Buying a house is a very important decision, that is why at Ayre Estates we offer you financing options, whether you need a mortgage loan or a personal loan.
Glossary of terms to make it easier to understand your mortgage:
- Borrower: person who will be the holder of the credit.
- Amortization: monthly or total payment applied directly to the principal of the debt acquired.
- Appraisal: A study performed by an appraisal unit on the property to be acquired to determine the commercial value.
- Broker: agent authorized to carry out the credit process with the Bank.
- Capital: amount of money financed by the Bank.
- Origination fee: one-time payment for granting the loan.
- Co-borrower: who acquires the same obligations of the credit, in order to increase the capacity of the borrower.
- CAT: total annual cost of financing that incorporates all costs and expenses that comprise it. It is indicated as an annual percentage.
- Down payment: difference between the sale price of a property and the amount of the loan.
- Capital gain: commercial value of real estate as a function of time.
- Housing subaccount: balance that forms part of the retirement fund and is generated by the contributions that employers make to Infonavit during the worker's working life.
- Interest rate: is the percentage that the Bank will charge for the financing during the life of the loan.