A mortgage is the cheapest banking product, so that we can get more money. The condition that must be met is the specific objective of the property, which already have or intend to acquire only. Imposed, however, the question of what to do in case you do not have a specific purpose related to real estate, and we need more money?
The alternative is the opportunity to take a cash loan , loan money from the family, or take advantage of the resources that are available on credit cards . However, these alternatives might work for smaller amounts. If you need much more money we can borrow a mortgage loan . It is one of the categories of mortgages at which we do not need to have associated with the property. It is a loan relatively cheap , and the collateral is a mortgage of real estate, so that the risk is reduced and the margin is much lower.
A mortgage is a very good option for those who want to buy a new car, household appliances or an accident occurred randomly and needed the money. Cash and cash equivalents acquired through loan can also invest savings deposits or any funds. However, most of the banks reserves that money from the loan can not be used as a means to develop their own business, it is required in this case a special statement of the borrower.
Another difference between the mortgage and the mortgage loan is the amount that can be obtained. In the case of a mortgage are frequently the sum of 100% of the collateral, but also come to 110% of the property value. However, in the case of a mortgage loan amount of funds ranges from 50 to 70% of the value of the collateral, but can also reach 100% of property value.
Another difference is the term of the loan. mortgage loan is granted for a period of about 25-30 years, while mortgage you can receive up to 50 years. mortgage loan is usually given in U.S. dollars, less in foreign currency.
However, it is worth considering whether such a large amount of money we are really necessary, because getting a mortgage loan are bound for the bank fees and other charges okołokredytowe and the loan is a burden on the household budget.