The mortgage loan provides that a mortgage is registered on the house for which the loan was applied. The mortgage on the property in fact, for the bank or the institution issuing the mortgage, is the most effective guarantee, as it guarantees the right of first refusal on the home in case of sudden insolvency of the debtor. How to mortgage a property?
When applying for a mortgage, the mortgage must be registered with the Public Registry, through the establishment of a notary deed. It is therefore necessary the intervention of a notary for the registration of a mortgage on the property. Once the consolidation of the mortgage has been completed (usually it is not more than two weeks), the loan or loan is disbursed.
And if we already have the house, the mortgage has already been extinguished, but we need money? Even in this case we can mortgage the house . In practice we can apply for a loan to a bank or other institution, offering our home as a guarantee. Obviously subject to acceptance by the financial institution.
The mortgage weighs on the property for a period not exceeding 20 years. After 20 years the mortgage decays, but can be renewed if the debt has not yet been extinguished. After the age of 20, or once the debt has been extinguished (which may be before or after the age of 20), the mortgage can be canceled, according to the procedures established by law.
The Bersani law of 2007 emphasizes that the voluntary mortgage is automatically terminated within one month of payment of the last installment of the loan. However, it is always advisable to send a registered letter to the paying agency, in which to specify that the debt has been extinguished, the date of extinction, the number of the loan and then request, if not already done, the cancellation of the mortgage ( the bank will have to present a cancellation deed at the Conservatory).
Finally, remember that the mortgage does not limit the use of the house. The property is still our property and we have full enjoyment. The transfer of ownership or other real rights is limited.