ipoteca in rinnovazione

English translation: mortgage extension, mortgage renewal

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:ipoteca in rinnovazione
English translation:mortgage extension, mortgage renewal
Entered by: WendellR

16:00 May 7, 2008
Italian to English translations [PRO]
Law/Patents - Real Estate
Italian term or phrase: ipoteca in rinnovazione
Hello, all.

From a real-estate transaction comes this graf:

“Il promittente venditore .... si impegna a cancellare a sua cura e spese prima della stipula del rogito notarile, la *ipoteca in rinnovazione* accesa in data _________, a garanzia di un mutuo concesso con atto Notario Pinco
Pallo del _____ (ipoteca accesa al n. _____) mutuo già da tempo estinto.”

What's an "ipoteca in rinnovazione"? A second mortgage?

Thanks!
WendellR
Local time: 23:31
extended mortgage
Explanation:
Here an explaination of the term:

"Ipoteca in Rinnovazione
Il Codice Civile dispone che l'ipoteca conservi il suo effetto per 20 anni dalla data di iscrizione e che questo effetto cessi se la stessa non viene rinnovata prima della scadenza del termine. La rinnovazione eseguita entro i termini di scadenza comporta la proroga dell’efficacia dell'ipoteca rinnovata per un ulteriore periodo di validità legale e la conservazione del grado iniziale.
L’ipoteca può essere rinnovata anche con decreto ingiuntivo."

... so basically it could be translated as "extended mortgage". I don't know if there's a more technical term, but I've also found this:

"Extended Mortgage Terms
As a first time buyer, we can offer you the option of spreading your mortgage over a 40-year term, rather than the normal 25 years. This can make a big difference to the amount you repay each month. "
[see attachment]
Selected response from:

ValentinaGi
Local time: 23:31
Grading comment
It is a mortgage extension or mortgage renewal, but only in part quite for the reasons given: Italian mortgages "expire" at the end of a 20-year term (as the CC section makes clear); if the loan isn't paid off, they're renewed, but it isn't a question of "extending" the term of the original loan/mortgage to make pmts easier, as the second quote suggests.
3 KudoZ points were awarded for this answer



Summary of answers provided
2 +3extended mortgage
ValentinaGi
4roll-over mortgage
Adrian MM. (X)
3Remortgage
Gad Kohenov


Discussion entries: 1





  

Answers


26 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +3
extended mortgage


Explanation:
Here an explaination of the term:

"Ipoteca in Rinnovazione
Il Codice Civile dispone che l'ipoteca conservi il suo effetto per 20 anni dalla data di iscrizione e che questo effetto cessi se la stessa non viene rinnovata prima della scadenza del termine. La rinnovazione eseguita entro i termini di scadenza comporta la proroga dell’efficacia dell'ipoteca rinnovata per un ulteriore periodo di validità legale e la conservazione del grado iniziale.
L’ipoteca può essere rinnovata anche con decreto ingiuntivo."

... so basically it could be translated as "extended mortgage". I don't know if there's a more technical term, but I've also found this:

"Extended Mortgage Terms
As a first time buyer, we can offer you the option of spreading your mortgage over a 40-year term, rather than the normal 25 years. This can make a big difference to the amount you repay each month. "
[see attachment]


    Reference: http://www.lince.it/help/glossario.phtml?categoria=1&lettera...
    Reference: http://www.westbrom.co.uk/westbrom/ftb#01
ValentinaGi
Local time: 23:31
Native speaker of: Native in ItalianItalian
PRO pts in category: 3
Grading comment
It is a mortgage extension or mortgage renewal, but only in part quite for the reasons given: Italian mortgages "expire" at the end of a 20-year term (as the CC section makes clear); if the loan isn't paid off, they're renewed, but it isn't a question of "extending" the term of the original loan/mortgage to make pmts easier, as the second quote suggests.

Peer comments on this answer (and responses from the answerer)
agree  Sara Ribotta
43 mins
  -> grazie!

agree  Giovanni Pizzati (X)
1 hr
  -> e grazie!

agree  Dana Rinaldi
4 hrs
  -> grazie Dana!
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4 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Remortgage


Explanation:
Found in Wikipedia which calls it also refinancing:

Remortgage
From Wikipedia, the free encyclopedia
Jump to: navigation, search
A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The term is mainly used commercially in the United Kingdom, though what it describes is not uniquely British. Often the purpose of switching is to secure a more favorable interest rate from a different lender.

The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, including to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.

Homeowners often mis-use the expression remortgage when they are simply switching from one product to another with the same lender; this is not a remortgage which involves the removal of one legal charge over a property and its substitution with another in favour of a new lender.


[edit] References
This economics or finance-related article is a stub. You can help Wikipedia by expanding it.


Gad Kohenov
Israel
Local time: 00:31
Works in field
Native speaker of: Native in FrenchFrench, Native in HebrewHebrew
PRO pts in category: 39
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2 days 4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
roll-over mortgage


Explanation:
The hallmarks seem to be very similar - also to Sabrina's weblink.



Example sentence(s):
  • rollover mortgage - definition of rollover mortgage - Mortgage for which the unpaid balance is refinanced every few years at then-current rates.
  • Rinnovazione di ipoteca. La rinnovazione dell’ipoteca viene effetuata anteriormente al decorso del periodo di un ventennio dalla data di iscrizione ...

    Reference: http://www.investorwords.com/4323/rollover_mortgage.html
    Reference: http://www.caseinrete.org/blog/glossario/
Adrian MM. (X)
Local time: 23:31
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 83
Notes to answerer
Asker: No, it's not quite this (though it might be in another context): this is simply the Italian practice of limiting mortages to 20 years, at which point they're extended or renewed if the loan isn't yet paid off.

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