To acquire mortgage credit in Colombian pesos, it can be applied to people who have moderate or traditional thinking . This is because the way of financing is long term (10 to 15 years). Assuming that, within the monthly installment, part of the capital will be amortized as interest.
For this mortgage credit system an annual rate with variations around 13% is being applied. Therefore, it is very easy for the client to quickly know the installments to be paid throughout his loan.
Additionally, it can be visualized that, if market interest rates have variations, the same fee will always be canceled. The form of amortization suggests that there is greater security, but in the end it has a high cost. Well, more interest will be paid for financing in this system. Options to consider:
Fixed monthly payment to capital in pesos for the mortgage loan
Do you have income that sufficiently covers the fee? This question is asked because… your fees are higher at the beginning , then they go down.
It requires a very high monthly income to be able to meet the quota, since the contribution to capital is high. It is at this time it is necessary to think about additional money entries, so as not to be behind on your credit. Financial institutions are daily analyzing the payment behavior of customers, and thus, do not start charging.
Fixed fee applied to mortgage credit in pesos
As mentioned in the first sections of the topic, this option is suitable for moderate people. Well, your mortgage loan fee is going to be constant from beginning to end . Although if we analyze internally the depreciation movement of the monthly fee we will find surprises. The participation made to capital is gradual, therefore, an amount greater than interest will be initially covered. Showing a decrease in capital in the middle of the term of the mortgage loan.