Simplified refinancing is usually possible for loans contracted in a similar procedure as on standard terms. The current regular repayment of installments by the borrower and the repayment period are of great importance (the longer, the better the prognosis).
Advantages of a mortgage refinancing loan
For some banks, simplified mortgage refinancing does not involve an increase in commissions, which encourages quick refinancing of claims. The key condition for a positive decision regarding the refinancing application is regular repayment of the loan taken earlier.
Thanks to the simplified procedure, borrowers get a chance to quickly change the terms of the loan agreement to more favorable ones. This is directly related to the growing competition on the mortgage debt market.
Banks are especially willing to refinance mortgage loans to reliable customers who originally indebted to their competitors. While the mortgage procedure may seem complicated, fortunately the refinancing option is available to reduce the cost of financing your property in the future.
When can you benefit from simplified refinancing?
The loan can be refinanced at any time during the contract. If the purchase of your dream apartment or house required a quick response, e.g. due to the favorable price, then the details of the loan conditions could have played a secondary role at the transaction stage.
In this situation, it is worth considering a refinancing loan. The simplified procedure at the stage of refinancing a loan may prove to be an ideal solution, unlike mortgages for the purchase of real estate concluded in the ordinary procedure.
A large part of the refinancing loan offers do not provide for the borrower to be charged with higher costs, such as commission or additional insurance.
Who is simplified refinancing available for?
Simplified loan refinancing is available to borrowers who regularly repay their liabilities. The main criterion that the bank takes into account when considering a refinancing mortgage application is the repayment history of the loan taken for the purchase of the property. Usually, a favorable eye is on owners of apartments or houses who have no problem with timely repayment of installments and banks are willing to refinance such contracts.
When looking for an offer for a refinancing loan, it is worth cooperating with an experienced financial advisor who knows the Polish mortgage market in detail (this also applies to loans refinanced in the initial period of the contract).
In banks providing the borrower with additional costs, in the case of early repayment, it can be advantageously refinanced in a simplified procedure.