How to finance a home without mortgage credit? . Undoubtedly, buying a home becomes difficult to impossible for many and when they should know how to finance the purchase of a home without a mortgage . Nothing easy, but possible.
How to finance a home without mortgage credit?
Although the property we want to buy has a good price, it does not mean that you have enough savings to buy it and have to resort to a mortgage loan and that is when the problem arises if for different reasons you cannot ask for a mortgage loan or the bank does not He gave it to him.
There are certain options avoiding resorting to mortgage credit or not at least directly, when financing the purchase of a home or apartment. Although there may be times when it is not convenient to buy housing when the sale of properties has a downward trend due to an increase in land prices, generating the increase in housing prices , and when the financial situation of the opposite occurs Those interested may be the same, not reaching them.
If the home you want to buy is reasonably priced, but the problem is financing , there are options, although some more risky than others such as:
Request a housing lease
Among the financing options, is the easing of the housing l. It is a lease of the property for a certain period of time, and there is the possibility that, at the end of the term, they may reacquire the property, by paying the remaining fees.
Being an option that allows planning savings since, at the end of the agreed period, they can collect the amount that is equivalent to the price of the agreed housing. Although the conditions are provided by the real estate agency or financial entity that grants housing leasing.
Although they must also meet requirements established by the Ministry of Housing and Urban Planning and take into account that the value of housing cannot exceed UF 2,000 anywhere in the country. It is an ideal alternative for those who cannot have 25% of their income to pay the monthly dividend, and if they can dispose of the money as a lease and become a real estate investment to acquire a home.
Loan from family or friends
Logically, it is sometimes better to ask a bank than a family member or friend for a loan of money that if it is to buy a house it will not be little money so that it is not the whole amount, in addition that family member or friend should have a good time economic enough to lend them and have more confidence than the bank itself.
Another option within this is that if a family member or friend has a home or apartment and they are renting it or have it for sale or without use, it is an alternative to resort to buying it since the price can be a bit smaller, not much and the most flexible payment method than with a bank. Whenever they like the house and are in a convenient area.
Mortgage the home
In the US and other countries it is often used a lot to mortgage a house in order to obtain the cash for whatever purpose, when the savings do not reach or do not exist. In this case it will help them to buy a new property.
The mortgage is tied to the property they put under collateral or pledge in favor of the bank that grants them the money, and if they do not pay the mortgage credit, they already know who will keep their home. It has a high risk of course.
The bank can take the mortgage of one or more properties as collateral to grant a new mortgage loan. Thus many manage to finance the new property with the value of the current property. It always depends on what they have to mortgage also various properties, rights over those properties, commercial premises, rustic properties, aircraft, vehicles, art paintings, provided that everything is in the name of the debtor. While this form in itself is about obtaining financing through a mortgage, it is an option if not considered.