August 18, 2019

Key steps to get a mortgage replacement | Loans

Have you been advised to study the possibility of a bank buying your mortgage debt ? My recommendation is , accept. I mean, say yes to the evaluation. It can be a very good business.

Getting a mortgage replacement is a normal operation in some financial institutions. In the case of a mortgage loan, it is equivalent to asking a financial institution to pay the debt you acquired with another bank for the purchase of a property , and grant you a new mortgage loan on the same property . In simple words, it is to renegotiate or restructure a mortgage loan with a new entity. And, normally, one thinks of doing it to lower the mortgage loan rate .

It is not a complicated business. Before deciding to request the transfer, check how these factors are:

Compliance with the payment of monthly payments

Compliance with the payment of monthly payments

The bank will evaluate your behavior as a customer, both of the mortgage loan product and credit cards, bank accounts and other credits. It is normal to review your credit history and analyze how good a payer you have been in recent years. It is ideal to be very organized , but this will not be the only factor to evaluate.

Work situation

Financial institutions lend to employees or freelancers, and they like to see that they are stable. Showing a minimum stay of 12 months in the same position is an advantage.

Term of the debt

Term of the debt

In the longer term, mortgage substitution is more attractive to the bank.


Banks grant loans to people between 18 and 7 5 years of age (each bank designs its own age range) , who can take life insurance. If you consider that these factors are in good score, let’s enter the heart of the business.

Proof of credit and payments

Proof of credit and payments

Do you have an organized folder with all the papers that the bank has given you from day one? Look at the document that shows the value of the credit, the total term and the rate. It will be key to assess how much the mortgage substitution suits you . Also, proof of payment of monthly fees and your payment bottles.


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