Getting credit from a more conventional financial institution is not one of the easiest tasks to do, either because of the bureaucracy involved in the process or because of the guarantees that the big banks ask for. Because of this, applying for a secured property loan can be an alternative for those who need quick and easy credit.
What is Real Estate Refinancing?
In this line of credit the applicant uses a property that he has in his name as a way of guaranteeing the payment of the debt in order to obtain the desired values. That is to say, as the name suggests, the client will refinance a percentage of the property involved in the mortgage to get large amounts of credit from the financial institution.
Because of this property guarantee, this line of credit still does not have many fans in the country, because many people have a certain fear of not being able to pay all the installments of the refinancing and end up losing the property involved in the contract. However, unlike what the popular premise suggests, mortgage offers many advantages for applicants.
The loan secured by property offers customers several advantages that facilitate the payment of debt installments, such as the possibility of extending the installments over a long period of time, something that does not occur in other products. In addition, the Colombo Stores subsidiary has partnerships with major financial institutions.
Advantages of Property Loan
The main advantage of real estate refinancing is in relation to the amount that the applicant can obtain with the mortgage and with the interest applied in the installment plan. In this type of contract, the applicant is able to finance a part of his property, which allows him to obtain a much larger amount than he would get in another line of credit.
Because of this, the mortgage is highly recommended for people who are looking to take out a large amount of debt or invest in a property of their own, but do not have the funds to do so. In addition, the rates charged on refinancing are much lower than interest rates used and other lines of credit, such as staff, for example.
To apply for the secured property loan , interested parties can access the financial institution’s website, where they can access all the information necessary to do the real estate refinancing at the Colombo Stores subsidiary. In addition, in the same link you can find simulators, where you have the option to stage all the financing.