Not a single bank would refuse a mortgage client, such is DeltaCredit Bank offering mortgage refinancing. Due to its long term mortgage loan brings a good reward to the bank in the form of a percentage of the amount of the mortgage and service fees. And as soon as even a slight “thaw” appears in the economic environment, banks try to soften lending conditions. The DeltaCredit Bank is no exception.
Refinancing
In simple words, then at DeltaCredit Bank mortgage refinancing is a replacement of an existing debt obligation with a new one. In other words, this is a re-lending of mortgages in order to improve the conditions of previous lending. Those who are ready to take such a step are those who have decided that today's conditions are more advantageous than those to which they subscribed earlier.
Features of refinancing at DeltaCredit Bank
Each borrower wants to minimize their expenses. And if there is an opportunity to bypass interest overpayment, then you need to use it. For customers who have registered a mortgage with another credit institution, mortgages of other banks in DeltaCredit are refinanced by early repayment of the existing loan with the funds received under the new agreement. As a result, the repayment of a new obligation is subject to a reduced interest rate. Borrowers who apply for refinancing mortgages from third-party banks are required to present a document confirming ownership of the property.
All conditions for refinancing mortgages at DeltaCredit Bank (its lenders or other financial institutions) are negotiated individually. And in this case, close attention will be paid to such a factor as the credit history of the client, the solvency of the borrower is analyzed, what is the debt at the time of the appeal and other issues.
Conditions
It is worth paying attention to the conditions of registration. After all, on-lending is also a loan, so you have to go through the registration procedure again. And today, DeltaCredit Bank offers a mortgage refinancing rate of 8.25% per annum. The loan term can be up to 25 years.
The proposed conditions for refinancing at DeltaCredit Bank involve any collateral: a new building or a secondary fund. In case of re-lending to a new building, it will be necessary to wait for the acquisition of ownership. Carrying out the mortgage refinancing procedure at DeltaCredit Bank requires the following conditions to be met:
- lack of delays in payments;
- Real estate purchased with mortgage money must be located in the region where DeltaCredit Bank is located.
DeltaCredit Bank provides the opportunity to refinance not only to employees, but also to business owners. It is also offered the opportunity to reduce the base rate for salary customers and when paying a commission to the bank.
Documents
For proper refinancing, the bank will require the following package of documents from the client:
- Passport with a mandatory photocopy of pages containing information about the borrower.
- Mortgage agreement (copy) issued by the bank in which the mortgage was issued.
- A certificate confirming the absence of debt and delinquency in the current mortgage.
- Certificate of ownership of property acquired with borrowed funds.
- Certificate confirming the official employment of the client (it is possible to provide certified copies of the pages).
- Certificate confirming the income of the borrower (2-personal income tax).
- A completed application form in the form and on a form issued by a specialist of DeltaCredit Bank.
Registration
If the client has passed a solvency test, then the refinancing procedure proceeds in several stages:
- Preparation of documents for the object according to the list presented by the employee of DeltaCredit.
- Transfer of completed and correctly executed documents for consideration.
- With a positive decision on the property, money is transferred to close the loan.
- Last of all, re-registration of collateral for refinancing mortgages is held at DeltaCredit Bank.
Reasons for refusal
As a rule, the main reason for refusing to refinance mortgages of other banks in DeltaCredit is the client’s income. That is, after analyzing the documents received, the specialist decides that the citizen is insolvent and there are no opportunities for timely payment of funds.
Here is a list of the main reasons:
- Bad credit history.
- Low solvency of the client, which confirms the certificate of income.
- The apartment fell in price, that is, there was a significant decrease in the value of the collateral.
- Illegal redevelopment of an object (apartment).
- Lack of insurance. A mandatory condition for the bank is life and health insurance of the borrower, as well as the property.
- The previous mortgage was drawn up using maternity capital funds.
- The loan agreement does not pass under the terms of the mortgage refinancing program at DeltaCredit Bank.
Pros and Cons of Refinancing
Mortgage refinancing programs at DeltaCredit Bank at reduced rates are aimed at attracting customers. But in order to make this decision, it is worth familiarizing yourself with the proposed conditions - due to the increased deadline, the monthly payment amount is reduced. But when the borrower has a stable income, he is interested in paying off his debt in a shorter period. In this case, when the loan term is reduced, the burdensome side of the monthly payment increases. Having several payments on loans, it is beneficial for the borrower to combine them into one, since paying one loan is a less troublesome task.
Changing the subject of a pledge - the situation is rare, but possible. The DeltaCredit Bank borrower is given the right to repay the original debt with the provision of a different collateral to the new lender. It is necessary to accurately determine the need for a particular mortgage lending option:
- high interest rate with a short loan term;
- low interest rate with an extended loan term.
There are times when there is no savings in fact. And it’s not always worth agreeing to certain offers of banks that are trying to attract customers with low rates.
Reviews
Currently, the bank is ready to offer its customers a rather low interest rate in order to refinance mortgages at DeltaCredit Bank. Customer reviews confirm this fact, and also talk about convenience, about the short time for considering applications, about the attentive attitude on the part of the staff. You can learn about all conditions, requirements, terms of consideration and the list of documents in a personal conversation with a bank specialist.
