Costs of the mortgage
Apart from paying the costs of valuation of the property, when requesting a loan the person making the request must also assume other costs:
-
The
starting commission
of mortgage, that normally ranges between 0.5% and 2% of the amount requested.
At the same time, remember also that the mortgages, once payment is finished, must be cancelled to avoid surprises if you wish to sell the property in the future, since it would constitute a pending financial liability. The cancellation has a cost that is normally known at the moment of contracting the mortgage.
The costs of inscribing the mortgage in the register, and the notary.
The
Tax on documented legal provisions
, that vary according to the Autonomous Region of Spain involved.
Insurance against fire, which it is obligatory to contract according to mortgage law, and the beneficiary of which is the financial institution.