Fortunately, our advisor had the patience to listen, write down every objection and then explain his experience.

Then, at the committee meeting we reviewed the issue. We realized that these types of opinions were common and were derived, in most cases, from: 

We were very grateful to our advisor, of course, but especially to the family member who allowed us to gather information on the main myths about mortgage transfers.

Moving a credit is paying it back

Moving a credit is paying it back

This was the main objection about the transfer of mortgage credit. The lord assumed that his daughter would lose everything she had already paid.

Nothing further from reality.

In a transfer operation, the customer starts a new business with a new bank. What are the conditions? The bank will pay what is due to date and that business will be closed. A new contract, a new mortgage, will be opened for that value . Now, why take so much trouble? The advisor explained that the intention to transfer a mortgage loan is to get “better conditions.”

Typically, people get “better conditions”, that is, a better interest rate, which allows them to pay a lower monthly fee, and – this is perhaps the most important thing – pay less money in the end for their property .

Reducing the fee is to extend the term and pay more

Reducing the fee is to extend the term and pay more

This myth is very interesting. Why is it assumed that reducing the value of the monthly fee is the same as extending the term? Because when credit refinances that is the solution found. If, for any reason, you cannot continue paying the fee, you ask the bank for a reduction. The bank recalculates the credit and offers you more term.

But the mortgage transfer is different.

In principle, you are not negotiating with the bank that granted you the credit, on the contrary, you start business with a new bank that offers better conditions . And these better conditions basically focus on the value of the interest rate: lowering it a few points is lowering the total value of the credit, which will be reflected in comfortable monthly installments.

The expenses are so high that a transfer is not justified

The expenses are so high that a transfer is not justified

In effect, the mortgage transfer involves expenses . The legal ones are perhaps the most representative. You must take out insurance and all risks, pay the appraisal and credit study. Normally, assuming these expenses is a better business than continuing to pay the credit at the rate assigned to you.

The important thing is to advise you well, someone to help you make the accounts and explain them to you.

In your financial history a transfer will cause a bad grade

In your financial history a transfer will cause a bad grade

No bank or financial institution will be upset because you are aware of the changes and take the opportunity to improve your credit .

A transfer is a smart financial operation. It’s about deciding how much you want to pay for your property.

The normal thing in the economy is the changes . Sometimes, importers do better than exporters; builders have times of bonanza; The dollar goes up and down.

The same happens with the rates. They change over time. Five, seven years ago, the rates were higher than now. That means that if today, for example, a friend of yours asked for a loan, he would get it at a lower rate than you. Would you do something about it?

You have to wait many years to make a mortgage transfer

You have to wait many years to make a mortgage transfer

The mortgage debt purchase operation has clear requirements, but none relates to time.

What you should guarantee is that the property is independent, registered with the Sunarp, and you appear as one of the owners. Only then can a bank lend and guarantee the loan with a mortgage. This process may take some time if it is a future good.

Now, the important thing is to be clear about what you want to do a transfer. It’s not about changing the bank. If you are going to bear the cost of a transfer, you have to make accounts to determine what you are going to improve from your current business.