Suppose we already have offers from a couple of banks that would like to accept the transfer. And we have your credit schedule at hand. We will review the characteristics of each business to make a correct comparison of the mortgage transfer options.
The value of the credit requested both banks
Value: The value of the credit requested both banks and what you owe the bank “A” must n is equal. This is the base figure of the business. It is not worth comparing $ 300,000 MX against $ 290,000 MX , for example. The interest rate and insurance will be deducted from the value of the credit.
The term : In all cases, the term to pay the debt must be the same, the same months.
Remember, they are different
The rate : It is necessary to compare the CAT (Total Annual Cost) . Remember, they are different. The one that dominates the cost of credit is the CAT always, since this includes all costs and expenses.
Lien release and all risk insurance : This point is very important. If credit you currently have, they are included s insurance, ask the insurance quotes without insurance. Po dremo s compare the reality of credit and then check if it is more advantageous to negotiate on your own insurance.
The monthly payment : With the previous variables verified
The monthly payment : With the previous variables verified, now we evaluate the monthly fee.
Do the quotes of the “B” banks show a monthly payment than that of the “A” bank? Is it because the CAT is older too? It is good news. It means that you have been doing a good business with your mortgage loan.
Administrative , tax and legal expenses : The mortgage transfer involves some expenses: study of titles, appraisal, notary expenses and registration. We must know these values and add them.