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Mortgage Loan Amortization Insurance

Insurances

11.07.2018 a las 17:22 hs 0 2 0


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The mortgage loan amortization insurance is a life insurance that covers the owner of the death insurance, permanent or absolute disability caused by an accident, the amortization insurance guarantees the amount of the remaining debt. This type of insurance refers to the life insurance that one acquires, although they are not obligatory sometimes they are requested as a requirement to apply for and to be approved a mortgage credit because under this figure the amortization insurance is in charge of protecting the entity end Anciera in the event that the mortgaged person has not made all of his payments against an incidental event such as death or permanent disability. The banks to whom we apply for mortgage credit will refer to their own insurance company as it is responsible for paying the difference in the remaining debt.





In this sense if the insured dies or is invalid, the loan amortization insurance assumes the balance that exists at that time. The insured capital serves to cancel the loan, exempting the heirs from liability and releasing the housing guarantee in the case of mortgage loans, i.e. the children and family members do not contract any debts with the bank. This type of insurance is designed to favor families where only a single member of the Family works and is the breadwinner and being this the person who assumes all expenses and sign the mortgage insurance Therefore the other members of the family does not have the Capac To assume the debt and that is when the insurance favors it.

We have said that it is a mortgage amortization insurance Now let's define that it is a mortgage, usually faced with the high costs that have experienced in the last five years acquiring a home as its main house is quite onerous and it is difficult For a newly graduated professional to have in their savings account the equivalent amount of the value of a home, then you have to resort to a loan in a bank and give a mortgage on the house you buy. The house becomes a real guarantee for the bank in favor of the financial institution that will lend us the money, so mortgage your home to the financial institution until you have returned the entire loan in the conditions and deadlines established and in case D E not complying with the conditions agreed in the grant of the loan, the bank could execute the mortgage of his house and would become the owner of the property.



Of course on the amount of credit granted by the financial institution will generate interests that are lower than personal loans or legal persons, that is why banks do not assume any risk.

In the real estate market is very wide there are a variety of offers that address you to acquire a mortgage credit, now the bank or financial institution will present several options for loan according to the interests, so we have:

Constant or fixed interests
Variable interests
Mixed interests
Fixed-fee

Fixed interests: Refers to not varying over time, remains the same, ie raise or lower interest rates, the customer will always pay the same every month, the disadvantage is that the time to cancel the loan is less, usually 12 years and the Commission for Anticipated amortization is higher.

Variable interest: The interest varies at the market rate, the amortization period is higher, this type of loans can reach twenty or thirty years and the Commission for early amortisation does not reach one per cent.

Mixed interest: It is thus known to those who combine a period in which the interest remains fixed from two to three years or more and another that is variable and is adjusted to the market, the amortization period and the early cancellation fees are usually similar to the variable S

Fixed-fee: They are loans at variable interest but they look like fixed-rate loans to the extent that the customer always pays the same share regardless of the evolution of interest rates.



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