When a person needs a mortgage credit to acquire a living placeIn many cases, your first option to get one is by going to a bank.
However, in Chile there is an alternative to banks; These are the loans granted by the Managers of Endorsable Mortgage Mutuals, better known as do so.
What are mutual loans?
Endorsable Mortgage Mutuals are mortgage loans that are granted for the acquisition, extension, repair or construction of a home; purchase of sites, offices or commercial premises; refinancing of mutual mortgages or loans for general purposes.
These credits are delivered in UF or through other systems authorized by the Central Bank, and you can access them any natural or legal person who wants to get a loan.
The credit granted by the mutual insurance company guarantees through a mortgage constituted in the property that is the subject of the purchase, repair or other transaction, that is, the property or home that is acquired; It remains as a mortgage in favor of the Mutual Administrator Agent to ensure compliance with the mortgage loan.
From the Commission for the Financial Market (CMF) recommend that before signing the loan, people review the interest rates that will be applied to the mortgage loan.
Advantages of loans delivered by mutual insurance companies
The credits granted by mutual insurance companies have advantages such as lower operational costs associates and greater agility in carrying out the procedures.
Also, these credits will not remain in the bank debtors system, because mutual insurance companies are linked to insurance companies which are governed by the Superintendency of Securities and Insurance (SVS) and not by the Superintendency of Banks and Financial Institutions (SBIF).
With whom are these credits contracted?
These credits are contracted with the Mortgage Mutual Administrators Agents, which are joint-stock companies that grant, on their own account or on behalf of insurance and reinsurance entities, endorsable mortgage loans to finance real estate or for general purposes.
These agents are in charge of delivering the characteristics and conditions of the loan to be requested, in addition to requesting the necessary documents to sign the commitment.
In Chile, there are currently 16 Registered Endorsable Mortgage Mutual Administrators and duly registered with the Commission for the Financial Market.
To know the mutual insurance companies where you can apply for a loan, Click here.
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