{"id":40822,"date":"2019-05-22T12:07:22","date_gmt":"2019-05-22T10:07:22","guid":{"rendered":"https:\/\/www.rominaibizavillas.com\/?p=40822"},"modified":"2019-05-22T12:07:22","modified_gmt":"2019-05-22T10:07:22","slug":"los-costes-reales-de-una-hipoteca","status":"publish","type":"post","link":"https:\/\/www.rominaibizavillas.com\/en\/the-true-costs-of-a-mortgage\/","title":{"rendered":"The true costs of a mortgage"},"content":{"rendered":"

<\/p>\n

Thinking of buying a property in Ibiza with a mortgage? Then you should consider that the total cost of the loan will be much higher than the purchase price. That\u2019s because several additional costs will incur. Let\u2019s have a look at the costs involved in obtaining a mortgage loan in Ibiza:<\/span><\/p>\n

Property Valuation
\n<\/b><\/span>Before granting the mortgage and in order to determine the viability of the loan, the bank will ask a professional appraiser to value the property. The cost of this valuation will be charged to the client, and for average housing it can cost around 400 Euros.<\/span><\/p>\n

Arrangement or opening fee
\n<\/b><\/span>When a mortgage is granted, the credit institutions charge a percentage. It is a single payment that must be made before the loan agreement is signed. There will then be the costs of the mortgage itself. This varies according to the provider, and even according to the particular branch. However, there is usually some kind of opening fee of around 1% of the value of the mortgage.<\/span><\/p>\n

Home and life insurance
\n<\/b><\/span>When buying a home in Ibiza with a mortgage, all property owners are legally obligated to have home insurance to cover the value of the property. The policy beneficiary must be the bank, so as to guarantee that, in the event of a catastrophe and total loss of the home, the bank will receive the full amount that had been given. Life insurance is not mandatory but occasionally, the bank may demand that a life insurance policy be taken out and linked to the loan, so that in the event of the owner’s death, the debt will be settled.<\/span><\/p>\n

Notary Expenses
\n<\/b><\/span>Mortgage loans are constituted by means of a public deed that is signed before a notary. That deed must also be registered at the corresponding Property Register.<\/span><\/p>\n

Administrative agency
\n<\/b><\/span>The bank will entrust the processing of the mortgage deed to an administrative agency. This procedure basically involves collecting the document from the notary\u2019s office, settling the tax, submitting the document at the Property Register and collecting it again once it has been entered.<\/span><\/p>\n

Want to know more about obtaining a mortgage in Ibiza? Check out our previous blog: \u201cMortgage advices in Ibiza<\/span><\/a><\/span>\u201d.<\/span><\/p>\n

 <\/p>\n

Photo: Shutterstock<\/p>","protected":false},"excerpt":{"rendered":"

Thinking of buying a property in Ibiza with a mortgage? Then you should consider that the total cost of the loan will be much higher than the purchase price. That\u2019s because several additional costs will incur. Let\u2019s have a look at the costs involved in obtaining a mortgage loan in Ibiza: Property Valuation Before granting […]<\/p>\n","protected":false},"author":12,"featured_media":40824,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[332],"tags":[365,364,366,343],"class_list":["post-40822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-comprar-una-casa-en-ibiza","tag-comprar-casa-ibiza","tag-hipoteca-ibiza","tag-ibiza-house-buying","tag-mortgage-ibiza"],"acf":[],"yoast_head":"\nRomina Ibiza Villa will help you to find the perfect Ibiza Real Estate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rominaibizavillas.com\/en\/wp-json\/wp\/v2\/posts\/40822\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rominaibizavillas.com\/en\/wp-json\/wp\/v2\/posts\/40822\" \/>\n<meta property=\"og:site_name\" content=\"Romina Ibiza Villa will help you to find the perfect Ibiza Real Estate\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rominaibizavillas\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-22T10:07:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rominaibizavillas.com\/wp-content\/uploads\/2019\/05\/ibiza-romina-villas-real-estate.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"1002\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alexander Starz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"[:es]Los costes reales de una hipoteca[:en]The true costs of a mortgage[:]\" \/>\n<meta name=\"twitter:description\" content=\"Thinking of buying a property in Ibiza with a mortgage? 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