Partial cancellation of the mortgage at BBVA

After taking out a mortgage , the possibility of partially canceling the debt may arise at some point. Whether because you have found another loan or because you want to pay off the debt, we explain how to partially cancel your mortgage at BBVA . Find the best mortgage without mistakes Going from bank to bank is a thing of the past. GET INFORME FOR FREE What is partial mortgage cancellation at BBVA? In essence, the partial cancellation of the mortgage is the repayment in advance of a part of the loan amount that you have left to pay. It is also known as partial early amortization of a portion of the mortgage. If you are going to partially cancel your BBVA mortgage , you must choose between two methods of amortization of the remaining amount after partial reimbursement. As shown on the financial institution’s website, these are: Reduce the term. You choose to repay your loan before the date initially established, but the amount of the monthly payment will not change. Reduce the fee.

Reduce the term or the fee, what do I choose?

At BBVA, partially amortized mortgages allow you the option of saving on interest. But, of the two available modalities, the most effective is usually the term reduction . After all, no matter how encouraging the reduction in the monthly amount may be, if you reduce the repayment period of the Thailand Phone Number Data remaining debt, you also reduce the interest on the loan . In other words, if you pay your loan early, you will be generating interest for less time. The main condition for partially canceling your BBVA mortgage is the payment of the corresponding commissions. The main reason behind this commission charge is to balance the financial loss that the cancellation of the loan entails for the bank. In this case, the commissions for canceling a BBVA mortgage are applied to the capital that you repay early . The percentages will vary depending on when you took out the loan: If you signed your mortgage on or after June 16, 2019 .

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Conditions for partial cancellation of the mortgage at BBVA

Variable interest. The commission amounts to 0.25% if you amortize during the first three years of the life of the loan. They will be 0.15% if done during the first five years. Fixed interest. Maximum of 2% if payment Egypt Phone Number List is during the first ten years. It is reduced to 1.50% if done later. If you signed your mortgage between December 9, 2007 and June 15, 2019 . Maximum of 0.5% if you cancel during the first five years and 0.25% if you cancel later. If you signed your mortgage before December 9, 2007 . Maximum of 1%. Everything you need to know about the BBVA fixed mortgage One of the main reasons why people pay off their loans early is because they get a better one and opt for mortgage subrogation . At Housfy Mortgages , we can help you carry out the same procedure and ensure good results.

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