Many of our customers ask us if possible the purchase of a mortgage debt of a box. Then I explain, with their respective justification, if it is feasible to do the operation indicated.
Before clarifying the question of the case, it is necessary that you know some details related to the mortgage debts of a box.
Particularities of the mortgage debt of a box
First of all, I must indicate that the savings banks have little participation in the Peruvian market of mortgage loans and home equity loans.
The reason for the low volume of users mentioned above is mainly the high interest rates used by these institutions in the aforementioned loans. As an example, in November 2019, the average annual rate of municipal funds for this type of credit almost doubled that of banks.
Then, as derived from the above, applying for a mortgage loan in a box can mean assuming twice the cost for it. Then, you will surely be wondering why some citizens apply for such credits, with other cheaper options. And as you will see below, the reason for this coincides with that which in turn forces you to work with a high interest rate.
Why are the interest rates on mortgage loans at the savings banks high?
The users of the boxes are in general citizens who, for various reasons, are not attractive to traditional banking. Therefore, those do not usually have a credit history that allows the applicant’s ability to pay to be assessed with a high degree of certainty.
Then, the savings banks know that they work with clients that present a greater financial risk, and therefore, place higher interest rates on their mortgage loans. In this way they compensate for the fact that the probability of having delinquent clients is greater in their case than in the case of banks.
Can you buy the mortgage debt from a box?
As derived from the foregoing, it is unlikely that a bank will purchase a mortgage. Basically, for the bank every customer from a cashier will find a customer with uncertain credit risk.
However, you have an alternative option, in case you have a second property that is free of mortgages, liens and / or cartoons. In such a case, you can obtain a home equity loan at a bank, placing the second property as guarantor. And with that capital, cancel the debt you have with the box for the other property.