How to ask for subrogation of the mortgage

If you think you are paying too much for your mortgage, subrogation of mortgage credit may be the solution. Subrogation consists of replacing one of the persons in the contract, normally the holder changes from one bank to another. It is a very useful operation for those seeking better conditions in terms of interest rate, duration, monthly fee, etc. If you do not know how to take advantage of these advantages, in .com we tell you how to request the subrogation of the mortgage .

Steps to follow:

one

The first operation would be to use an Internet comparator to see what offers are in the market and be clear if there is a mortgage with better conditions than the current one.

two

Once a new entity has been chosen, the second step would be to request a binding offer to that entity, which includes the detail of the financial conditions of the new mortgage. This document will have a legal validity of at least 14 days and is necessary for the current bank to accept the change.

3

The third step would be to assess the expenses of subrogation, that is, calculate all the expenses that would involve doing the procedures together with possible commissions to assess if it really comes into account.

4

The operation to be carried out in fourth place would be to wait for the right of first refusal of your entity . The bank has the right to match the offer to avoid the flight of mortgages. If this happened it would be very beneficial, since we would get an improvement of the conditions and without transaction costs.

5

If finally, after completing the previous steps, you want to change your mortgage, you can start the final procedures with the banking entities.

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