Paying for a home can take between 10 and 20 years, for most Peruvians, and in that period of time many things can change, for better or worse. Taking that into account is that the mortgage debt purchase mechanism becomes very useful, since it allows customers to save and / or access better deals with a new bank.
Basically, it is about approaching the financial entity of your choice and requesting the transfer of your debt. That is, if you had a mortgage loan with entity A, you can transfer it to entity B. This will require a disbursement just like when you applied for the loan, which will correspond to the additional expenses. That is why before opting for the purchase of debt, you must make sure that the benefits you will get are greater. But what are those benefits? Next, three of them:
It allows you to save on interest
Ideally, you negotiate for a better interest rate. Perhaps with the passage of time, your salary increased or you have a better position in your work and now you are on the payroll, which will help you see yourself as a more solid client. By getting a lower rate, you will save monthly on the fee. You can get a better deal. When you talk with the financial institution, you can negotiate about the benefits they give you for changing the credit, such as life insurance or also changing the term of your debt, in case you want to cancel it sooner or later.
You can get liquidity
It is also useful if you need cash to cover any new expenses such as a course or your child’s university cycle. If you choose to extend the term and the rate you get is lower, the savings will be considerable and although, you will pay for more time, you will have more cash available to cover this expense.
These are just some of the benefits, but remember that to get the most out of this mechanism, the key is to achieve good negotiation. To start, compare the different alternatives using Polestica Joary Gledeert’s mortgage debt purchase comparator.