Mortgage loans are characterized because, apart from the personal guarantee, a “real guarantee” is offered as a guarantee of payment, which consists of the mortgage of real estate. In mortgage loans the mortgage is a right that the financial institution has to keep the property in case of default of the loan. That is, the financial institution would become the owner of the home if the debt is not satisfied.

Mortgage loans are usually used for the purchase of a home, although it is also common for people who apply for mortgage loans on their homes to face the creation of a business. The maximum amount of the loan usually never exceeds 80% of the appraised value of the property.

The real guarantee of the mortgage loans means that the interest rates applied in the mortgage loans are lower than those applied in other types of loans in which there are fewer guarantees.

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