Steps to cancel mortgage according to the type of cancellation

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Life takes many turns and you may find yourself in a situation where you have to pay off your mortgage, but where do you start? Well, the first thing of all is to distinguish what type of mortgage cancellation it is and it can be for various reasons, either because you can pay it at once or because you have made the decision to sell your apartment . In today's blog we will see what the types of cancellations are and what steps must be taken depending on the case. Let us begin!


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Type of mortgage cancellations
Basically, you can find two reasons or situations in which you make the Chinese Overseas America Number Data decision to cancel your mortgage loan.

Mortgage cancellation. If you have already reached that wonderful moment when it is time to cancel the mortgage because you have already paid all the installments.
Early cancellation due to sale of the home.
Cancellation due to early repayment. That is, you have the money necessary to pay the remainder of the mortgage before the repayment period.

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What do I do when I have finished paying my mortgage?
Once you have finished paying all the installments, the bank will have to send you a zero debt certificate at no cost. This document will serve to prove that you have already paid your debt with the bank.

But this step is not enough, once you have been issued the certificate, you will have to cancel the registration. You can do this procedure through your bank or on your own, keep in mind that if you do it through the bank you will have to pay the cost of the management. If you want to do it on your own, these are the steps to follow.

Sign the mortgage cancellation deed before a notary.
Present the completed Tax on Documented Legal Acts.
Go to the Property Registry to present the zero debt certificate, the deed and a copy of the IAJD.
Request a simple note stating that the home is no longer mortgaged .
At the Property Registry , you will have to pay the registration fees, which will depend on the value of the mortgage. It is important to do the cancellation of the mortgage and the registration in a row, otherwise you may find yourself in trouble if it is done years later.



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Steps to cancel mortgage to sell your house
If you have decided to sell your property and you still have an outstanding loan to pay, you will have to proceed with the cancellation. In the case of selling the home with a mortgage, you will have to follow the following steps:

Request a document from the bank certifying the balance of the mortgage with the date of the sale.
The buyer has to prepare two bank transfers: for the bank with the money to be amortized and another for the seller with the remaining amount up to the sale price.
Request the mortgage cancellation certificate from the bank .
Notary document.
Documents are presented to the registry for registration.
In this case, you will have to check if there is an early cancellation fee clause in the contract, in which case you will have to pay it, the cost will have to be less than 1% of the total amount of the loan.