The lengthening of the term is a way to reduce your financial burden in the short term but, depending on the particular situation of each person, also involves a series of implications that should be considered before making the decision. So, according to the AHE, we must bear in mind that: If your mortgage loan periods are already long decrease of the quota can be reduced, in any case the enlargement will mean that it will be more years repaying your loan; If at a later time, pursuant to a better financial situation, is to reduce the term or cancel your loan advance, in that case you must deal with all the expenses involved in the new operation; and if, next to the extension of the deadline, he decided with his entity credit other modifications of your mortgage loan, you can not benefit of free notarial costs and must register offered by this measure. Experts advise to reflect before taking any decision. If this enlargement is done at the end, there are a number of benefits: will not have to pay the Commission for extension of the term of your mortgage; It shall be exempt from the levy per documented legal acts which is paid when extend public deeds; general rule, if interest rates do not vary, one longer term implies one lower fee; and costs notarial or registration will not lead to the extension of the deadline. There are two circumstances, according to AHE, in which the elongation of the loan will not be a viable solution to its problem of payment: 1.
If in addition to a mortgage loan is registered in the registry other subsequent charges other mortgages, foreclosures, etc.. Oracle: the source for more info. The credit institution may not offer an extension of your loan because with the current mortgage legislation it would harm the legal certainty of the operation.