One in two households uses home equity loans ( conventional loans, 0% loans, etc. ) to finance the purchase of a home. This loan (or loans) accumulated with consumer loans adds to the expenses of a home. The redemption of credits can be a credible alternative to reduce monthly payments and find a good financial balance. What is a mortgage loan? Can mortgaging your home save cash ? Is the use of a notary necessary to buy mortgages? Is there a fee?
The purchase of mortgages: what you need to know!
Before talking about fees or notary, it is good to understand the concept of buying mortgages. Indeed, it may seem difficult for a typical citizen to understand the operation and the interest of this type of solution proposed by the banks as by credit organizations. It therefore seems logical to give you the explanation.
To put it simply, we have listed the main lines to remember:
- The purchase of mortgages concerns owners. Tenants are excluded from the scheme.
- The purchase of mortgages concerns real estate loans. It is possible to include consumer credits within a limit set by the lending institutions.
- The purchase of mortgages requires the mortgage of real estate ( garage, apartment, main house, second home… ).
But what is a mortgage? What’s the point ?
Organizations always play the card of caution. They are listening to citizens to help them rebalance their financial budget as well as to finance new projects, but they need a solid guarantee. By mortgaging a property, you submit it indirectly to the organization. The property belongs to him until the loan is fully repaid. Thus, in case of long-term unpaid, the body can put the property to the auction.
Before making a mortgage purchase, it is essential to properly analyze your financial situation. Moreover, this type of solution commits you. We recommend that you subscribe to a borrower insurance that will protect you in the event of unforeseen circumstances.
The notary is obligatory for a mortgage surrender?
When we talk about the term “mortgage”, we must think directly of the notary. The notary is the only one who can register a mortgage. There is no choice; to redeem mortgages involves a notary to establish a deed.
Are there notary fees to be provided? Seeking the advice and cooperation of a notary to redeem credits at a cost. The price varies according to the notary and the amount of the mortgage. This amount can be included in the amount proposed when redeeming credits. Do not forget to inquire about fees before accepting a loan offer.