Archive for the ‘Mortgages’ Category
When applying for a loan, the lender will ask you some information about your income and assets necessary for the study of the operation. The documents often provide the financial institution are:
* The Tax ID or
* If you are married need to know the matrimonial regime, because, in some cases, when the mortgage form, requires the consent of both spouses
Worker
* Last payroll
* The Income Statement and Heritage
* Certificate of seniority
Self-employed worker
* Statement of Income and Wealth
* Justification of past income and installment payments of income tax and VAT
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By law, we are required to take out insurance to cover damages assessed property value. Typically, the lender is going to suggest we hire insurance, but can not force us to hire him. The trouble is that banks often we are pushed to your insurance policy, playing with increasing interest. But we could do with another company and designating the entity as a beneficiary of the policy.
In addition to securing the continent or the building structure, it should cover other contingencies. For this there are the following types of insurance:
Household comprehensive insurance
What is called damage insurance. Usually include cases of fire, water damage, glass breakage, theft, liability for damages to third parties, etc. .. in these cases insurance will take care of everything. This insurance is recommended for all housing, whether it is contracted for a mortgage.
Life insurance or loan repayment
This method covers the risk of death or disability of the holder of the loan. If this occurs, the family should not take over the debt, the insurance would be responsible for returning the bank to pay the remainder of the loan. They are usually not particularly expensive but this insurance is not mandatory.
However, these conditions tend to report different types of insurance and benefits and guarantees.
Mortgage costs – The formalization of mortgages carry a number of additional costs, which are unrelated to the entities, for notary fees, taxes, etc. .. Mortgage costs inherent in the operation are:
Appraisal
The appraisal is the valuation of the house by a freelancer. Appraisal costs are paid to the authorized company which is responsible for calculating the value of the home. If the appraisal is conducted will have to pay these costs, but ultimately did not hire mortgages.
Land Registry
With respect to these costs of a mortgage, there are two different concepts:
Costs for obtaining information from Land Registry on charges that housing is going to buy eg. Who is the owner, if any prior mortgages, or any problem that prevents the operation. These costs also have to be paid regardless of whether hired or not the mortgage.
Costs by enrolling in the Land Registry the deeds of mortgages.
Notary’s office
The notary fees are regulated by law. Notaries are the public attesting the deed of sale and mortgages, are certifying the operation. The notary is obliged to inform and remind the client of the financial terms of the loan (fees, APR, index, etc. ..) and check whether there are differences between the binding offer and financial terms, customer warning possible differences.