Why choose the mortgage loan surrogate and how to apply for it

What is and how the mortgage substitute works

What is and how the mortgage substitute works

Taking out a mortgage may be necessary to meet significant expenses, such as the purchase or renovation of your home. However, it may happen that the financing in progress is over time too expensive, or simply not very convenient compared to the offers on the market. Situation in which who has an Government Agency mortgage in progress can apply for the Government Agency 2019 mortgage subrogation.

The Government Agency 2019 mortgage subrogation is the operation that allows those who have a mortgage underwritten with a bank or a financial company to transfer it to Social Institute. In fact, we would like to remind you that in addition to taking care of the pensions of its members, Social Institute also provides loans at favorable conditions. Credit lines that are disbursed through a specific credit fund, the Unitary Management of credit and social benefits.

Loans from which both employees and public pensioners registered in the aforementioned fund can benefit. Among the financial products granted by Social Institute we find Social Institute mortgages ex Government Agency.

Advantages of mortgage subrogation

Advantages of mortgage subrogation

Mortgage loans that can be requested for both the purchase and the renovation of the house. Not only. Government Agency mortgages can also be requested for the subrogation of an ongoing loan. In this case we speak of Government Agency 2019 mortgage subrogation.

By replacing a mortgage in progress, it is possible to modify the repayment terms. Factors that can be modified include the interest rate and the periodic installment amount. It is also possible to change the frequency of the amortization installments.

Specifically, the Government Agency 2019 mortgage subrogation allows you to benefit from the facilitated conditions applied to Government Agency mortgages. Loans that provide for a repayment plan with half-yearly amortization installments.

Government Agency mortgages can last 10, 15, 20, 25 or 30 years. Exceptions are the funding requested by those who have already turned 65 years of age. In this case, the maximum expected duration is 15 years.

Mortgage rates Government Agency 2019

The repayment of the loan takes place with the French calculation system. The periodic installment amount is defined on the basis of the interest rate value, which can be fixed or variable.

As established by Social Institute with the presidential determination of 25 May 2017, Social Institute provides for interest at fixed rate mortgages calculated with the loan to value system. Instead, the issue for variable rate loans is different. In this case, the rate is defined on the basis of the 6-month payment value.

Specifically, floating rate mortgages provide for a 6-month payment rate, increased by a 2.00% spread. The parameter value calculated over 360 days and recorded on 30 June or 31 December is authentic.

Below is the table containing the Tan applied to mortgages with a fixed rate, defined on the basis of the ratio between the value of the mortgage and that of the property.

Request for mortgage subrogation 

Request for mortgage subrogation 

How to apply for the Government Agency 2019 mortgage substitute? The request for funding must be sent online to Social Institute. In order for the application to be accepted it is necessary that the applicant has been registered for at least one year in the Unitary Management of credit and social benefits.

The documents to be attached to the application are indicated on the official Social Institute website. Finally, remember that the subrogation applications are examined in the same order as the other mortgage applications.

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