A guaranteed mortgage is a type of mortgage that has been specifically designed to meet the needs of buyers who may have a difficult time obtaining traditional mortgages.
Some of the most common features of credit with mortgage guarantee (which is also known as credito con garantia hipotecaria in Spanish language) are:
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Guaranteed interest rates: This is one of the most important features of a guaranteed mortgage. A guaranteed interest rate means that you know exactly how much your monthly payments will be, regardless of how the market changes. This can be a major relief for buyers who are worried about variable interest rates changing or rising unexpectedly.
Guaranteed closing dates: Guaranteed closing dates mean that you don't have to worry about your mortgage being delayed or denied because the seller is slow to close. This can be a big relief for buyers who are anxious about buying a house and don't want to wait months or even years for the deal to go through.
No prepayment penalties: When you take out a guaranteed mortgage, there are usually no prepayment penalties associated with it. This means that you can borrow money,
A guaranteed mortgage is a type of mortgage in which the lender requires the borrower to maintain a specific level of creditworthiness throughout the term of the loan. This requirement is intended to protect the lender if the borrower becomes unable to meet their obligations on the mortgage.