The loan is only a particular type of contract whereby a bank makes a person a certain amount of money, which must be reimbursed on the basis of what has been provided by the agreed repayment plan. A document of great importance is the "planned obsolescence", which shall explain by what procedures the borrower repay the loan obtained by the financial institution to which it is addressed. The term "amortization" is used to refer to the document which indicates by what procedures the school funding will be repaid by the borrower, this plan contains in particular the amount of installments, as well as its maturity (monthly, quarterly, biannually). The mortgage loan is an ideal option for those wishing to purchase property on time despite not possessing the full amount of money needed for a transaction of that type. And the benefits associated with this type of funding is not only for the person applying for the loan: it is a form of secured lending on a property and there is the distinct possibility that the lender having to pursue body on it in If the borrower fails to meet the requirements stipulated in the contract terms. In most cases, the loans granted by banks is not sufficient to fully cover the market value of the dwelling but a part (which corresponds to 4 / 5 of total) in the event that the person who has applied for funding to offer additional guarantees, such as, for example, bank guarantees, the percentage paid by the bank may be above this value, approaching 100%.
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