The Final Payment of Your Mortgage
Cancellation of Mortgage
One Step Closer to Your Financial Freedom
What Does It Mean to Cancel a Mortgage?One Step Closer to Your Financial Freedom
Canceling a mortgage is the act of completing the repayment of the loan granted by the bank, ending with the mortgage installments.
When canceling your mortgage, two actions are considered:
When canceling your mortgage, two actions are considered:
- Financial cancellation: When you finish paying the debt to the bank
- Registry cancellation: when you remove the mortgage burden from the Property Registry, leaving your home officially debt-free.
Both steps are important and are often confused.
At AvalTeca, we guide you through the entire process to ensure your mortgage is properly closed.
At AvalTeca, we guide you through the entire process to ensure your mortgage is properly closed.
Financial Cancellation: The End of the Debt
Once you pay the final installment or decide to repay the loan early, your debt with the bank disappears.
However, the process doesn’t end there: the bank must issue a zero-debt certificate and authorize the cancellation deed.
However, the process doesn’t end there: the bank must issue a zero-debt certificate and authorize the cancellation deed.
Registry Cancellation: Freeing the Property from Charges
Even if you have finished paying the bank, your home will still appear as mortgaged in the Property Registry unless you complete the registry cancellation.
This procedure is mandatory, for example, if you want to sell the property or request a new loan on it.
This procedure is mandatory, for example, if you want to sell the property or request a new loan on it.
When Is It Convenient to Cancel a Mortgage?
When you finish paying all installments.If you want to sell the property and need to leave it free of charges.If you want to refinance or apply for a new mortgage loan on the property.Usual Costs to Cancel a Mortgage
Cancellation deed before a notaryRegistration in the Property RegistryPossible bank fees (in case of early cancellation)
How AvalTeca Helps You Cancel Your MortgageOne Step Closer to Your Financial Freedom
Request
We request the zero-debt certificate from the bank
Deed
We coordinate the cancellation deed with the notary
Registration
We manage the registration in the Property Registry
Always with You
We keep you informed at every step, with a close and transparent approach
Your opinion is the most important thing
Customer Testimonials
We were fortunate to have Jordi as our mortgage broker, and we could not be more satisfied. From the first moment he offered us a close, clear and professional treatment. He accompanied us throughout the mortgage process, resolving every doubt quickly and efficiently, and today we have been able to complete the purchase of our home thanks to his excellent work. Totally recommended!
Francisco José Copete García
A very good experience with the personalized treatment that Jordi gives his clients, you quickly gain trust with him, as if he were your trusted friend. Many thanks to Finance Luxe Group for helping my wife and me get our dream home. 100% Recommended
Marc Manrique
We went to ask for information because we wanted to build our house with a mortgage. They have guided me in both the mortgage and the appraisal. Totally recommended, especially a special thanks to Jordi.
RT Abogados y Asociados
I want to thank all the advice I received to acquire my first house. From the first communication, Jordi was fully aware of every detail, resolving all my doubts and accompanying me in the process. In less than 29 days he managed my mortgage with the best possible conditions. The most important thing is that he showed me great responsibility, commitment and professionalism. Do not hesitate to consult him. People like Jordi are much needed in our society.
Alicia Franco
Thanks to their services we were able to have the mortgage at 90% with an interest rate of 2.25. Great professionalism and very attentive at all stages.
Rafa Morales Alguacil
Preguntas Frecuentes (FAQs)
If this FAQ section doesn’t answer your questions, don’t hesitate to contact us.
Is canceling a mortgage the same as repaying it?
No. Repaying means paying off part (or all) of the loan, while canceling means removing the mortgage from the Property Registry.
What documentation do I need to cancel a mortgage?
The zero-debt certificate issued by the bank, the cancellation deed, and the registration in the Property Registry.
How much does it cost to cancel a mortgage?
The costs usually include notary, registry, and management fees. They depend on the initial loan amount and the bank.
Can I sell my house if I haven’t canceled the mortgage?
Yes, but in the deed of sale, the simultaneous cancellation of the mortgage must be reflected.