Is it convenient, at this time, to transfer your mortgage loan from the bank? It’s a very good question! Many clients, after obtaining their credit and signing the mortgage, believe that they have made an unmodifiable business for the next 10, 15 or 20 years .

It seems that, really , they had prepared to simply cover the obligation month after month of the fee . Nothing more alien to reality. There are situations, changes in life and in the market , which merit reviewing the mortgage credit and, in doing so, save a lot of money. Let’s see:

Mortgage Transfer Example

Mortgage Transfer Example

The transfer of mortgage credit is a usual financial product for some entities. Also, it is known as mortgage debt purchase. To understand the figure, I present the case of Victor H., a good friend. He and his wife had acquired a mortgage loan in 2002. They were happy in their home and faithfully complied with the payment.

This year, Víctor changed jobs, improved his income and received an invitation from the bank, which attended the business of his new company, to take a loan to buy housing. Initially, he didn’t pay attention, he already had one. One afternoon, when closing a working lunch, he learned that a colleague had acquired the credit and at a better rate than his. Victor set alarms.

We did the evaluation, the consultations and, in effect, the bank that served your company approved to buy the debt of the other financial entity and continue with the business. Victor transferred the loan to another bank, from A to B, and the house is no longer mortgaged with Bank A but with Bank B.

Sounds simple, but you have to be careful. A good advisor will know how to evaluate all aspects to take into account.

Higher earnings

Higher earnings

In the case of my friend Victor there was a very interesting variable: Victor was earning more salary in his new position , that is to say, he had greater borrowing capacity and was willing to pay a larger monthly fee. In addition, his company had an agreement with the bank! This mix of variables resulted in a good opportunity: by renegotiating, the rate went down, and you will end up paying less money at the end of the mortgage loan.

Indeed, changes in the financial situation of the borrower or family are a good argument to review whether it is appropriate to study a mortgage transfer : it may be that the need is to lower the monthly fee to have liquidity for other expenses, such as education, start new business or travel. Is it possible that another bank gives you a better business, a better rate and a better monthly fee than the current one?

Country Conditions

Country Conditions

Also, it is likely that from the moment the mortgage loan was taken to date, the country or bank conditions have changed. A new government, currency fluctuations, decisions of the National Bank of Mexico on inflation, exports and imports, directly affect credit rates.

Market Conditions

Market Conditions

Likewise, with the arrival of new competitors in the financial market, new strategies appear to attract more customers. All this market movement modifies the conditions of the credits: if the cost of money is lower now , renegotiating can be a good business. I repeat, it can be. It is necessary to evaluate.