As will be the renovation of my house and its credit. Mortgage credit is a credit granted by a credit organization, in general a bank, and which is implied a mortgage registration on a real property of which the borrower or one of the co-borrowers is owner and this in order to guarantee the lender against a possible default in payment.
The mortgage loan contract must be signed before a notary and involves specific costs.
What is a mortgage loan for?
In general, when we talk about mortgage credit, we quickly think of buying a house or real estate (building, land, etc.). This type of allocation accounts for a large part of mortgage credit, but that’s not all, far from it. Thus, mortgage credit can allow a person to borrow a sum of money that he does not use to buy a house but to any other type of transaction.
The use of mortgage credit results from the fact that the borrower has no other guarantee than his house and therefore cannot obtain conventional financing of the installment loan type.
Mortgage credit to finance my renovations
Thus, mortgage credit can perfectly be used to carry out renovations in your home. In this regard, a distinction should be made between:
- Renovations requiring a building permit: in this case, the borrower must send his building permit and the specifications drawn up by the architect to apply for the mortgage loan. The release of funds will be done in successive waves. The borrower must produce the invoices for the works or a certificate from the architect proving the progress of the works.
- The renovations do not require a building permit: in this case, the borrower must provide the estimate (s) of the work to submit his credit request. The release of funds will also be made in successive waves with the production of works invoices.
The advantages of CPE
Our company has been present on this market since 1996. Our specialists take the time to analyze your file and offer you the solution that matches your profile. We will give you an answer in principle on your request within 48 hours subject to the perfect accuracy of the information transmitted. Find out more about our mortgage solutions.