Even those with mortgages in force are looking for alternatives to lower their credit quota in this scenario.
Thus, one option is to search for the debt purchase or consolidation from your entity or a different one where they offer you a lower interest rate than the one that was granted when you took out your financing, said Nicolás Mendoza, CEO of RebajaTusCuentas.com.
The difficulty in this case is that mortgage rates have risen continuously in the last year, so it will be difficult to get a bank to offer you a lower rate now, he added.
According to Jorge Carrillo Acosta, a finance expert at Pacífico Business School, the average cost of mortgage credit in banks is almost double digits, a rise registered in line with the rate hike of the Central Reserve Bank (BCR).
“Maybe if you took out your credit with a small entity like a savings bank, whose rate was higher, and now you access a bank, you can ask them to buy your mortgage -at a lower cost- and thus lower the monthly payment,” he added.
The average rate of a mortgage in banks is 9.97%, while in municipal savings banks it is 13.79%, according to the Superintendency of Banking, Insurance and AFP (SBS).
Another alternative, he commented, is to amortize a certain amount taking advantage of the next payment of utilities to workers, with this the balance owed would be reduced and the same would happen with his fee.
Meanwhile, Mendoza warned that if the debtor wants to repay using his savings, he must compare between the rate of his credit and the yield offered by an alternative of saving or investment.
“If the mortgage was taken out a year and a half ago, and it obtained a rate of 6%, it is better that you keep your money in a term deposit, for example, which offers you a return of 8%; although if the cost of its financing exceeds 10%, an amortization would be appropriate, ”he explained.
A third alternative is to go to the banco and request a change in the conditions of his credit in order to adjust it with his new ability to pay, said Carrillo.
It is possible for the client to request an extension of the term and with this he would achieve a lower monthly payment, although he will pay more interest at the end of his loan, he added.
However, Mendoza recommends that this be the last alternative to take as it is subject to rescheduling or refinancing of your mortgage causes a deterioration in your credit rating.
The bank receives its client and evaluates whether the impact on the ability to pay is temporary or permanent to choose the best solution, but the user must go to restructure their debt before falling into significant delinquency, he said.