Change of bank mortgages called mortgage subrogation to allow us to change a mortgage from one bank to another while retaining both the rights and duties that we had signed, these operations are usually carried out when others give us a better interest rate, we have comply with certain clauses or simply does not require us to hire associated products.
In any case, mortgage bank change when we are made to improve the conditions we offer our current state, although this can lead us to pay a cancellation fee in the long run we probably will on account, in fact some entities besides conditions improve you will allow to change the mortgage bank without expenses on your part.
To change our bank mortgage need a binding offer to the subrogated entity interested in our mortgage, which shall appear the financial characteristics of this operation. Once we finally accepted the offer prompted the organization to our old bank or to give you a certificate which stated the total amount that we still have to pay.
When we got to this point our old organization must decide whether to lose the client or otherwise gives us level the playing field through a novation of the mortgage, in any case the entity has 15 days to make a decision. In any case the old institution must decide whether to let go or prefer to improve conditions.
With this change we can modify the bank interest rate and extending the term of the loan, so we can not do is extend the amount of money that we requested.
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