Question: Can I refinance an Italian mortgage?
Answer: There are two ways to refinance an Italian mortgage:
- Renegotiate the existing mortgage terms with your current lender
- Transfer the loan to a different lender
Now is a particularly good time to consider these options since interest rates are at their lowest.
Italian Mortgage Refinance Tips
- The transfer of an Italian mortgage loan to another bank is free by law. Yes, that means no mortgage application cost, notary fee, appraisal or other charges. The only small fee is the stamp duty (approximately €80).
- Banks do not have to accept a refinance request.
- Better sooner than later. For a 20-year mortgage, the bank collects more than 50% of the interest during the first seven years. At the ten year mark the bank has already collected more than 80% of their profit. This means that towards the end of the mortgage there is less interest to collect thus banks are less prone to do the paperwork and processing to assume an existing mortgage from another bank.
- If you are close to the end of the mortgage term, a refinance negotiation with the existing bank typically has a higher chance of success.
Settle a Defaulted Italian Mortgage
If you have missed some payments or even if the mortgage has defaulted, you still have options. Often the matter can be settled out of Court and the property can be saved. In other cases you can set up strategies to at least save the equity that you have.
Regardless if you are in a situation of a few missed payments, pre-foreclosure or even pending foreclosure sale under a Court order, we can assist you to negotiate a settlement. Even if the Court has already started foreclosure it is better to be proactive and take control of the sale.
We have extensive experience of negotiating loan refinance and foreclosure settlements with banks.
Discuss your options with an English speaking experienced Italian lawyer who will analyze your specific circumstances and will advise you accordingly.
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