Other mortgage loan expenses

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Once the house is purchased and deeded, we have the expenses of constitution of the mortgage itself whose amount is given by the amount of the mortgage loan itself or more specifically by the Guaranteed capital or Mortgage liability figure (loan amount + interest + commissions). They are as follows:

- Notary: notarial expenses caused by the deed of the mortgage.

- Property registration: expenses incurred in registering the mortgage in the Registry.

- Management: expenses caused by the procedures in the Registry and in the Treasury.

- Tax on Documented Legal Acts (AJD): up to 1% of mortgage liability.

We must warn you that while the mortgage is alive it may cause you new expenses until you reach the last expense derived from your own cancellation. Are these:

  • Default interest: due to non-compliance with the installment payment terms.
  • Commission for unpaid installments: amount set by the financial institution for the regularization of unpaid installments.
  • Commissions for issuance and shipping costs of receipts. It is not usually usual.

Upon reaching the Cancellation of the mortgage, you must also cancel it in the Registry to eliminate the burden on your home. This will force you to go through a similar process: cancellation deed before a notary, registry, agency, etc. For the cancellation of a 100,000 euro mortgage in Spain, it will cause you around 765 euros of expenses. But if you have a 30-year mortgage, maybe this is futurism ...

Video: Mortgage Secrets: Pay Less Fees and Interest


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