The mortgage for the purchase of the first home is a very important investment. It often happens, especially in these years of crisis, to encounter objective difficulties in reimbursement. How to solve the problem? By resorting to alternatives such as the first substitute home loan.
Mortgage loan purchase first substitute house: what are we talking about?
What do we talk about when we discuss mortgage subrogation first home? Of a case that has been part of the Italian legal system since 2007, the year in which Law 40 was launched.
Thanks to the subrogation, borrowers who have an ongoing repayment plan for the purchase of the first home, can transfer the mortgage from one credit institution to another, without the need to make an economic commitment with regard to expert’s fees or charges inquiry.
Mortgage loan subrogation: information on deductions
As regards the first subrogation home loan, it is useful to also focus on the node of the deductions of interest expenses which, in the case of the original mortgage, correspond to 19% of the annual total, up to an amount of $ 4,000 (this means that the annual savings are quantifies around $ 760).
Do you lose the deductions if you decide to substitute your mortgage with another lender? The answer is negative, as long as the surrogate bank does not provide additional liquidity to the borrower.
Subrogation: the plans not to be missed
Mortgage loan first home substitute only remains to examine some specific plan. To do this and to get even clearer ideas, we assume the request to substitute a mortgage of $ 120,000 required for the purchase of a property that is worth 220,000.
Assuming a fixed rate and a 25-year amortization plan, let’s examine the Cariparma plan. In this case, a monthly installment of $ 524.55 would be charged to the main beneficiary of the loan, with a fixed TAN and APR equal to 2.27 and 2.32% respectively. The interest rate of this mortgage is calculated on the basis of the 25-year IRS parameter with a spread of 1.05%).
Variable rate subrogation: here are the best offers
Those looking for an advantageous alternative for a first substitute home loan cannot overlook the variable rate plans. Which are the most interesting ones? To find some of them, once again take as an example the request to substitute a mortgage of $ 120,000 – purchase of a property worth $ 220,000 – and the choice of a 25-year amortization plan.
Among the numerous products available on the market, we examine the WeBank plan, which would provide for the beneficiary of the loan contract to pay a monthly installment of $ 465.24, with an APR equal to 1.24% and a rate calculated on the basis of the 3-month installment plus a spread of 1.50%.
In this case, the installment of Hello Bank would be less expensive, amounting to $ 463.14, with a APR corresponding to 1.25%.