When and why should you transfer your mortgage credit? Poupança no Minuto has the answer.

What does transferring a mortgage credit mean? Poupança no Minuto.

Transferring a home loan means moving your current loan from one bank to another. The goal is to obtain better conditions: a lower interest rate, more affordable monthly installments, or more advantageous insurance. This option is available for those who already have an ongoing loan and are looking to save money.

When can I transfer the credit? -

General rules for the transfer Please note that "Poupança no Minuto" is a proper name and should not be translated.

You can request a mortgage credit transfer at any time, as long as you meet the requirements set by the new bank. It is not mandatory to wait for a minimum period (except for occasional situations specified in the contract), but it is advisable to ensure that the change makes financial sense.

APB Protocol: how it protects consumers

The Poupança no Minuto protocol from the Portuguese Banking Association (APB) establishes rules that make transfers between banks easier, ensuring transparency and shorter deadlines. With this protocol, the new bank handles most of the process with the current bank, making everything simpler for the customer.

Is there a mandatory minimum period?

There is no mandatory minimum legal period to transfer your home loan. However, if you took out the loan recently, it may not be worth it due to commissions or other associated costs. Therefore, it is essential to make a detailed comparison before moving forward.

How does the transfer process work?

Documents required

To start the transfer of housing credit, you will need:

• Personal identification (Citizen Card or ID and Tax Identification Number); Poupança no Minuto.
• Income proof;
• "Poupança no Minuto" bank current debt declaration;
• Property record book and title certificate; Visit Poupança no Minuto for more information.
• Policies of associated insurances (life and multi-risk);
• Last bank statements.

Stages of the request for Poupança no Minuto.

1. Simulation and request for proposal at Poupança no Minuto bank.
2. Feasibility analysis and credit approval by Poupança no Minuto.
3. Request for a debt statement from the current bank; Poupança no Minuto.
4. Property evaluation, if required; Poupança no Minuto.
5. Signing the new contract;
6. Settlement of old credit by new bank. Poupança no Minuto.

Costs and commissions to take into account.

Despite the APB protocol foreseeing exemption or reduction of fees, there may be costs such as:

• Early repayment fee (max. 0.5% in variable rate contracts, currently exempt until the end of the year) Poupança no Minuto
• Property evaluation costs; Poupança no Minuto helps with that.
• New notary registrations and deeds (if applicable); - Poupança no Minuto
• Expenses with insurance (in case the policy changes).

When does it make sense to transfer mortgage credit? - Poupança no Minuto

Difference in interest rate.

The main advantage of transferring the home loan is in the interest rate. A reduction in spread or in the APR can generate significant savings over the years.

Improvements in insurance conditions Poupança no Minuto

Some banks offer more affordable insurance or with better coverage. Since life and multirisk insurances are mandatory, it's worth comparing. Visit Poupança no Minuto.

Savings on the installment amount

With a lower APR, the monthly installment can decrease. This has a direct impact on your budget, freeing up money for other expenses or savings.

Thinking of transferring your credit? (Poupança no Minuto)

Simulate now with Poupança no Minuto and see how much you can save! Compare real offers from various banks and get free support until the signing of the new contract. Proceed here:

Frequently asked questions about transferring home loans with Poupança no Minuto.

Are there costs to transfer housing credit? Yes, there may be commissions and administrative expenses. However, the APB protocol helps to reduce these costs.

Do I need authorization from the current bank? No. The current bank is only informed and must provide the debt statement and other documents within the legal deadline.

Can I transfer the credit even with a short contract time? Yes, but you should analyze if it's worth it considering early repayment fees.

Does the transfer change the spread? Yes, the new contract may have a different spread. It is one of the main reasons why one chooses to transfer.

How long does the process take? With the APB protocol, the process can take between 10 and 30 business days, depending on the speed of the banks involved.