“How to refinance my mortgage?” It is a frequent question among foreigners who buy real estate in Spain. Below we reveal everything you need to know to fully understand this operation. Solve your doubts once and for all!
What is mortgage refinancing?
Refinancing a mortgage is the same as renegotiating it. Once the bank grants us the mortgage loan to acquire a home in Spain, we can negotiate the modification of their contractual clauses (interest, owner of the debt, amount of installments, duration, etc.).
Should I refinance my mortgage?
You may be wondering why refinance your mortgage. Of course, if you have good advice to carry out this procedure, you will considerably improve the conditions of your bank loan.
Here are some practical advantages of carrying out an advantageous mortgage refinancing:
- Save on the fee you pay each month.
- Pay less interest.
- Modify the interest rate, either to lower it, or to go from variable to fixed (or vice versa).
- Increase the capital available (eg: to carry out a reform).
- Achieve more profitable mortgage conditions (eg: reduce bank fees).
If you want to know the amount of money you can save through this operation, we recommend using a mortgage refinance calculator. There are many on the Internet and they are quite easy to handle.
How to refinance my mortgage in Spain?
Subrogation, novation, cancellation… The issue of how to refinance my mortgage in Spain is not easy at all. Spanish banks perceive this type of operation with a certain hostility, since it can lead to a decrease in profits for them. Consequently, it is common for them to hinder the process, making it extremely slow and complicated.
The ideal way to refinance a mortgage in Spain is to have the aid from a law firm specialized in these procedures. In particular, at GM Lawyers we offer you personalized advice in your own language so that you can play with advantage when it comes to improving your mortgage clauses.
Our team of multilingual lawyers in Marbella will take care of everything so that you do not have to worry about a thing (negotiation with the bank, collection of documents, representation, etc.). Definitely, we are your best option if you are looking to refinance a mortgage quickly and easily. Contact us as soon as possible to obtain a loan with really unbeatable conditions!
