Believe it or not, the purchase of a wallet is not only available for credit cards, but also for housing loans, and is known as a mortgage portfolio purchase. This mechanism is ideal when we confirm that another financial institution has a better offer than the deal we currently have with our bank.
Find the best mortgage portfolio purchase option
Although the housing loan has a term of 15 years, it does not mean that you should stay in the same entity forever. To solve this situation is that the purchase of mortgage portfolio appears. However, as with any financial product, it is not always the best option, so you have to take some things into account before applying:
Pros of the purchase of mortgage portfolio:
-Save on interest: If you get a lower interest rate, you can save on the interest you will pay for the credit.
-Improve the conditions of your credit: You can modify aspects such as the monthly installment or the term, so that they better accommodate your monthly budget.
-Access more benefits: By becoming a customer of this new bank, you have more possibilities to access new products. In addition, the credit may include unemployment insurance, natural disasters, etc.
Know who offers you the best option in mortgage portfolio purchase
-The process may take longer than you think: It is necessary that you know the payment dates well and be prepared to continue paying your credit while making the transfer, as it could take longer than expected.
-If the term is short, the savings will not be worth it: If you have only a couple of years left, the cost of the transfer may not be compared to the savings it will produce, so it would be better to continue with your current bank.
-Unfavorable conditions: If they offer you the purchase, but as a condition they give you a longer term than what you had, most likely no savings will occur, because in the long run you will end up paying the same amount of interest. You should evaluate whether such a low fee suits you or if you can make an effort to pay something else.
Remember that each bank will have its particular conditions for the purchase of portfolio, so if you are looking for that option, it is important that you compare the alternatives. To do so, use the
EasyCalculator mortgage portfolio purchase comparator.