What additional expenses should I consider when applying for a mortgage?

When applying for a mortgage, there are several additional expenses you should consider apart from the cost of the loan itself. These expenses vary depending on the country and the financial institution, but generally include:

• Property Appraisal: Before granting the mortgage, the bank will require a professional appraisal to determine the market value of the property. This service has a cost.
• Notary Fees: For the mortgage deed and, in some cases, the sale and purchase.
• Property Registration: Registration of the mortgage and, if applicable, the change of ownership in the Property Registry.
• Documented Legal Acts Tax (AJD): In some countries, like Spain, this tax is applied to the mortgage deed.
• Opening Commission: Some banks charge a commission for initiating the mortgage process.
• Life and/or Home Insurance: Many financial institutions require taking out life and/or home insurance as a condition for granting the mortgage.
• Management Expenses: If you decide to use the services of a management company to facilitate the mortgage application and formalization process.
• Linked Financial Products: In some cases, to obtain better conditions on the mortgage, the bank may require the contracting of other products such as pension plans, credit cards, etc.
• Study Expenses: Some entities charge for analyzing your mortgage application.
• Modification Expenses: If in the future you decide to make changes to the conditions of your mortgage, such as a novation or subrogation, there may be associated costs.

It's important to calculate all these additional expenses to have a clear idea of the total cost of acquiring a property through a mortgage. In addition, it is advisable to compare different mortgage offers, as some of these costs can vary significantly between different financial institutions.