Archive for the ‘Uncategorized’ Category
Disadvantages of Loans Reunification
But all is not gold that glitters. In reality, we must take into account only the interest we pay (this will be less) but also the term that we are negotiating the debt. If renegotiate debt credit card (debt of several months), the car loan debt (debt of 3 years duration), increasing our mortgage loan will have earned in interest, changing 15% or 8 % by the Euribor plus a small differential, but the debt will have become a debt of 30, 35 or 40 years and mortgage guarantee: if you do not lose the house pays for the bank.
In addition, refinancing or consolidation operations based on extended loan a mortgage have a number of expenses not to forget: the amendments to the assumed mortgage deed recording fees, notary and tax. The bank will also charge us fees for the processing and the opening of the loan. If we come to an intermediary company must add the commission or fee. Therefore, the Monetary Authority, Bank of Spain should be well informed of the deadline for the new debt and the fees and expenses that will result.
Fiscally, the new loan or extension of that we had, even if a mortgage loan will not be deductible as investment income housing as in reality the money from this new loan has not been used for acquisition or construction of residence, but for other purposes.