Profitable mortgage
Parts 1, 2 and 3 of the Everything You Wanted to Know About Loan Refinancing series.
We're talking about refinancing again, this time, mortgage refinancing. Today, our interlocutor is Gevorg Manukyan, head of the service of "Ameriabank" CJSC Individual and premium client managers.
In which situation is it worth considering refinancing a mortgage loan?
- If you took a loan with less favorable terms, and the monthly repayments take up a significant part of your budget, refinancing a loan at Ameriabank is a good opportunity to improve the loan conditions. We can extend the term of the loan by reducing the monthly repayments accordingly. We also offer quite interesting interest rates. As a result of refinancing, the interest rate of the loan also decreases very often. For example, if you took out a mortgage two years ago with an annual interest rate of 16%, made regular repayments, but you still have to repay the loan in a few more years, and now you find out that the mortgage loan interest rate in Ameriabank is 11%, it is the right time to contact Ameriabank. and refinance the loan.
Too often, the thought of going through the loan application process again is enough to deter a borrower from refinancing a loan. How about this?
It is necessary to go through all the defined processes. It is a requirement of the law that cannot be circumvented. But I assure you that our offer is so profitable from a financial point of view that it is worth spending time and refinancing the loan. Many clients turn to us not because they want to extend the term of the loan and thereby reduce the amount of repayments, but because of the attractive interest rates. Obviously, 11% is more profitable than 16%. And the terms, on the contrary, are sometimes requested to be shortened in order to be able to repay the obligations to the bank faster. In this case, the amount of monthly repayments is reduced at the expense of lowering the interest rate.
Is it true that when refinancing mortgage loans, Ameriabank also takes over the costs related to the formulation of the loan?
Yes, the offer applies to all types of refinanced loans under the campaign until August 1, 2016: business loans, mortgages, consumer loans secured by real estate and automobiles, non-revolving credit lines and overdrafts. The borrower is exempt from loan origination and service fees. Notary and cadastral fees, as well as property valuation fees, are paid by Ameriabank.
Mr. Manukyan, Ameriabank offers a wide range of mortgage loans. Does the refinancing offer apply to all types of loans listed or is it just residential real estate?
Our refinancing offer applies to the entire range of mortgage loans: apartment, residential house purchase loan, residential house construction/renovation loan, commercial real estate purchase loan. By the way, the loan for the purchase of commercial real estate is one of our products in great demand. Very often, customers with a stable income, wanting to create an alternative source of income, purchase commercial premises with the intention of later renting them out. The loan for the purchase of commercial real estate can be granted for a period of up to 15 years. We are also ready to consider the possibility of combining mortgage loans taken by the client in different banks. I would also like to note that we not only refinance loans, but we are also happy to provide new loans.
I will say more, our new clients who transfer their loan to Ameriabank will benefit from new alternative service approaches in addition to profitable loan offers. For example, our "Youth" and "Arshakunyats" branches work every day, without days off (except for 2-3 non-working days in a year) with an extended working schedule from 10:00 a.m. to 9:30 p.m. Such a service schedule is very convenient for people working from 9:00 to 18:00. In addition, the mentioned branches are located in commercial centers, so it is possible to combine shopping and the process of using banking services. Perhaps you have already noticed our new express banking terminals installed in the city, through which it is possible to perform various operations, in particular, to pay off the loan through cash entry terminals, without wasting time visiting the bank. I should mention that Ameriabank is very actively developing remote banking services, which are one of the most important directions for us today. And our new clients can use the entire range of remote banking services at any time, including: mobile banking, TV banking, online banking, phone banking.
Thanks for the interview. I think your customer count will definitely increase by one today, and it will be me.
Source: tert.am