See the advantages of real estate financing portability
A large number of people do real estate financing to buy a property. It happens that in some cases the installments are high and the borrowers see opportunities with lower interest rates in other financial institutions. When this happens, it is possible to port it to the institution that offers the most advantages.
In this post, we will present details on the portability advantages of real estate financing. In addition, we will explain what the procedure is and how it works, in addition to showing when it should be performed and what the main benefits it can provide. Here, you will discover the care to be taken to achieve your goals!
Would you like to know more about real estate financing portability? Move on!
What is portability in real estate financing?
Portability in real estate financing is a service provided by banks, which allows the transfer of a credit line with a property guarantee to another financial institution. This is a possibility that can be beneficial if the payment terms are better and fit with the user’s profile.
The option becomes attractive when there is a fall in the basic interest rate, the reference rate and the Selic (Special Settlement and Custody System), as well as the favorable monetary correction. This information increases the competitiveness among the institutions, which start to offer better services to their customers.
How it works?
The service provided must comply with the rules of BACEN Resolution 4,292 / 2013 (Central Bank of Brazil), which deals with the portability of credit operations related to natural persons. Therefore, the total amount financed and the number of installments cannot increase, and the amount paid monthly can only be changed if the customer allows it.
The bank or finance company that receives the payment recalculates the remaining real estate financing, based on the CET (Total Effective Cost). The customer has 48 hours to regret the negotiation. The home institution has a period of two days to release the financing information to the one making the request.
When to do it?
Portability in real estate financing should be done when it is advantageous for the consumer. An analysis that he considers safe, administrative fees and interest may indicate the right time for the debtor to request the transfer of the credit transaction from the original creditor to the proponent. Also consider the service and support of the new institution that will be part of the contract.
What are the advantages of the portability of real estate financing?
With the portability of real estate financing, the debtor achieves a reduction in the total value of the debt. On the other hand, the original bank or finance company may present an offer with more beneficial terms so as not to lose the customer. Portability gives consumers the alternative of negotiating with the contracted institution.
What precautions to take?
The Resolution No. 3,401 / 2006 of the Central Bank prohibits any customer charges for the completion of the portability process. If the financial institution tries to charge for the procedure, it may be reported to PROCON (Consumer Protection and Defense Program). Transaction costs from one bank or financial institution to another cannot generate costs for the consumer.
Anyway, now you know the advantages of the portability of real estate financing! Customers are not required to complete a loan payment with the creditor who released the amounts, if their conditions are unfavorable. The new institution, on the other hand, will not be able to force the consumer to open a current account to make portability!