Mortgage portability is that a user who has a mortgage loan with any institution, whether government or private, can switch to another that offers better conditions.
Does mortgage portability suit?
This procedure can be carried out from government to private institutions. It also exists only among private parties, but for that, those who enjoy a loan must meet certain requirements – You must review some expenses to be paid that may arise.
Before changing institutions, users should review some charges that can be made as the commission for opening with the new creditor, if any; notarial and deed expenses, for example.
This scheme appeared in 2003, but only from 2014 were clear guidelines and rules of the game established. As of that moment, mortgage portability procedures have grown by more than 1,500%.
Most of these transfers are given through the figure of ” subrogation of the creditor “
Most of these transfers are given through the figure of ” subrogation of the creditor “. This scheme consists in the possibility of transferring a mortgage debt from one bank to another thanks to agreements between the banks granting mortgage loans.
In fact, it is about replacing the creditor in the original mortgage loan contract. That is, another person acquires the commitments you had with a banking institution.
This change, of course, is reflected in the Public Registry of Property with the modification of the name of the creditor, the indication of the new term for the remaining payment of the credit and the new interest rate at which said payment is established.
Mortgage portability helps the customer reduce their monthly payment
Through mortgage portability, banking institutions support Mexican families to reduce their monthly payment. Thus they have more resources available to fulfill other dreams and increase their assets, in a simple and agile way.