A mortgage is a commitment to the medium or long term loan that involves a significant amount of money. It is not a consumer credit cards as the prize awarded by the shops.
Among the expenses and commissions must be paid when applying for a mortgage and looking at these items as a are the initial investment.
HITCH. Between zero and thirty percent of the property value. This payment is made to formalize the sale of the property and ensure the agreed conditions regarding the location and details of the property such as distribution and finishes.
credit analysis. Between zero and one thousand pesos. Fixed amount.
assessment. Is the determination of property value made by a licensed professional. The study provides the size of the property, the quality of the finishes, the state found, the age, the value of the land, among other things. The cost of the appraisal varies among institutions.
INSPECTION OF THE WORK (only in case of expansion, remodeling and construction). Charged by number of visits. Is the cost of supervision of work progress to verify the proper use of credit for construction or remodeling of the building.
COMMISSION FOR OPENING. Between zero and three percent of the value of credit. Is charged to cover the costs involved in opening credit.
ATTORNEY FEES AND TAXES. Between three and twelve percent of the value of property in case of purchase of a home or land and the value of credit in case of liquidity, payment of liabilities, construction, expansion and remodeling. Is the payment of registration rights in the public records of property and trade, taxes on acquiring the property, as well as notary fees and expenses and the city where the deed is done.
Among the functions of a notary are: verify the legal status of the property as having no debt for any other claim, that is free of encumbrances and that no arrears of property tax or water during the last five years in addition to corroborate in the Property Public Registry that the seller is the rightful owner.
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