The mortgage dictionary is a section of the website that allows you to know in detail the definition of all the terms related to the contracting of a mortgage or mortgage product, one of the financial operations that must be thought about and analyzed the most because it involves a significant debt that will be paid over several years. The Notary Bosch-Bages of Barcelona wants with this page to facilitate the knowledge of the most important concepts related to this type of Notarial services related to mortgages.
As described by the Real Estate Credit Law, it is a special loan to cover an immediate need for financing. So it is a temporary benefit that is processed quickly that serves as a “bridge” to later have a new, larger long-term loan (more than a year). Therefore, it is a “loan agreement without a fixed duration or repayable within a period of 12 months, used by the borrower as a temporary financing solution during the transition period to another financing modality for the real estate. |
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