What are mortgage banks?
Mortgage banks are financial entities specialized in financial loans with guarantees in the form of a mortgage. That is, you ask for a loan in exchange for mortgaging your home . This means that in the event that you cannot pay the loan, either for a reform or for the purchase of a second home, the bank has the full right to foreclose on your house.
Currently, it is more difficult to find a bank that is exclusively dedicated to issuing this type of loan. Most have merged with other banks, they continue to provide the same service but within another entity.
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How is it different from a commercial bank?
In a commercial bank these types of loans are also made in which you put a mortgage as collateral. So what is the difference? Mortgage banks, being specialized in this type of loan, even though they are merged into other banks, have greater flexibility with the expenses associated with loans.
So, if you are interested in obtaining a mortgage certificate, you may be more interested in going to a specialized one in which you will probably obtain better conditions. But it will depend on each situation and case, that is why we always recommend having professionals who guide and advise you to make the best decision .
Another major difference is the purpose of the loans, normally the loans are consumer-oriented. In the case of mortgage banks, they focus on loans with the objective of producing , that is, with an improvement of active properties, either by reforming, building or expanding.
How does a mortgage bank work?
Mortgage banks operate on excess savings and loans . Through bonds and savings deposits from the market they obtain the capital to be able to grant loans, as collateral they have a real estate asset.
A mortgage bank could be defined as an intermediary between the market's surplus savings and users who need financing to improve their home.
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