TRANSFER OF
MORTGAGE LOANS
Creditudo offers the best Mortgage Loans Solutions.
We offer the most competitive spreads in the market, longer terms/maturities with customized rates resulting from an individual analysis and provide excellent conditions for making credit transfers.
We carried out the analysis of your credit without any associated cost.
The move to a more advantageous future.
Transfer your mortgage loan using our services – CREDITUDO.
If you have Mortgage Loan at another Credit Institution, do the math and change! We have a set of partners (Financial Institutions) that can help you in this crucial step, improving your financial conditions and reducing your monthly installment. What are you waiting for?
OUR
SERVICES
a) Analysis and specialized technical support
b) Availability of proposals with competitive spreads
c) Focus, rigor and objectivity throughout the process
Elements to have into account in a
TRANSFER CREDIT PROCESS
The transfer presumes the realization of a new financing contract and the cancellation of the previous one, so it is important to meet the current financial condition. Those who do not have a stable financial situation may not see the new loan approved.
In this context, it is necessary to take into account the effort rate, which should not be greater than 33%, this percentage meaning that the expenses with credits should not exceed one third of the
household income.
In order to understand if it is worth changing the bank to transfer the mortgage loan, it is necessary to look at the rate currently contracted and those currently in force in the market, taking into account the spread, the Taxa Anual Efetiva Global (TAEG) and the EURIBOR (Euro Interbank Offered Rate). EURIBOR is the index used in Portugal for the variable interest rate and its fluctuations have an impact on the provision
monthly payment.
Currently, since EURIBOR is in negative values and banks are competing with each other to offer increasingly smaller spreads in order to attract customers, it is more likely to be advantageous to transfer, especially to those who have contracted their loan to buy a house A few years. The lower the EURIBOR, the less the credit will be paid monthly.
In turn, the TAEG reflects the annual cost of a loan, encompassing all charges related to it: required insurance premiums (life and property) and bank fees (opening the process, evaluating the property, monthly processing) and others).
Many financial institutions have been reducing the spread applied to home loans, so it will make sense to proceed with the transfer of the home loan if the new bank offers a lower rate.
Many banks offer a spread bonus to customers who purchase other products or services from the institution, such as insurance, credit cards or savings accounts, for example.
As such, it should be noted whether the costs of purchasing such products or services are lower than those currently available. In addition, the value of the loan must also be compared with the bonus and without it.
Many banks offer a spread bonus to customers who purchase other products or services from the institution, such as insurance, credit cards or savings accounts, for example.
1. Communicate to the chosen bank the desire to change banks to transfer the credit
2. Delivery of documentation
Documents identifying the holders of the mortgage loan; Last three wages receipts for dependent or received workers from the last six months for self-employed persons; Employer’s declaration; Last IRS statement and Settlement Note; Banco de Portugal’s Credit Responsibility Map; Building Book and Content Certificate; Bank statement of the last three months; Evidence of IBAN and address.3. Inform the institution in which the loan is currently held that the mortgage loan will be transferred
This communication must be made 10 days in advance and, after this period, the process can be continued. It is also necessary to mention that all mortgage loans are possibly repayable in advance, that is, it is possible to choose to transfer to another institution.First, there is an early repayment commission to consider. If the current contract has a variable interest rate, this commission cannot exceed 0.5% of the principal to be repaid. On the other hand, if the loan has a fixed interest rate, this commission should not exceed 2% of the principal repaid. This means that, in the case of variable rate financing with an outstanding capital of 100 thousand euros, the cost of the early repayment commission will amount to 500 euros.
There are also other expenses and commissions to consider, such as: opening or study commission; management Commission; evaluation committee; registration and deed costs; solicitor costs and notary fees.
SELECT THE RIGHT solution for you