Mortgage loan payment methods
Author: Editorial staff 16 August 2021, 6:04Contents index When we finish paying the mortgage, the house is finally ours and we no longer have to pay any more installments to the bank. However, most people believe that when we stop paying the mortgage it disappears by itself, although this is not the case.
For the property to appear ‘free of encumbrances’ it is necessary to cancel the mortgage. It is not mandatory, but it is recommended. If you have already finished paying your mortgage, or if you are about to do so, we will tell you what alternatives there are and the steps you should take.
The first thing we will notice when we finish paying the mortgage is that we no longer have to pay the monthly installment charged by the bank. However, this does not mean that the mortgage disappears by itself. In fact, the information relating to the mortgage will continue to be kept by both the bank and the Land Registry.
How does this affect me? Well, even though the debt contracted with the bank has been paid in full, the property will still appear in the registers as mortgaged. That is to say, it appears as having a mortgage. This means that, for example, if we want to sell it, the property will not appear as “free of charges”.
How mortgages work in Mexico
In case of delay in the payment of the mortgage installments, it will be necessary to bear in mind that the financial entity will be entitled to apply to the amounts owed the corresponding interest for late payment.
In the first place, late payment interest will accrue. The interest for late payment will be the remuneration interest plus three percentage points throughout the period in which it is due. It may only accrue on the principal due and payable.
Once the early maturity has occurred, in the event of persistent non-payment, the next step is the request by the lender for foreclosure before a court or through an out-of-court proceeding before a notary public.
If the debtor is in what the Royal Decree-Law 6/2012 calls “exclusion threshold” and, in the case of the habitual residence, the default interest applicable from the moment the debtor accredits to the entity that he/she is in such circumstance will be, as a maximum, that resulting from adding 2% on the outstanding capital of the loan to the remuneration interest agreed in the loan.
Bancomer Mortgage Credit
The Family Housing Subsidy is a monetary aid granted by the state to complete the down payment of your home. This contribution is granted once in a lifetime to the beneficiary, and delivers a maximum value of $23,437,260. In order to apply for it you must comply with the following:
The approval time ranges between 3 to 5 business days after the complete filing of the requested documentation, depending on the type of activity and the ease with which the information can be verified.
For new housing, once the construction company requests it with the delivery certificate and registration receipt. When the disbursement is made immediately the customer service area will contact you to notify you.
One month after the disbursement of the credit to the builder in the case of new housing, in the case of used housing, one month after the disbursement to the seller of the property.
You can pay your monthly installment through the electronic payment by PSE, available in our web page. In addition, you can make your payment at chain stores such as: Exito, Carulla and Surtimax, Colsubsidio, Banco de Occidente and Banco Av Villas, and at Baloto points.
It is possible to advance the payment of a mortgage loan
A mortgage is one of the most important financial decisions you can make, since it has very important implications. That is why it is important that you have a stable, orderly financial situation, good savings and, in addition, that you can take out the mortgage loan that best suits your needs.
A mortgage loan is a loan to buy a house, which is paid together with the interest, insurance and commissions that it generates during a determined term at the beginning of the deal. The property you buy will be a guarantee that you will comply with your payments for the duration of the contract. Therefore, it is important to apply for a loan that does not put your finances and your patrimony at risk.
Then, at the end of the payment of your loan, you must go to the bank to process your mortgage cancellation, which indicates that you no longer owe money to the bank and, therefore, the property that was in guarantee will no longer be in that condition.
In order to acquire a mortgage loan, you will have to analyze if you are prepared to acquire a commitment of this type. To do so, you will have to make an accurate analysis of your current and future economic and financial situation.