Can you get a bigger mortgage if you have a bigger deposit?

Can you get a bigger mortgage if you have a bigger deposit?

Liberbank mortgage

A mortgage loan can be repaid in up to 60 months with the option of giving the home you already own as collateral. The maximum loan amount is US$ 100,000 or its equivalent in Soles or up to 60% of the value of your property. You can make extraordinary payments in July and December, so that you can reduce the value of your monthly payment and finish your payments as soon as possible. You can also include the financing of processing fees in your loan.

We lend you up to US$ 100,000 or its equivalent in Soles or 60% of the value of your property. You can pay extraordinary installments in July and December, so you can reduce the value of your monthly payment.

How to mortgage a bancolombia house

It is a long-term loan of money between the bank and the client to finance the acquisition of a property. This real estate is guaranteed in favor of the bank to ensure the fulfillment of the loan, which is known as a mortgage. This means that if you do not pay the loan, the bank will take legal action for collection and this could result in a foreclosure of the property.

The money from this credit can only be used for purposes of purchase, expansion, remodeling or construction of housing, purchase of sites, offices or commercial premises, or refinancing of previously contracted mortgage debts.

Also known as a cash installment or cash payment, in the case of sales and purchases. It is the amount of money for your property that you pay out of your own pocket. It is usually an amount saved for this purpose. If you finance the purchase of a property with a mortgage loan, the down payment must consist of at least 20% of the value of the property.

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Also known as the total amount or final value.  It is the total amount of money that the client assumes as debt. It corresponds to the sum of all the periodic payments defined in the installment value or dividend of the mortgage loan during the established term. It includes, in addition to the dividend, the mortgage payment and fire insurance.  This is what you end up actually paying.

Mortgages on mortgages can be taken out

Banco de México is the country’s central bank. It provides the national currency and has the priority objective, established in the Constitution, of preserving its value. It also promotes the healthy development of the financial and payment systems.

The Bank’s autonomy consists in the fact that it cannot be forced to lend money to the Government, that it operates with budgetary and managerial independence, and that it determines its own policies and instruments to achieve its primary objective of maintaining price stability, as well as to carry out its other functions.

International reserves are Banco de México’s highly liquid investments in foreign currency. These investments come from foreign currency obtained mostly from PEMEX, which by law must sell them to Banco de México in exchange for their equivalent in local currency.

International reserves, in general, function as an indicator that an economy is capable of meeting its foreign currency commitments, which provides certainty to its creditors and contributes to the country’s access to resources under better conditions.

How to get a mortgage

Buying a house without savings has become, for some time now, an almost impossible mission. Most banks do not offer 100% mortgages, at least in their standard offers: at most, they will lend you 80% of the appraised or purchase value of the house you want to buy. Therefore, with certain exceptions, you will be obliged to have the remaining 20%, plus 10-15% of the value of the house, which will be what you will have to dedicate to the payment of taxes and other initial expenses.

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Although it sounds obvious, it is important that you are clear about some concepts to understand if this is the type of financing you need. Those known as “100% mortgages” are mortgage loans that finance the entire purchase price or appraised value of the house you want to buy: that is, they are the alternative that would best fit those who are looking for a mortgage with no down payment. Like mortgages for mileuristas, these loans are not common, although there are some banks that offer them.

Can you get a bigger mortgage if you have a bigger deposit?
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