Among the requirements that banks generally establish when granting a mortgage loan is that the client open an associated account . In other words, it is an account from which to manage mortgage payments. However, this possibility may raise doubts, for example, whether it is mandatory to maintain this type of account, whether it is possible to cancel an account associated with the mortgage, among others. Here we will answer all your questions. Pay close attention! Account associated with the mortgage: What is it about? First of all, we must clarify what a bank account with the mortgage is, also known as a “mortgage account” or “instrumental account”. These are bank accounts that are opened in order to manage payments to the mortgage from there . This is why this type of account will always be linked to applying for a mortgage loan. In other words, it will always be from the same entity that grants us the mortgage.
Advantages and points against associated accounts
The main advantage of an account associat with the mortgage is that it offers the possibility of unifying each of the expenses to the mortgage loan in the same account . In this way, it is much easier to see the evolution of payments Colombia Phone Number List and what amount of money we have to carry out the repayment of the debt. However, they also have some drawbacks, the most important of which is that, in certain cases, they involve maintenance fees . In other words, these are not free accounts, the reality is that we must pay the entity to maintain them. Therefore, in these cases the account becomes an extra expense that increases the final cost of the mortgage loan. On the other hand, the contract must also say what the commission will be for maintaining the associated account. And, furthermore, it is essential to be clear that this commission may not vary throughout the life of the mortgage.
Pay the mortgage without an account in the entity
Although the associated account (with or without a maintenance fee) is a common way to pay mortgage payments and other expenses, it is essential to know that it is not the only way to do so. There are other options to make Belgium Phone Number List mortgage payments , here we will detail each of them: By direct debiting the payments into another different account , it may be with the same bank that us the mortgage or another. With bank transfers . Through a cash deposit in the bank that grants the mortgage loan. Cancel an account with the mortgage: How to do it? If you are in canceling an account with the mortgage, it is best to notify the bank directly. In other words, you must tell them that you are in canceling the account that you have with the mortgage. This is usually done after paying off the mortgage, which is when these accounts no longer make any sense. However, you should keep in mind that if they are not canceled and we are maintenance fees, these fees will continue to be charged even after you have paying the mortgage.
