A guaranteed mortgage is a mortgage that is guaranteed by the credit union or bank. This means that the lender agrees to make a loan to you, even if you don't have good credit. The lender can also require minimal down payment, which can be beneficial if you're looking to buy a home.
There are a variety of credit with mortgage guarantee (which is also known as credito con garantia hipotecaria in Spanish language) available to borrowers. The most common type is a fixed-rate mortgage. These loans have a set interest rate that remains constant throughout the term of the loan.
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If you're like most homeowners, you want a mortgage with a guaranteed rate. But what is a guaranteed rate, and how do you get one?
A guaranteed mortgage is a mortgage where the lender guarantees that the interest rate on the loan will be at least 2% below the going rate for comparable loans from other lenders. The guarantee is in effect for as long as the loan is outstanding. This means that if rates go up, your monthly payments won't increase as much as they would if you were borrowing from a non-guaranteed lender.
To get a guaranteed mortgage, you need to meet certain requirements. The most important thing is to have good credit – your score will affect your chances of being approved for a guaranteed mortgage.
You'll also need proof of income and assets. If you have children attending college or are buying a home near a university, you may be required to provide additional documentation.
