constituted on real estate, which does not cease to remain in the debtor’s possession.
In other words, the purpose is to leave a guarantee for the lender, be it a bank or a lender and In this case, the guarantee is the house and its commercial value.
Keep in mind that having a mortgage does not mean that you have 100 percent insured any type of credit.
In addition, in case of requesting another loan, It is important to verify that it meets the requirements demanded by the financial institution.
It is important that you know that I could acquire a loan in the medium or long term. The time period appeared from the bank you consult.
The money can be used for the purchase, expansion, repair or construction of a home, purchase of sites, offices or commercial premises. Although you can also use the money “for general purposes”, that is, in what you prefer to invest.
In any case, they will always request an initial fee because no entity will disburse 100%.
However, keep in mind that to buy a home that amount of money does not include the cost of deeds and legal processes. These are paid independently and depend on the value of the property you wish to acquire.
In fact, you could do it on the mortgage, Augusto Rengifo, Habi’s financial vice president, points out that if a bank lends you 100 million, and you buy a house for 130 million, That house that is worth 130 million is the guarantee that the bank will take to secure the loan.
It is important that before acquiring any mortgage, whether to buy a home or acquire a loan for free investment, you know the implications it has.
Regardless of the reason for which you request the mortgage, the bank will lend you a maximum of 70% of the value.
Loans by types of mortgages in Colombia
There are several types of Mortgage in Colombia: the closed, the open with an amount limit, the open without an amount limit and the closed mortgage.
In the closed mortgage the lowest interest rates are offered, but in a term of up to 25 or 30 years.
A characteristic of this type of mortgage is that it only guarantees an obligation agreed between both parties.
In the case of the open mortgage with an amount limit, there are much higher interest rates than in the closed mortgage, but offering payment terms from 6 to 12 months.
With this, not only the present obligation can be guaranteed, but they can be acquired in the future but with a determined value.
And unlike the previous ones, with the open without limit of amount, it can be extended, not only in value, but also in the period determined to pay it.
How to pay off a mortgage fast?
The owner of the property is the only one who can mortgage it, as stipulated in articles 2439 and 2440 of the Civil Code.
In the case of wanting to buy a home and if it is subject to a mortgage, this lien must be constituted by public deed, as well as in the certificate of tradition and freedom of the house.
According to the Housing Law (546 of 1999) a mortgage cannot exceed 30 percent of family income, so the idea to pay it quickly is to stabilize up to date with your obligations and not be informed in credit centers, since delays may imply an increase in interest rates for late payment.
Try not to over borrow, keep a good cash flow to pay off a loan faster.
Make capital payments if you have savings or receive extra money.
Be aware of interest rates, and when they drop, opt for a portfolio purchase that allows you to lower the interest rate of your loan and in turn pay off the debt in less time.
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