The real estate market is immersed in a context of uncertainty. A scenario that raises doubts among most homeowners with mortgages. The rise in the Euribor, the benchmark index by which most loans in Spain are governed, has caused a change of course in the mortgage direction of the banks. A new commercial strategy of financial institutions that promotes variable rate loans, as opposed to fixed rates that, compared to recent years, have experienced a rise.
As a result of this, there are those who are beginning to consider the option of modifying the conditions of their mortgage loan. An approach that begins by seeking to improve the mortgage by lowering the interest rate, reducing commissions, eliminating certain clauses or modifying the repayment term.
Reaching an agreement with the bank or making a subrogation are some of the alternatives, but they are very difficult to achieve for someone without knowledge or experience in the sector. It is for this reason that it is best to have specialists who guide and inform you throughout the process. The experts at Helloteca, platform online of mortgage management, help propose different financing options through their specialized and quality service.
3 ways to improve the conditions of a mortgage
The first alternative is to try to reach an agreement with the bank to modify the original conditions of the mortgage. This operation is known as novation. With this, you can modify aspects such as the interest rate, repayment term, amount to be financed, etc.
In the event that the financial institution refuses to improve the conditions, it is possible to transfer the mortgage to another bank through subrogation. Upon finding a more favorable offer, the bank must be notified of the intention to subrogate the mortgage. From there, you will have 15 days to match or improve the conditions offered by the new financial institution. Otherwise, the subrogation proceeds and the debt is assumed by the new bank.
Another alternative to improve the mortgage is through cancellation. This method consists of requesting a new mortgage loan with more favorable conditions. With the money obtained, the initial mortgage is paid off.
Helloteca specialists: more than a financing study
Helloteca represents a solution for those people who have contracted a mortgage and plan to improve the conditions and reduce the interest rate. With your mortgage improvement service, it is possible to carry out this type of procedure without having to leave your home. Its financial analysts are responsible for accompanying the client throughout the mortgage process. This includes the simulation of the viability of the mortgage and an entire support service throughout the process of searching, managing and processing bank offers until the best possible subrogation is found.
The process of improving the mortgage can be complex. Therefore, counting on Helloteca’s specialists helps to simplify all the processes and to choose the most recommended option. In this way, conditions can be improved quickly, from the comfort of home.
