The goal of these steps is generally to renegotiate the terms and conditions of your loan, such as:
- Financing formula,
- The conditions tied to your loan
Length: this factor has a direct impact on your monthly payments: the longer you borrow for, the more interest you pay. However, your monthly payments will be lower.
Additionally, a short loan period implies less interest to be paid, but higher monthly payment amounts.
Concerning the financing formula, the rate, as well as the conditions tied to your loan; it is often the case that if you don’t have anyone looking out for your interests, or the wrong person looking out for them, you’ll most likely contract a loan formula that doesn’t correspond to your profile or adequately suit your needs.
Refinancing your loan allows you to choose the formula that best suits you and your needs, and to negotiate the best terms, conditions and rates such as subscribing to a life insurance policy and housing insurance, or the fees associated with early loan repayment.
Furthermore, these steps can also be part of the process of engineering your finances or to consolidate your debts into one in order to make things easier, more visible and to be able to mortgage the minimum amount of your capital.
In practice, two options are available to you: (a verifier)
- Refinancing your remaining capital owed by the same banking institution.
- Refinancing your remaining capital owed by a new banking establishment.
The first option is clearly simpler, because it generally avoids you having to proceed to an appraisal of the property, but also avoids you having to go through certain registration processes, such as the Israeli Land Registry or the registry of mortgages.
It is however possible that the bank’s current offer is obsolete in regards to competing offers.
Calling the professionals of Get a Mortgage in Israel, you’re guaranteed to get the optimal loan formula!
After a preliminary meeting, you will be asked to submit the necessary documents needed to establish your profile and to present your request to refinance file to the Israeli banks, which gives you the guarantee:
- Of getting the best loan scheme,
- Of getting the loan formula that suits you best,
- Of getting the best rates,
- Of getting peace of mind,
- Of knowing people who understand your profile, your needs and expectations will always be available for you.