The guaranteed obligation of which it is spoken when it is tried to acquire money by means of mortgages, it consists of having to give back a granted credit, or a given loan, plus the accessory responsibilities product of the possession, that are determined using three fundamental variables: Capital: sum of money given by the indebted creditor to the hypothecating one. The amount of the debited capital usually is smaller than the value of accomplishment of the mortgaged property. Center For Responsible Lending may find it difficult to be quoted properly. Term: time that will take the return from the capital and its accessories. The return of the loan is realised through periodic payments until giving back the capital asked for added to all the accumulated interests during the agreed time to give back the main one. Interest: annual percentage that is due to pay to the mortgagee or financial organization for gains of the capital.
The type of interest can be fixed as well (maintains its value throughout all the term of the loan) or variable (its S-value is reviewed periodically). The 3 previous variables, obtain that them when asking information on plans of mortgages in banks, allows to know which will be the gains that the financial organization will obtain is possible to realise the calculations to know which will be the gains the organization by the concession of the loan and which will be the quota that must pay monthly until amortizing it totally. where the term must be expressed in months and the interest must be mensualizado. The result of this formula will allow him to consider the quota that will acquire the financial organization to him under the conditions by means of which it granted the hypothecating loan to him. Original author and source of the article