Currently in Spain there are more than 26,000 mortgaged homes; this evidences the number of citizens who have commitments with the bank. For this reason, many entities have dedicated themselves to providing services that help these people, in case they want to request an extra amount of money.
One of these solutions is the mortgage extension, an excellent option that a large number of people opt for, when they need to request capital that adds up to the previous debt, either to carry out a remodeling or as part of the payment of the property.
Requesting this financing can be a bit tedious, due to all the paperwork and procedures that it entails, if you do not have the support and advice of the experts. That is why we cannot stop recommending Colibid, a company that will facilitate the management of your capital increasejust by subscribing on the online platform.
What is a mortgage extension?
Extension of a mortgage is the request for extra capital, which of course requires a modification of the contract initial financing, in order to have an amount of money, either to remodel the mortgaged property or minimize the amount of installments.
This operation, technically known as novation, is nothing more than a change in the conditions of the mortgage loan, to increase the value or the number of monthly installments.
Types of mortgage extensions
There are several types of mortgage extensions, one of these is the extension of the borrowed capital, where the bank lends more money than originally provided. The other is the reduced payment of dueswhere the capital loaned by the bank does not change, but the way in which we pay back changes, that is, the amount is repaid in smaller installments and amortized over a longer period of time.
Lastly, it may be the case that you opt for a term and capital extension, which consists of combining the two previous options. This allows us to have more money, but also to adjust the monthly installments according to our economic possibility and our ability to pay.
Who can opt for a mortgage extension?
In principle, anyone with a current mortgage loan can request a capital increase. However, you must bear in mind that, due to bank policies, you can request the current analysis of your file to determine the adequacy of the current credit profile and the solvency that you present. This allows the entity to decide whether or not to approve the extension.
But, in addition, to opt for this benefit, you must meet the following conditions:
- Justify your request and support the reasons for it, and also include what will be the destination of the requested funds.
- Be up to date with the original mortgage payments.
- Have an adequate level of indebtedness, job stability and have a guarantee or an asset with which to respond, if necessary.
There are other limitations for which you could not receive the benefit, such as having other significant debts, that the years to be amortized are more than half of the loan cycle, or the age you are at the time you finish paying the debt. In any case, the conditions vary according to the institution where it is processed.
Do you know Colibid?
As a result of the increase in mortgages in Spain, innumerable platforms have emerged that specialize in searching for the best mortgage offers, adapted to each credit profile.
Colibid is one of these, a Spanish organization that is making its debut in the financial market and that has managed to position itself thanks to the excellent service it offers to hundreds of people, locating the best banks or brokers for mortgage processing.
Its purpose as a company is not to serve as an intermediary, but to be present helping people who want or need to acquire a mortgageeither for the acquisition of housing or for the extension or modification of the same.
How does colibid work?
The procedures to obtain a mortgage extension, from the platform, are very easy, and can even be completed by anyone interested in obtaining this financing. You just have to follow the following steps:
- First, you must register on the platform to get your personal profile. You will only have to have the National Identity Document, also known as DNI, at hand and enter your financial data.
- With this information, banks will participate in a customer auction where they will bid, improving their offers. This process can take up to 3 days or until you decide who to start the negotiation with.
- After selecting the offer that suits you best, the platform will inform the respective bank or brokerto proceed to start the procedures.
- To finish, you must meet with the selected bank or brokerand formalize everything related to the signing of the application.
This platform will prevent you from having to go to hundreds of banks in search of the best option and the software will even do all the work for you, to avoid wasting time due to annoying paperwork.
What are the benefits of doing your paperwork with Colibid?
In addition to having professional support in the capital increase process, Colibid provides you with innumerable benefits that position this alternative as one of the best options on the market:
- It’s a fully virtual process. No tedious office visits.
- There is no paperwork since you only register with your DNI.
- The process is fast. Only three days.
- Banks look for customers and not the other way around.
- It is a legal and transparent process. No small letters.
- It is a process free of payment and commitments since our commission is paid directly by the bank.
- You always have the option as a client to choose who you work with.
- You have completely personalized offers according to your needs.
- Cost and commission savingssince these procedures are carried out by the company directly with the bank or broker.
Customers affirm the practicality of requesting a mortgage extension online
With almost 2,000 service requests, Colibid has a large number of beneficiaries who have gladly given their testimonials recommending its use. Some talk about the benefits of the platform, the ease of its use and specifically, the fact that you can choose the option that best suits your current economic reality.
Other clients gave more value to the ease provided by the platform for processing these mortgage products, but in all cases, they agree that Colibid is a excellent alternative to make your life easierbecause it minimizes in a large percentage, the diligence that is normally needed to obtain this type of financing.
Digitization of processes and investment of time
For many people, having their own home is a way not only to guarantee their future, but also that of their family. However, most of us live against the clock to process this type of negotiations and for this reason, we turn to third parties that can guarantee us speed in this type of service.
There the importance of the creation of these platforms, which have managed to digitize this type of process, and which in addition to providing benefits linked to its practicality, are available to everyone and minimize time investment.
Colibid is an excellent alternative to request the increase of your capital, because in addition to providing you with support in your operations, it facilitates the process through a completely free process.
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