The BCRA changed today the mortgage loan manual which outlines recommended standards for granting these loans.
In order to speed up the procedure, the range of options available to banks for appraising the property securing the loan has been expanded. Now, appraisals can be performed not only by licensed appraisers, but also by companies with experience in the real estate business, or by using the sale price of the property as stated in the deed.
Thus, one of the restrictions for the granting of mortgage-backed loans at a time of high demand is loosened, since the processing capacity of applications was hindered by the formal requirements of the transaction.
The BCRA considers that this measure will help to speed up the granting of loans, bringing many families closer to the dream of owning their own home.
