Currently, going to a debt purchase is one of the options used by users of the Lite financial system. Therefore, in this article I tell you how you can have a mortgage loan purchase with mortgage guarantee .
What is a home equity loan purchase?
A mortgage loan purchase with mortgage guarantee is a credit product offered by Lite banks. In this, an institution B grants you a mortgage loan, the capital of which you can only use to cancel another mortgage loan previously acquired with another institution A. You can interpret this operation as that institution B buys from the institution A your debt, hence the name of debt purchase is derived .
Since the average annual interest rate for mortgage loans has been downward in recent years, it is possible that the new loan will be at lower interest than the original. And that additionally, the institution that buys the debt offers you better credit advantages, than those granted in the initial loan.
Requirements for a home equity loan purchase
To make a purchase of home equity loan debt, you need the following:
1.- Only one person supports the loan
- It is required that the person who supports the loan has a positive credit history.
- The applicant must have the capacity to support individually, income according to the monthly fee corresponding to the loan requested. It is generally stipulated that the average monthly income is such that 30% of it equals or exceeds the loan installment.
- The applicant must acquire a set of insurance, including relief, in favor of the institution that purchases the debt.
2.- Two people support the loan
- In this case, it is required that both applicants present a positive credit history.
- Applicants must have the ability to sustain together income according to the monthly fee corresponding to the loan requested. The same criteria as in the previous case apply.
- Applicants must acquire a set of insurance, jointly, favoring the institution that purchases the debt.
In need for mortgage loan? We are here to help, contact us now!