Buying a home means calling for most of the cases a mortgage in order to address the various costs. The choice of funding plays an important character equal to that undertaken for the selection of properties for sale. One of the first steps will be to turn to more lenders to consider the various proposals on the market, taking into account the interest rate and inserted clauses and the contract.
The moment you turn on your first home mortgage, the loan will be allocated to those who do not possess any kind of dwelling, or links with other properties. This will be the main requisite for the tax incentives: expected, in fact, the deduction of 19% of the interest for apartments that do not exceed 90 square meters of floor area and that luxury features. With the first home mortgage, also, the apartment must be located in the same municipality where the beneficiary resides or where the mortgage works.
The traditional formula of home mortgage covers up to 80% of property value. In recent years the market has been, however, presented new offers such as the “Mortgage 100” which provides 100% coverage of the market value of the apartment, making the applicant does not have the need for additional liquidity to cover the remaining capital usually equal to 20% of the purchase value. The beneficiary of the loan will, in fact, in most cases, have to take into account not only the remaining share of 20% of the value of the home, but also taxes and fees.
There are several clauses in a contract, such as: preliminary cost, insurance cost, time and expertise on real costs, lapse mode. When we turn to a bank or finance company to apply for a mortgage for the purchase of a second home, which usually can be bought for a home or an investment for summer and winter holidays, we will not be the beneficiaries of any tax deduction because in this condition the property is seen as a purchase not essential for everyday life.
A customer may also choose to apply for a mortgage to build the first house. In this case funding will be granted for the construction of a house that will be located on land owned by the applicant. The mortgage home construction, falling into the category of first home loan, boasts the same tax benefits with the only difference for capital disbursement. While with the traditional first home mortgage, capital is paid directly to the bank account of the beneficiary of the loan so that it can pay off the debt with the property owner, in this case the money is paid depending on the state of play and after a expertise of a technician.
When we are in difficulty in the payment of installments and we fear it can not repay the debt, we can evaluate the option of subrogation of the mortgage happy that we replace this loan with another. Subrogation, also known as portability of the loan, is the solution that allows you to transfer your loan from a credit institution to another, changing payment amounts, parameters, but leaving the same residual capital that we should return.