Amortization: devolution to the financial institution for the amount of a mortgage.

Annual Equivalent Rate (AER): Interest is calculated taking into account the nominal interest rate, commissions and the term of a mortgage.

Appraisal: action by which it calculates the market value of a property. The expert performs a specialist. It is the reference used by the financial institution to grant the amount of the mortgage.

Aval: guarantee payment to a third party offers to the financial institution in the event that the holder of the mortgage does not pay the agreed quotas.

Book domain: the right of action on the ownership of a property to a financial institution maintained during the period of repayment of a mortgage.

Borrower: natural or legal person who receives a capital for a period of time in exchange for anticipated return with interest added.

Cancellation of a mortgage: advance payment of part or all of the outstanding capital of a mortgage. Esta operación, generalmente, conlleva una comisión. This operation usually involves a commission.

Capital amortized: amount of the mortgage has already been returned to the financial institution.

Capital: amount granted by financial institutions by way of excluding mortgage interest.

Capital overdue:amount of the mortgage that has not yet been returned to the financial institution.

Commission cancellation: that the financial institution amount charged to the owner of a mortgage as a result of advance payment of part or all of the outstanding capital.

Commission on unpaid: amount that the finance charges for breaching the deadline set for the payment of contributions.

Commission study: the amount charged by the financial institution to analyze the specific situation of a client before granting a mortgageCurrently, many financial institutions do not charge this committee.

Differential: Percentage who joins the value of the benchmark. It applies to mortgages of variable rate. Example: Euríbor + 0.23%.

Euríbor: Type European Interbank Offer. It is the benchmark most commonly used in transactions between financial institutions.

Fee amortization: each of the payments which are paid on a regular basis and reduce the capital outstanding.

Fee: each of the periodic payments, usually monthly, which are paid to the financial institution for repayment of a mortgage. It is comprised of a portion of interest and other amortization of capital.

Grace period: moment in the life of a mortgage in which they agreed with the financial institution to pay interest only. Exceptionally, granted grace periods in which not all are paid interest.

Index: common indicator for all financial institutions. It is used to express the value of interest rates. The most commonly used is the Euríbor.

Interest rate fixed: interest that remains unchanged throughout the life of the mortgage.

Interest rate: percentage applied to the principal of the mortgage is payable to the financial institution. Also called nominal interest rate.

Interest rate variable:  interest subject to changes in interest rates.

Inheritance tax (IT): tribute to be paid for the obligatory when you buy a second-hand property. Oscila between 6% and 7% of the price marked on the script, depending on the Autonomous Community.

Nominal interest rate: see interest rate.

Note simple: briefing paper issued by the Property Register that reflects the status of charges, the owner, attributes, location and description of a property.

Novación: modification of the terms of the deed of a mortgage. This variation is done through a public document.

Opening commission: amount that the finance charge for the processing and management of a mortgage.

Payback period: marking time in writing for a mortgage repayment of capital borrowed.

Provider: natural or legal person who gives a capital for a period of time provided on the condition that it be returned with a range of interests.

Rate: frequency with which updates the interest rate on a mortgage. Suele ser semestral o anual. Often half-yearly or annually.

Relevance: amount calculated at the interest rate and paid by that concept to the financial institution.

Roof: maximum contribution that a customer is able to pay based on their income and according to the criteria of the financial institution. Generally, does not exceed 35% or 45% of the income of an individual, including the contributions of other loans.

Sale price: the amount that is required to pay for the purchase of a building.

Subrogation: change in the mortgage of a financial institution to another whose conditions are consistent, more appropriate to the client's needs.

Generally involves paying a commission.

Type of reference: see index.

Value Added Tax (VAT): obligatory tribute to be paid to purchase a new property. Up to 7% of the price marked on the script.

Value pricing: amount established by an expert specializing depending on the type of property.It represents the theoretical market value.