Mortgage Commissions

Mortgage commissions are the applicable action deductible to all kinds of movement of mortgage loan, this may vary according to the national rate of interests of each of the countries, however these commissions are in large base made by financial entries made by users for actions such as acquisition and control account and movement between them. James S. Chanos has plenty of information regarding this issue. Today the large amount of mortgage types make them look exposed a large number of commissions, among which we must highlight some which due to its continuous use are the best known among the public; some of them are: mortgage opening Commission: is the Commission charged by each bank to provide to any person the mortgage loan, this can vary by several factors within which the most important are the value of the mortgage and the variation of a bank to another, since not all banks handled the same collection rates. Commission by subrogation of mortgage: this is the Commission charged by banks When someone sold the House and moved the mortgage to the new owner. This Commission can generally vary between 1 and 2 percent of the value of the mortgage. Commission for early repayment: is the Commission charged by the banks to make progress or amortization of the mortgage from a savings account, however it is appropriate to say that not all banks do this collection. Modifications of mortgage contract fee: as the name suggests these are the commissions charged banks by carrying out any adjustments to the contract for mortgage loan.

Formalities fee: this Commission goes hand in hand with the above-mentioned Commission by modifications in the mortgage contract, since the change in any aspect requires important legal procedures made by the banks and therefore charge such payment. Study fee: banks before making any type of mortgage loan is obliged to carry out studies to determine the creditworthiness of the new client. We can say that in the majority of cases this Commission is included in the fee. Previous cancellation of the mortgage fee: this fee is charged when the customer decides to cancel the entire debt in advance, meaning to the Bank a decrease in revenues expected by the customer, and therefore banks should recover some of this through the Committee. Although there are other important commissions charged for mortgages, the previously highlighted, as already stated are just a few of the most known and applied at present. It is very important to mention that at present globally are developing important mortgage commissions regulatory laws, because some of them are something unjustifiable; a clear example of this is the new mortgage law, which stipulates that banks should inform previously the users price rises and commissions which shall benefit in the future.