home mortgages for change These loans allow the holder to purchase a second home without having to sell the first

100% financing

The increase in the family, a move due to labor… are some situations that encourage many families to seek new home, almost always larger and more expensive than it already has registered the property. But most of those in this situation do not want to sell your previous home abruptly, or a lower price than the real estate market dictates. To meet the needs of this clientele, increasingly numerous, banks and thrifts have opted in recent years by the change in housing loans, a mortgage type that offers its owners the opportunity to acquire second home while still not sold the first.

It is especially aimed at those who need funding to move house and want to also have money from selling your current home. With this mortgage you can get up to 100% in the financing of new housing, plus the expenses incidental to the operation and transfer, without being obliged to get rid of overnight from the previous home. There are other options, short of full funding of housing, amount to 70% or 80% of it.

The loan conditions are tempting, because from the outset of this product the subscriber pays only the amount of home loan is going to buy (as if he had sold the first home). The great advantage of this system is that there is no risk of losing the home you want to buy, nor is there in a rush to get rid of the home you already own, because it has a period of one year to sell without having to pay any loan during that time interval. Some institutions even offer lower interest rates that apply on the mortgage, although this measure is intended solely for preferred customers.

credit to: Jose Ignacio Recio

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