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Advices > Mortgage regulation to protect the consumer ...
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The process of hiring of a mortgage loan is regulated by the Order of transparency. The organization is forced to present its supply by means of an informative pamphlet that details the economic conditions of the loan, the evolution of the two last years of the index of reference chosen in the case of contracting a variable operation type, as well as all the expenses that the formalization of the loan takes implicit: cost of the appraisal and the expenses of management, detailing the companies accredited for this aim, as well as tariffs of Notary's office and Registry. Next, the client makes the solicitude of the loan and gives the corresponding documentation. Once analyzed the documentation and made the pertinent verifications by the bank, the organization will make delivery of a binding supply with the detail of the economic conditions with which the loan has been authorized. These conditions have a minimum validity of 15 days. Finally, the organization is forced to deposit, like minimum, three days ahead to the anticipated date of signature, the draft or rough draft of the corresponding deed of hypothecating loan, so that the borrower can examine it. The content and even the order of the clauses of the deed are reflected in the mentioned order of transparency:
The clauses are written up putting special care of the fulfilment of the established in the Law on General Conditions of Hiring. |
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