When carrying out a mortgage subrogation, it is likely that the new bank will ask you to re-appraise the home . However, this point will depend on the conditions and circumstances under which mortgage subrogation is. We will tell you in which cases it is mandatory to carry out a new appraisal of the home to request a mortgage subrogation. Mortgage subrogation: What is it about? First of all, we must clarify what a mortgage subrogation is . When a mortgage is subrogat, both the debtor and the lender of a mortgage loan can be or by another debtor or another lender. There are different types of mortgage subrogation. In this case, the owner of the mortgage changes. This way of subrogating the mortgage is the most when a house is already mortgag . The bank has the possibility of admitting, or not, the new debtor. To make this decision, the banking entity must carry out a risk study similar to that it would carry out when granting a loan. In this way, it is possible to assume the existing debt without having to make a new tax payment for this event.
Home appraisal: What is it about?
When we talk about home appraisal we are referring to a study carri out by duly qualif companies or people and which provides the possibility of knowing what the real and objective value of a property is in the real estate market. The appraisal of a Lebanon Phone Number Data home can be carri out by any company or duly qualifi person . In other words, whoever carries out the appraisal must have been approv by the Bank of Spain . In this way, the objectivity of the appraisal is ensur. What is a home appraisal for? The appraisal of a home is out to know its real and objective price in the real estate market. This will give the banking entity the possibility of knowing what the specific value of a property is. This way, you will know how much money you can lend to a client when providing a mortgage loan.
In which cases should you carry out a new appraisal to subrogate the mortgage?
If you plan to subrogate a mortgage, you should be clear that it is likely that the bank will request a new appraisal. However, the reality is that this will depend on the circumstances of the surrogacy. In other words, it is not always mandatory to carry Turkey Phone Number List out a new appraisal; it will be necessary in certain cases. Here are the cases in which you must appraise the home again: In case the mortgage loan was signed more than two years ago. If the outstanding debt exceeds , euros. In case the outstanding debt is lower than , euros, but greater than of the appraisal report. This can be both capital and amortization period. In the event that incidents related to non-payment of mortgage loan installments have occurred . In all these cases, the bank considers that the conditions require that a new appraisal of the home be carried out before giving rise to the subrogation of the mortgage. On the other hand, if none of the cases we have mentioned take place.
