Guarantees and Mortgages: How do they affect Mortgage Credit?

In the same way that you are free to choose what type of financial institution you want to operate with to request a Mortgage Credit, it can choose whether or not to deliver your product to you according to your background and the risk of carrying out the operation . Even the bank can request another guarantee (in addition to the mortgage) if it considers that the transaction is very risky.

In order to obtain a Mortgage Credit, it is probable that the financial institution will require you to provide guarantees in order to ensure that you will receive payment of the debt in the event that you do not comply with the contracted obligation.


Types of mortgage guarantees

Types of mortgage guarantees

Currently, there are two types of mortgage guarantees: general and specific. In the latter, the real estate supports a particular operation, such as a mortgage loan. On the other hand, the general guarantees refer to the delivery of the house in guarantee of the payment of any type of debt that you may contract with the bank.

It may happen that the bank refuses to grant you a mortgage credit because previously you had constituted a general guarantee and you have debts contracted, such as, for example, consumption through your credit card. The payment of these consumptions is backed by the acquired property.

Under these circumstances, the bank may refuse to grant you the Mortgage Credit until it has verified that you have eliminated all your outstanding payment obligations.


How to request a general guarantee?

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If you want to agree on a general guarantee, you must request it through a form that will indicate that you want a guarantee of this type. Keep in mind that you can obtain the credit under the same conditions and with a specific guarantee. Remember that once you sign the deed you must respect what is agreed in it, that is, respecting the agreed guarantee.

If you wish to change institutions, you can do so beyond the type of guarantee chosen. In any case, if your guarantee is general, it is advisable to take care of the level of indebtedness with said entity to avoid future problems.

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