What ways are there to extend the term

 February 27, 2024
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Extending the term of your mortgage can directly reduce the money you pay for it each month. There are various ways to do it and also requirements and conditions. We detail them below so that you can take them into account when improving your mortgage . Housfy improves your mortgage and helps you save on your payment We negotiate with banks to offer you better conditions GET INFORME FOR FREE Why extend the term of my mortgage? There is one main reason why people decide to  . By extending the term of your mortgage, what you do is spread the total capital to be repaid over more years, thus reducing.

Requirements to extend the term of your mortgage

Before getting into the matter, you should know that for a bank to grant you an extension of the term. If you late with your payments, you will have fewer points to be approve for an extension. The new term cannot exceed 30 years as a general rule. Perhaps some bank allows you to extend it up to 40 years, although this is unusual. The sum of the new Australia WhatsApp Number Data mortgage term and your age cannot exceed 75 years (or 80 in some banks, such as Santander). Labor conditions . You must be able to demonstrate that your employment situation is favorable or, at least, it is the same as at the time of contracting the mortgage. How to extend the term of a mortgage? The term of the mortgage can be extended in several ways. These are the most common: Novation . This procedure consists of renegotiating with your bank some of the conditions of your loan, such as the repayment period. By law, this cost cannot exceed 0.1% of the capital pending amortization.

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Increase the capital of your mortgage

If you have to face new expenses, it is also possible to increase the capital of your mortgage to carry out a renovation or consolidate your debts . In these cases, you must also take into account the following requirements: Your financial situation must allow you to be able to assume the new installments . The new amount cannot exceed 80% of the appraised value of your home, in most cases. Get to save on your fee with Housfy If you want to extend the term or capital of your mortgage, at Housfy Hipotecas we can help you get excellent conditions thanks to agreements with the main banks in our country. Tell us about yourself: we carry out an indicative analysis of the viability of the operation and preselect the best offers from financial entities. You choose! A mortgage expert will explain everything to you so you can make the best decision.

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