If you have more than 5 years with your mortgage credit and pay more than 12% interest rate, you can consider a mortgage subrogation, which refers to the change of the financial institution that gave the loan for another that offers better conditions, such as a lower interest rate, for example.

Either because of an analysis of your financial situation or because you found out about a banking opportunity and are considering applying for a mortgage subrogation, we share some simple steps to follow so that you can succeed in the process and be very beneficial for your economy.

1. Analyze your finances and determine if the change is appropriate

Mortgage subrogation may not be suitable for all cases, since there are times when it takes very little time to finish paying, for example. So it is very important that you review your contract, your payments and the date of the mortgage term . This way you can decide if the change is the best option for you.

2. Compare banks

If you have made the decision to carry out the mortgage subrogation, there are different banks that offer you opportunities according to the type of credit you have. Some have a lower interest rate, others may offer different terms on payment dates or even absorb the some expenses that are implicit when you make the change.

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Review your options and compare them to give you an idea , it is best to go around the different banks to talk directly with the executive advisors and ask them all the necessary questions.

3. Ask your bank for a "statement of account for subrogation purposes"

Once you have identified the bank with which you would like to make the movement, it is necessary that you ask your current creditor (your bank) to give you an account statement for subrogation purposes , a document that must be delivered within the following 15 calendar days. This document is the notification from the bank where it is made aware that you are seeking to change creditor .

In the event that your bank does not deliver the document within the established deadline, it is necessary that you approach the National Commission for the Protection and Defense of Users of Financial Services (Condusef), so that they can help you with your request.

At this point, it usually happens that your own bank offers you to improve the conditions of your mortgage; Consider if the options they offer you are better or the same as those of the bank you would like to switch to so that you can choose the best option.

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4. Deliver the necessary documents for the transaction

Generally, when you go to apply for a mortgage subrogation to another bank, they ask for proof that you have a good solvency profile , this means that you show that you have a stable job, that you pay on time, and that you do not have too many debts . So they will request proof of payment (payroll, for example) and address. Also the documents may vary depending on the bank you choose.

Assuming that you continue with the change of creditor, you must deliver all the necessary documents requested, such as the account statement for subrogation purposes and those mentioned above. In this way the new bank will be able to pay off your credit to the previous bank and the mortgage will be changed, the transaction will have been carried out.

5. Payment of Registration Rights

Once the mortgage credit movement has taken place, it is necessary that you make the payment of the Registration Fee with a notary. This payment refers to the cost of registering the new conditions of the mortgage .

6. Take advantage of the change

Once everything has been carried out successfully, you will be paying a new monthly installment according to what you have agreed with the new bank, which will allow you to make an adjustment of your resources and feel more comfortable while you continue to pay your mortgage to finally be owner of your own home.

If you need more information, do not hesitate to download the Guide to buying a first home:

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