Is the transfer of housing credit free of charge?

How does the housing credit transfer work?  

The first step to carry out a home loan transfer is to communicate to your bank that you are dissatisfied with the current conditions of the contract. The bank may suggest renegotiation and offer you a new proposal, providing a bonus on the spread if you hire new products, such as a credit card, for example.  

On par with negotiating with the current bank, to understand if it is possible to have better conditions in another bank, you can request proposals from other banking institutions based on your property and outstanding debt capital.  

From there, you can compare the offers you have on the table: from your bank and from competitors. If you have a proposal from a different bank that makes more sense to you, where you can get a higher monthly savings, consider transferring your mortgage credit. monthly savings

Does it pay off to transfer a mortgage?

With a mortgage credit transfer, it may be possible to have a lower spread and change the interest rate regime, which in general can reduce the total amount of the loan. However, to have a lower spread, for example, you may be subject to other conditions, such as direct deposit of salary, hiring a credit card, and subscribing to the required insurance at the bank's associated insurer. Depending on the insurer and the conditions of the new insurance, you may be able to significantly reduce the amount you were paying for them, and consequently, the monthly installment of the credit.

Currently, it may also be worthwhile to make a credit transfer if you have a variable interest rate on your loan indexed to Euribor. This is because the fixed interest rate regime, or even mixed, has lower values than the variable. However, as soon as interest rates start to drop again, this situation will reverse.

It should be noted that, depending on the bank where you have the contracted home loan, and the bank you consider transferring to, there may be costs associated with the process. Let's see which.

Is the mortgage credit transfer free?

As a rule, the costs of transferring a mortgage are covered by the bank, and not by the client.

However, there are banks that pass on certain costs to the customer, so this process is not 100% free in all entities.

Therefore, specific costs always depend on the bank and the home loan contract.

What costs can you have?

You must take into account that some banks have associated costs with the credit transfer process, such as:  

• Early repayment commission (maximum of 0.5% of the repaid capital if the interest rate is variable, and a limit of 2% of the repaid capital in the case of a fixed interest rate);  
• Cost with a new deed;
• Commissions related to the process opening;  
• And cost with a new property appraisal.

The cost of these expenses is variable, can be high or not. Therefore, you should be aware of bank campaigns for mortgage credit transfers with no cost, partial, or totally.  

Therefore, in order to understand if it is worth transferring your home loan, it is important to do the math on the monthly amount you will save, compared to the costs you may have with the process.

If you need to know more information, especially about your specific case, you can turn to a credit intermediary like those from Poupança no Minuto. Through a personalized and free service, they accompany you throughout the process, from comparing proposals from various banks, to making the final decision most suitable and beneficial for your family.