Useful financial terms of everyday life
Today we publish a new installment of our particular glossary with which we intend to approach all those concepts which we handle and hear in everyday life but areoften foreign to us. So we’ll try to go with a breakdown of various chapters of the main terms used in the world of real estate sales.
Cancellation of registration
It is the act by which the marking on the Land Registry at the time of granting the mortgage loan is canceled. If you do not record the repayment of the loan in the Register blocks, annotation mortgage burden will remain indefinitely. For cancellation you will need it signed by the financial institution at the request of the customer, a notarial deed of cancellation of mortgage which will be canceling the existing load. You can also cancel by letter provided that the date of the contractual maturity of the mortgage is over 20 years old.
Financial instrument for which coverage may be provided to potential lifts of interest rates on variable loans. The price varies depending on the term of coverage and ceiling established for a possible swing to higher market prices.
Lack of amortization
Period of the loan for which no repayment is billed, paying only interest on the loan or interest and redemption in which case a fee will be charged accumulating debt to the loan principal to recalculate the new fee once waiting period ended.