Many clients ask me if this is the right time to request the transfer. They think that in a few months they will lower rates a little more. I will tell you the analysis I do with them every time they ask me “Should I transfer my mortgage credit? “
I transfer my mortgage credit or I do not transfer my credit …
That is the question. Many wonder about the convenience of making the request at this time. And is not for less. They have been attentive to the news about the financial sector and the real estate sector.
Analysis of the real estate sector
The first consideration I make with my clients is the analysis of the economy, specifically the real estate sector.
Since last year, construction has become a strong government issue. The sector is a source of employment, engine of the economy. But, in addition, two events moved the dynamic: the construction of the sports stages for the Pan American Games and, with special emphasis, the reconstruction of the damages caused by the coastal Child.
During this period, we have witnessed the birth of new subsidies – the last one for green homes – and new incentives for buyers, such as the one that will encourage real estate sales from leases or the reduction of the initial fee for the purchase of second homes. .
Indeed, the sector has responded and today a sustained growth trend is expected for the rest of the year.
The second part of the analysis is about rates. The financial sector understood the signals of the Central Reserve Bank of Peru and the government. Rates fell and credits were energized. In the last seven years, rates have fallen on average three points. Three points is a lot of money.
A good cycle
Since 2003-2004 we did not witness such a favorable trend. In fact, specialists say that if the trend continues, as expected, we will reach the same levels of those good years for the real estate sector.
Now how does the good news affect you?
Good behavior of real estate sales has an important effect on the price of real estate. Upward, in most cases. Those who bought a few years ago have done a good business. And those who acquire now, too.
And, of course, the second effect is on the cost of credit. A few years ago, the rates were higher. The cost of money was higher. Many credits were negotiated at rates of more than 10%. Many have paid seven or eight years and the best years of the total credit period are missing. The question is: at what rate do you want to pay it. To the same one that you negotiated a few years ago or to a new one, a lower rate, like the one that the banks offer today.
Most of the evaluations we carry out in our work show us that those who request mortgage transfers from a good business: they lower the interest rate, lower the monthly fee, new tastes and new investments are allowed.
In that order of ideas, expecting a drop in fees to apply for your credit may be more risky than doing it now.
Are you ready for a transfer?
In seven, eight years, many things happen. Change of work, change of salary, change of marital status. New debts, more consumption with your credit cards. Even today, they are likely to represent a lower risk as a client for any financial entity. All that affects your credit.
Our recommendation is to study your business. I compare it to the scheme that many companies practice in their logistics and purchasing departments. They evaluate from time to time if they can get better prices with other suppliers. It is the same case with your credit, from time to time you must analyze if it is convenient for you to transfer your mortgage credit. This is the time to check if you can access a better rate and end up paying less money for your credit.