A mortgage loan is the loan of a significant sum of money that the bank makes to a client, this money is destined for the sale, repair or expansion of a house or dwelling; This method is very useful when it is necessary to carry out these different processes and there is not enough money to execute them, this loan can be granted with a variable time interval between short and medium term.
This credit is not only granted for the acquisition of a home to live in, it is also approved for the purchase of real estate, offices, commercial premises or situations similar to them, in other words, any project in which the acquisition of a building or enclosure. The way in which the bank ensures that the client returns or cancels the money granted, is by keeping the property in the name of the bank, in this way it plays an important role since it remains in the form of a "guarantee" to what is known as “mortgaged”, until the client or the beneficiary complies with the full payment, the terms granted for the payments of the monetary sum are implemented in a contract between the bank and the beneficiary, these must be well explained to avoid confusion since they are subject to changes in the interest rate and in the costs of the households.
Acquiring a mortgage loan does not have to be an eternal burden for the client's pocket, to the point that it makes it impossible to cancel other necessary expenses for the day-to-day life of each human being, for this reason in the payment of the mortgage it should not use more than 15% of the salary obtained per month.
