The core business is the monthly payment. What will be the total total value of the mortgage loan expenses? You need to compare alternatives bank “A” and the bank “B” with the same parameters: what rate and what term value of the monthly fee, including commissions and / or administrative costs and value of comprehensive insurance and insurance of freedom of lien (or life). The result of this exercise should be a clear advantage of the transfer of mortgage debt to the bank “B” and the fulfillment of the client’s objective .
It is a mandatory process. The transfer of a mortgage debt implies the cancellation of the mortgage and the opening of a new one. I explain myself better: before a notary and before the Ministry of Finance and Public Credit and the Public Registry of Property and the Public Registry of Property, the end of the mortgage with the bank “ A ” must be notified , as the debt it was already canceled by the bank “B” ; and, immediately , the bank ” B ” request the new mortgage of the good in its favor. The value of the deed procedures must be canceled before the notary, in each district it is different, and the registration of both news before the SHCP .
Tax Payments (Taxes)
Remember that the person who will keep the house has to pass the criteria established by the bank for the granting of credits, like any other applicant.
The operation has many legal implications and sometimes many frauds are committed. The procedure must be done before a notary public and with the presence of the financial institution that has the mortgage. Both property and credit must remain in the name of the buyer.
By knowing these four items
You can s decide with certainty whether or not to transfer mortgage debt.
In Mexico, the same tax paid by a person who buys a house or apartment in that area is paid: the Property Acquisition Tax (ISAI). 2% on average.