Saturday, July 20, 2024

3 Existing Ways To Reduce Your Mortgage Payment. In addition to the new aid coming from the government and banks


What current methods are there Lower your monthly mortgage paymentsAnd the last financial support proposed by banks and the next government measures? The value of money continues to rise, as do interest rates and mortgage loan payments. According to the latest calculations, last year the cost of a home mortgage loan went up between 60% and 75% for those who took out a variable rate loan. Therefore, the most effective strategy is to reduce the monthly payment of the mortgage loan. Let’s find out if this is possible and when.

  • What are the three current systems for reducing mortgage payments
  • What are the new bank aid for mortgages and incoming government aid

What are the three current systems for reducing mortgage payments

the Three existing systems allow you to lower your mortgage payments I am:

  • mortgage renegotiation;
  • Loan solutions:
  • Early repayment of the loan.

Mortgage renegotiation

there Mortgage renegotiation allows you to modify certain terms in the applicable loan agreement with your bank with more favorable terms. The borrower who intends to renegotiate his loan must go to his bank, and explain the reasons for his decision to renegotiate the loan and his needs in order to choose the new solution according to his needs. Following this method, the borrower and the bank, by mutual agreement, modify some terms of the existing loan agreement.

For example, you can switch from a variable rate mortgage to a fixed rate one or vice versa; Or you can request an extension of the term of the loan itself in relation to the specified initial period, moving from a twenty-year loan to a thirty-year loan, thus reducing the amount of single repayments while increasing the repayment time the same.

When you renegotiate a mortgage, the previous contract does not expire And it is not necessary to run a new one, but it changes, and certainly becomes more beneficial to the same borrower who chose the changes. The renegotiation of the mortgage does not require expenses and can be carried out with a private bond, even if it is not certified, and therefore it can also take place through an exchange of correspondence between the bank and the customer, and the intervention of the notary is not even required.

Mortgage solutions

The solution allows you to change your mortgage, as well as switch from variable rate to fixed rate, at no cost, by changing banksthat is, by transferring the remaining loan to another bank, after evaluating the various offers proposed, changing the type of loan (rate) but also its duration.

Transferring a mortgage from one bank to another is about registering the mortgage on the house that was purchased, and by substituting the mortgage, the new bank assumes the burden of paying off the remaining debt. The customer, for his part, undertakes to pay the installments of the new loan. Once the transfer is made from one bank to another, which is done automatically between the banks themselves, nothing will be paid to the old bank.

Early repayment of the loan

Finally, lower mortgage payments are also possible Pay in advance without the Blackberry. According to the provisions of the laws in force, those who have liquidity on the side can reduce the premiums without any penalty.

What are the new bank aid for mortgages and incoming government aid

To support those who have mortgages in progress and have high installments to pay, at Awaiting new official assistance from the government for those who have mortgages in progress and risks seeing double premiums to be paid, and Banks decided to identify specific aid measures.

Intesa San Paolo For example, it decided to lengthen installments on variable mortgages in order to reduce the difficulties for households and companies in making monthly payments, taking into account the increase in interest rates by the European Central Bank.

also UniCredit For individuals and families, it has introduced a new flexible mortgage payment plan, extending the mortgage re-adjustment without expenses with the possibility of suspending the repayment of the principal amount for a period of 12 months, or reducing the amount of the installment with a simultaneous extension of the expiry of the repayment plan for a maximum period of 4 years.

Intesa Sanpaolo and Unicredit have anticipated what the government is preparing to do to support borrowers. In fact, Minister Salvini has announced that he is working with the Ministry of Economy and with banks to extend the installments for holders of variable mortgages and thus support families in difficulty who must, however, observe the regular payment of their mortgage installments.

Key concepts

  • The three current systems for lowering mortgage payments are renegotiation, subrogation, and mortgage early repayment.
  • Loan renegotiation allows you to modify the contractual terms with your bank to establish more favorable terms.
  • Mortgage replacement allows you to change your mortgage, change the rate or term of the mortgage, and transfer it to another bank.
  • Intesa Sanpaolo and Unicredit have implemented assistance measures for borrowers in view of the increase in premiums, pending new interventions by the government.

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