Mortgage loans

We'll explain what mortgages consist in and how they work
Home equity loans are a type of financial product where the customer receives a specific amount of money, usually from a bank, with the obligation to repay it as a series of periodic installments, along with the agreed-upon interest. The term "home equity" is added to loans like these because the bank has a specific type of guarantee: a mortgage on a property – for example, a home - usually owned by the customer. 
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With the risk for the bank being lower, it can offer longer repayment periods and lower interest rates than those of personal loans.
When it comes to understanding home equity loans, the interest rate is a key concept. The interest rate is the price that the banks charge in exchange for the loan. If the rate is fixed, the monthly payment does not vary over the life of the loan, which allows the amount due for payment to always be known in advance.
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If the rate is variable, the rate will consist of a fixed margin added to a reference index, usually the Euribor, and with the rate being revised according to the bank's terms and conditions, in most cases once each year or every 6 months. With this type of interest, the installments would consist of a fixed part and a variable part, based on Euribor.

Finally, a mixed rate means that a fixed interest rate is charged for a short initial period, with the rate becoming variable after that.

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