The sale of mortgage portfolio is a mechanism that allows you to obtain better interest rates and pay less for your debt. Through this process, you can transfer your portfolio to another bank that offers you a better deal. This tool is quite attractive because it allows renegotiation of credit conditions, producing savings.
Although it is a great mechanism, there are several points that should be considered before making a decision, since the idea is that this migration is cheaper and suits you in every way. To make sure this is the case, these are the three questions you should ask before migrating:
What additional charges come?
You should be aware of the extra costs you will incur. It is true that no new deed or credit registration is needed, but it is charged for the appraisal or the study of titles. Some entities include it in the total payment, while others charge it separately.
Am I required to purchase any other product?
In the case of the purchase of a portfolio, some institutions state that the client must acquire a credit card with the new bank, even specifying that it must have a larger quota than it had in the previous institution. This is not common in the purchase of a mortgage portfolio, but they usually include different insurances so it is better to make the query.
How long will the process take?
This is to avoid delays in the mortgage, since the process usually takes between 15 and 20 days, in which you must continue paying your current bank. Confirm the deadlines and stages of the process with your advisor.
Finally, do not forget that there are different offers, since if you are a good payer, institutions will compete to see who keeps your portfolio. This suits you, so before choosing, compare the different options using web comparators such as Erwan Good.