The types of mortgage are multiple and different from each other. Wanting to emphasize what is and remains a purely general definition, it is possible to affirm that by mortgage we mean a particular kind of contract within which a subject, called borrower , commits himself, by subscribing this last, in returning a certain sum of money to another person, called a lender . The restitution will have to take place in the manner and in the timing explicitly specified by the existing contract, a contract that will also have the task of establishing in detail the sanctions in the hypothesis in which there are defaults by even one of the parties involved. In the following paragraphs will be defined and described a particular type of mortgage, the mortgage land . An analysis, which we are going to do, which will not forget to highlight and draw up the differences between the latter and another mortgage, the mortgage loan.
Definition and related legislation
To complete what the definition only partially describes, it is opportune to mention other characteristics that distinguish any land loan . The first characteristic that can be enumerated is the fact that this mortgage must necessarily be underwritten with a bank, with the loan in question that must be turned to the one that will become your first home for residential use . The maximum amount of money payable in the land loan can not and must not exceed what is the value of the house or the costs for the necessary interventions to be implemented. To all this must be added both what must be spent to buy the land and any restructuring interventions . To apply for a mortgage, it is therefore necessary that the amount of the loan does not exceed 80% of the value of the dwelling, while the repayment duration must be more than 12 months but less than 30 years.
In the case in which those who have applied for the loan need a higher share than the one that the usual formula of 80% provides (maximum limit eligible for financing of 20%), he will have to pay the bank additional guarantees, among which there may be sureties or insurance policies. If, at the time of the request for a mortgage, there are additional mortgage regimes that weigh on the asset in question , the 80% barrier will affect the residual economic capital of both the previously incurred loan and the new one. In this case, we are dealing with what are called supplementary loans. When applying for a mortgage, there is a need to present the following documents:
– identity card or passport;
– fiscal Code;
– certificate attesting the income. Alternatively, you can present a paycheck or your own tax return;
– deed of ownership of the house;
– a document confirming the non-existence of other mortgages on the property.
Mortgage loan and mortgage loan: the differences.
In spite of the fact that, to a not properly attentive eye, mortgage loan and land loan could almost seem the same, considerable differences separate these two different forms of financing . Differences reputed above all by banks that often fail to present them to a consumer who in this way will inevitably be lost. A first aspect that differentiates them is searchable in all those privileges that the mortgage holds with itself . From decidedly lower interest rates to the more accessible notary fees up to the destination of the chosen mortgage, which for the land loan can only concern the first house. As if this were not yet sufficient, the latter offers the possibility of deducting the so-called passive interests . If it is true that the destination of the mortgage can only be represented by what will be the first house, it is equally true that, as a consequence, a mortgage loan can be asked if you want to buy a property not for residential use or when you he needs more money.
To define itself as an executive, a title must be certain and immediately payable. A loan contract can take the form of an executive title if it provides for an immediate transmission agreement of the sum borrowed. Transmission , of which we speak, which can also occur on the current account of those who benefit from it. In the event that the mortgage is also conditioned, it will contain a particular clause, with the amount of the loan that will be paid only in the condition in which:
– a sum will be subjected as a precaution;
– the borrower subjects will comply with additional obligations.
This particular case, a conditional mortgage loan , can not however be an enforceable title, as it is not an instantaneously collectable credit. Ultimately, it is to be considered as an executive title only that mortgage loan whose sums are immediately available to the borrower, without any additional and additional conditions.