After analyzing the major types of mortgage loans according to the appraisal and the duration and the classification according to the interest rate, we will take a look at other types of mortgages that can also be found in the market. These other variants are used to cover special situations in which it is necessary to apply specific conditions to adapt to certain characteristics.
This is a variant of variable rate mortgage loans. In this case one or more foreign currencies are used as reference index. Normally, stable currencies are chosen with low rates that allow savings relative to the national currency. The problem is that if the currency or currencies we have chosen as a reference undergo a revaluation, we may be more expensive, but not the usual.
Its use has spread over the last few years, due to the increasing problems of the users to be able to face the payments. These credits are adapted to the needs, with mixed interest rates, possibility of grace periods, extensions and other advantages.
Mortgage refinanced or surrogate
Subrogation occurs when the loan is exchanged with another financial institution, usually to obtain better terms.
Its official name is bridge credit, and it is a temporary loan for housing change. The property is used as collateral in order to obtain a loan with which to pay the entrance of the new house and some expenses more. Meanwhile, there is a time to sell the old house. Once sold a new normal mortgage is contracted with which the bridge credit is canceled.
It is a type of special mortgage loan intended for the payment of official housing. Its conditions are much more advantageous than normal, with lower interests, no commissions and fixed fees. The characteristics of these credits are agreed between the Ministry of Housing and financial institutions.