Yearly Archives: 2018

Mortgage loan at 40 years

Obtaining a 40-year mortgage is not easy, choosing correctly the term in which a mortgage expires is very important when comparing commissions; paying a mortgage in 22 years is the usual average term according to the latest data from the national statistical institute.

For this reason, most entities usually set a maximum time of 30 years, but in some cases if the bank allows it, they can receive a 40-year mortgage.

This very high term usually has monthly fees much lower than the other terms, however, you will end up paying much higher interest as well.

Conditions for the 40-year mortgage loan

Conditions for the 40-year mortgage

The conditions you need to opt for this type of mortgage at 40 years resides largely in the age of the owner, if the owner is older than 75 years, banks will not offer this type of mortgage for obvious reasons, and if the owner is between the ages of 40 and 45 and it is difficult to get a mortgage for more than 20 years.

In this case, the banking entities will force us to contract many products such as life insurance, pension plans and, among others, to ensure that they will get their investment back.

It is advisable to provide as much savings as possible so that in this way you need less financing from the bank, the lower the financing, the less expensive it will be.

The idea is to arrive at retirement with a home that is fully paid, not leaving debts to our loved ones.

What banks offer this mortgage to 40 years?

What banks offer this mortgage to 40 years?

There are not many banks that offer this service, but those who offer it perform a study are very exhaustive in this type of long term.

Some banks that offer this service are:

  • 40-year mortgage: the interest rate is variable, so the Maxibank that affects the interest could change over the term, without commissions, but it needs payroll, life and home insurance.
  • Parabank: offer with a maximum term of 40 years, with the condition that it is the first home in the holder’s stock.
  • CX Mortgage: commercializes a mortgage with a term of 40 years, provided that it is destined to the purchase of the first or second home.
  • BMN: has an offer called a young bonus mortgage in which only holders younger than 35 can opt.
  • CamBank: I also launch a 40-year mortgage with a variable interest rate, however, months later I eliminate it, so in the market there is only ING Orange for 40-year mortgages.

Sadly, at present there is no bank that offers a 40-year fixed-rate mortgage.

Is the 40-year mortgage a good idea?

Is the 40-year mortgage a good idea?

It all depends on the situation you are in and the savings you have, however, it is not good to have debts as long as they are 40 years, the Maxibank can vary a lot in those years and could face a bad surprise and Take it to ruin just for the 40-year mortgage.

Loans to reunify debts

Currently the loans for debt reunification, is a financial operation in which loans and mortgages are homogeneously combined in the same mortgage, in order to be able to get a single large sum of up to 80% discount than what we previously paid.

And how is it possible?

The loans to reunify debts are obtained through negotiations where the best conditions and a longer repayment term are sought.

We only need to cancel the loans and loans in order to have a mortgage or property to be mortgaged.

All types of loans to reunify debts are managed through financial entities, which directly are responsible for conducting direct negotiations with traditional banks.

How loans are made to reunify debts

As mentioned above, the loans to reunify debts are worked directly with financial institutions that are later in charge of negotiating their credit with the bank that works.

While for its part, you should only limit yourself to follow certain instructions online to start with the application for loans to reunify debts.

This taking into account that not all financial institutions will request the same requirements or steps to follow.

While in general lines you will have to:

  • Make your request online.
  • Once done, they will contact you from the financial institution to offer a solution adapted to your budget.
  • Once the budget is accepted, all the necessary documents will be sent to you.
  • You will receive the final contract and thus the process to access loans to reunify debts will be launched.

Requirements and conditions to access loans to reunify debts:

First of all, in order to apply for loans to reunify debts, you need to have loans or loans that you are paying month by month and count on the availability of a mortgage or a property to be mortgaged.

Since the purpose of this operation, will be to cancel all loans and loans and include them in a new mortgage or in an existing one.

Some of the conditions that can be obtained to access loans to reunify debts are:

  • A maximum amount to finance up to 0% of the value of the property to be mortgaged.
  • A maximum settlement period of 30 years.
  • An interest that varies according to the amount you request.

To be able to make a reunification of all your loans and loans, you will have to evaluate your financial situation and choose which way is better suited to yours.

Advantages of the loans to reunify debts

What many do not know is that through the loans to reunify debts, you can get pay less for your loans. loans and mortgages in a single monthly installment.

Why does this happen?

Because the interest that you will have to pay will be lower and its term of liquidation is expandable up to 30 years; so the monthly debt could be 80% lower than what was paying so far.

Another of its advantages is that because these loans are treated to reunify mortgage debts, you can make partial or total amortizations of the same. Thus, the settlement or refund period will be shorter.

And finally, another advantage will be that you will only have to fill out a form at home and follow the instructions of the lender, while this is responsible for all the cumbersome processes with banking entities.