If the original loan already has a repayment term of forty or more years, the lengthening of the term has minimal effect in reducing the quota and maximum in total costs rising. As you can see, the recourse to a possible extension of the repayment term is a decision that requires a process of reflection upon and possibly a professional advice on their advantages and disadvantages. sue. Also think that this may be a totally temporary measure and that resolved once the specific difficulty to assume one greater fee could reduce again the repayment term to adjust to new economic circumstances, accelerating again the pace of return of capital and slowing down the overall cost of the operation. TEN STEPS SO THAT ITS BROADENING?N is free if is decided by the extension of the repayment of your mortgage term and thus accords with its entity, these are the ten steps to be followed so that the enlargement occurs free of charge. You will need to go in this order: your credit institution, to the notary, to the land registry. ENTITY OF CR?DITO 1. Please contact your Office of the credit institution with whom he has signed the mortgage loan. 2 Talk with them about the possibility of extending the term of your loan and extensions of this decision.
Request your credit institution all information which it deems necessary for the decision in an established manner and, in particular, required to report on the amount of the periodic installments and the box of amortization of the loan which would be to agree on enlargement. 3 If you decide that you are interested in the extension of the deadline, you must not only request but that it will be necessary that your entity agree to. 4. Once agreement of both parties, the extension shall be without charge Commission for extension of the term of the loan. 5 Remember that modification of the clause that establishes the extension of the term of the loan will only be free. 6 NOTARIZED.
The mortgage loan modification must be carried out in common public deed before a notary. The notary you have right a: demand to resolve you any doubt or inquiry; demand to explain the consequences of what signature; require the public deed documenting exclusively the extension of deadline are issued on plain paper and not on stamped paper; request that such writing is telematically submitted by the notary in the land registry; and require to provide you with authoritative copy of the document that has been signed in a period not exceeding five days. 7. The notarial costs of this operation are free. 8 PROPERTY REGISTRATION. After training in public deed must be carried the registration in the land registry as a side note. 9. In this case, you have three options, the first two without cost: can you ask the notary to submit telematicamenrte document in the registry of property; If he could not make use of the telematic presentation through the notary, can yourself carry writing to the registry of property that applies to you; and you can get to an agency that will pay for performing the procedure and will be charged for the service provided. 10. The registration shall be in any case free. You are entitled to that Registrar grade you and enter the document in a fortnight without putting obstacles beyond the materials that should be checked. If the Registrar notice a defect, you can demand that they communicate both to yourself as to your notary.