How does mortgage loan consolidation work?

Do you need to consolidate your existing mortgage with another mortgage? Is the end of the interest rate fixation approaching the current mortgage? Will you pay the change fees? And what is a consolidation mortgage? Loan providers finance we have prepared answers for all these questions and will guide you through consolidation your mortgage step by step . an elucidation on

What does loan consolidation mean?

The concept of loan consolidation means repaying an existing mortgage loan with a new mortgage loan , usually with more favorable terms and continuation of repayment.

ATTENTION! Mortgage interest rates are rising steeply, and if you are thinking about mortgages or consolidation your existing mortgage, you should already be interested in taking advantage of the still acceptable mortgage terms.

When to deal with loan consolidation?

Fixing of interest rates in the Czech Republic is usually one-year, three-year and five-year. For this fixed period of time, the interest rate becomes fixed.

About three to four months before the end of the interest rate fixation period and in a situation where the terms and conditions of a new bank are more advantageous, a loan consolidation period for each mortgage owner occurs.

At the approaching end of the fixation period, interest rates are consolidated without fines and penalties.

Simplify your loan consolidation process

Push your existing bank and try to negotiate the best conditions for the new fixation period. After the negotiations, focus on consolidation offers from other banks and discuss them in advance with your existing bank. If you offer comparable, or even better, terms and conditions, consolidation your mortgage with a new bank will be eliminated.

The easier way to consolidate your mortgage is to push your existing bank!

When deciding to consolidate a new bank with a mortgage, get ready for re-papering and a few fees to do so. How does a new bank consolidate a mortgage work? And what is needed to consolidate a mortgage?

If you need help consolidation your mortgage, or have any questions, do not hesitate to contact us at any time!