Mortgage cancellations have increased significantly so far this year. Here we will tell you why it is. Continue reading the article to find out. Today, the real estate market is going through a very complicated situation. The Euribor, the most reference index in the country, has increase significantly after the ECB’s rate hike. Which also triggers an increase in variable-rate mortgage payments. On the other hand, the ECB indicates that they will continue to raise interest rates with the objective of curbing inflation . However, the reality is that they are still quite far from achieving it . This situation does not allow us to see a good prognosis for the future, at least in the short term. When things are going normally, the process of applying for a mortgage loan comes to an end with the registration cancellation. However, the reality is that a mortgage can also be paid off early. Mortgage cancellation is being increasingly in demand this year if we compare it with others. For this reason, we have decide to tell you why this significant increase in mortgage cancellations that took place in is due.
Mortgage cancellation: What is it about?
When signing a mortgage loan, it is registere in the Property Registry . This means that, when we decide to cancel a mortgage registere, a procedure must be carrie out through which the fact that a home is free of Laos WhatsApp Number Data encumbrances is made official. In short, to completely get rid of a mortgage loan, it will not be enough to pay the last installment. Once the loan has been paid, you must cancel the mortgage at the Registry. However, we must highlight that you also have the possibility of canceling your mortgage before finishing paying it. The reason for doing so is to take out a new mortgage loan with another bank , therefore, you must use the new loan to pay off the previous one. If you choose to carry out the procedure yourself it will not cost you too much money , but it may be a little more complex . Another option is to ask the bank to do it, which will undoubtedly make everything easier, although you should keep in mind that it will be necessary to pay an extra commission.
Mortgage cancellation in
Data from the National Statistics Institute (INE) allow us to see that in March , some , mortgage loans were cancelle. This implies a maximum since May , at the height of the real estate bubble burst. During the first quarter of France WhatsApp Number List the year, a total of. Registration cancellations were carried out. Approximately more if we compare it with the same quarter of In fact, the rebound was so strong that. Since mid-, cancellations have been more than mortgage loan creations. Why did mortgage payoff gain popularity in ? The reason is quite predictable, without a doubt, it is due to the interest rate increases carrie out by the. ECB and the difficulties they imply for those with variable rate mortgages. Face with fees as high as those. That the Euribor inflicts on variable rate mortgage loans, many have chosen to seek an improvement in the conditions of their mortgage loan.