According to the latest ISTAT report , in 2010 772,664 mortgages were stipulated, of which 457,792 (equal to 59.1%) with the creation of a real estate mortgage and 314,872 (40.9%) without. What is the difference and how do you get a mortgage without a mortgage?
First of all, let's look at the Istat data, which refer to all mortgages stipulated for all types of properties, not just residential, including renegotiations and subrogations.
What is a mortgage
The mortgage is a real right of guarantee that gives to the creditor, normally a bank, a right of pre-emption on the property, which serves to protect it against the danger of insolvency. In practice, if the borrower does not pay, he risks the foreclosure of the house
The asset object of the mortgage remains in enjoyment of the owner (ie he can freely use it). The mortgage is an accessory right in the sense that if the debt is missing or ends, even the mortgage has no reason to be and is extinguished. The extinction is automatic after 20 years from its establishment, but if the loan lasts longer it must be renewed (for another 20 years); if it lasts less, it must be extinguished
How to get a mortgage without mortgage
The guarantees on the mortgage of the house do not necessarily have to be the house itself. The borrower may have capital that is locked for the time that lasts the loan (surety) or other valuable assets (jewelry, works of art) that are given in pledge
Some ask: but if you have money, jewels or works of art that guarantee the purchase of a house, why ask for a mortgage and pay the interest? personal choices are obviously always an important factor, although in some cases, as reported by the report of sos companies on the mafia, it may be recycling
In other cases, it is a way not to have to declare the origin of money not necessarily dirty, but linked to activities in black. In this way you pay the mortgage as any buyer and do not have to give explanations on certain assets