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Definition of mortgage
The uniqueness of a mortgage loan type is taken as guarantee of the same house on which the mortgage is done: house, villa, bungalow, apartment ... The house would be in the event of default, to the financial institution that is the lends money.
The refund is made by agreed deadlines and conditions.
The fact that the interest rate applied by the sole bank to be lower than in other types of loans, it is because it has the house as collateral and the risk taken is smaller.
When the mortgage will have to meet a number of legal steps to ensure that everything is done correctly:
- The entity must submit a binding offer ten days before all financial operations specifications.
- A notary must be involved with the duty to warn of any legal anomaly.
- Increased publicity by registration in the land registry. Since the registry should tell us whether or not registrable housing.
- The Bank of Spain and calculates public benchmarks governing the indexing variable rate.
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