When it comes to interest rates, we usually hear about fixed rates and variable rates, where the fixed rate is one that is negotiated once and for the entire period of the loan, that is, it will not vary throughout it. On the other hand, the variable rate is one that changes and will be determined by the financial entity, based on market variables. What we are not so accustomed to hearing about is the mixed rate, this rate is a mixture between the fixed and the variable. One of the products that talks about this is the Saveready Bank Mixed Rate Mortgage Credit
Saveready Bank offers mixed-rate mortgage credit, where the characteristics of it are varied. Among them, it is a general purpose or freely available loan , which is usually used to pay a large debt or buy a second home. Although it is similar to a consumer loan, it is different because general-purpose mortgage loans have less interest and a longer term to pay them.
Because in the mortgage loan contract a Fixed Rate is established from the signing of the deed for an initial term (1, 3 and 5 years) and then annual variable rate based on the 360-day UAB TAB rate, plus an agreed commission . In the latter case, being variable, the interest rate is automatically modified every year . At the time of payment you have the possibility to opt for the payment of dividends with automatic charge in your checking account.
The Saveready Bank Mixed Rate Mortgage Credit has the following characteristics, depending on the topic we are talking about. Regarding prepayment, it offers two options within it:
For the payment of your first dividend you have up to 1 year of grace. It also offers different term alternatives, from 6 years.
The granting of credits , as in the entire financial system, is subject to prior evaluation and approval of the Bank in accordance with its credit policies. The lowest value between appraisal amount and sale price is financed.
It is important to highlight that, taking into account the amount of mortgage loans that the market offers, the benefits of each one must be evaluated and in this case one of those benefits is that the highly competitive dividend.
On the other hand it offers convenient fire, earthquake and relief insurance, which are mandatory for this type of credit.
In this case, Saveready Bank has the following requirements to apply for a mortgage loan:
Mortgage loans have a series of operational expenses that, in general, are very expensive, and must be taken into account when hiring them, because they are expenses that are generally not included in the amount of the credit. They are:
As mentioned, the Mixed Rate Mortgage Credit of Saveready Bank You must have the following mandatory insurance: