Month: March 2020

3 Ways to Lower Your Mortgage Credit Share

by admin

Although you may not know it, there are some ways to lower the mortgage loan fee and to help you make the right decision, we are here.

Most users of mortgage loans believe that the debt I take cannot be modified. But, it is clear that financial institutions do not disclose it when granting a loan. If it has happened to you for some reason, and you want or should change your mortgage loan…

It is just a matter of finding the most appropriate way to solve all these problems. The conditions of the mortgage loan can be modified, and you as a debtor can use all possible alternatives to do it.

Lower the mortgage loan installment

Lower the mortgage loan installment

I am going to show you three ways to reduce the amount of your mortgage:

  1. When you should go to your bank because you no longer have the monthly payment. So, it is time to request a negotiation, it is best to do it with advice from Good Finance.

If your bank is willing to help you, it will explain the different modalities they have. In this way, they will negotiate to give you a timely solution, but keep in mind that the modifications that are made do not adversely affect your credit bureau.

  1. On the other hand, if what you want is to have a little solvency with your income and you have the financial capacity. You can make advance payments to the capital to reduce the fee. In other words, you will have to pay a smaller amount each month, but the term of the mortgage remains the same. It is important to note that the operation you carry out will not have any penalty,
  2. You can also analyze very well each of the elements that make up the quota. There is credit life insurance here, which can be exchanged with another insurer that grants a lower value. Although there is a way of acquiring a savings policy instead of credit insurance.

Additional insurance for the property

cash

In addition, I am concerned not to mention that there is other additional insurance for the property. Therefore, credit life insurance is granted to cover the main beneficiary, the bank, since it is not insurance for the debtor.

Although there are other options that are not considered at this time, they can also be discussed with your advisor. The idea is to find the one that suits your profile, according to your needs or current situation.

Make the best decision to reduce the fee

cash

Always remember that the best decisions are made with a cool head and in collaboration with good advice, it is more reliable. You must bear in mind that in the financial market they will offer you many alternatives.

For this reason, I recommend that you always go to a financial professional, since variables are included to discuss the subject of a fee. And these financial components or factors, individually affect the amount of the fee.

You can make the best decision to lower the mortgage loan share in the company of Good Finance. Here you will always find specialized personnel, ready to give you free advice to find the right solution to your need.

Loan for retirees – checklist, provider and information

by admin

 

A loan as a pensioner is not impossible, but requires care when applying.

In fact, this is not easy and pensioners are considered a risk factor in many banks! In this article, you will learn how to increase your chances of getting a pensioner loan and how to make your financing a success despite your advanced age.

Age factor

Age factor

Basically, the older you are, the more difficult it is to get a loan. If you are about 32 years old and 63 or 65 years old, you are more likely to get a promise than people aged 70 or 75. The risk of credit default increases for the bank every year. Check your personal finances before or when you withdraw and bring important investments, such as age-appropriate renovations in your own home, a few years earlier.

Keep the term and loan amount low

Keep the term and loan amount low

You significantly increase the chance of a loan as a pensioner if you request the smallest possible amount and a short term (12 to 36 months, except 48 months) from the bank. So plan your financial needs carefully and, if in doubt, choose a smaller amount.

To offer collateral

To offer collateral

A house offers the bank security and increases the chance of a loan.

You offer the highest security in the form of regular income. With the pension you basically have good prerequisites, as it is paid securely and monthly. With each additional source of income, such as additional private provision or income from renting and leasing, you move one step closer to the loan.

You can earn further plus points if you apply for a loan not with your partner but with two people, for example with your spouse. The risk of loan default is divided between two shoulders, which means that many banks grant loans to pensioners much faster.

The usefulness of a residual debt insurance is often discussed controversially. This insurance applies when the borrower can no longer pay his installments. However, this protection makes the loan more expensive. For pensioners, residual debt insurance is often inevitable, since this also signals further collateral to the bank and the application is rather approved. You can find the option to take out this insurance in the loan application to the bank.

If you also inform the bank about your assets, a paid-for property or a car can work wonders.

Checklist loan for pensioners

  • The sooner (younger) you apply for a loan, the better

  • Don't choose too large a loan amount, calculate realistically and conservatively

  • Ideal duration 12-36 or 48 months

  • Provide the bank with collateral (house, apartment, rental income etc.)

  • It is best to apply for the pensioner loan in pairs
  • Think about taking out residual debt insurance

How to calculate the cost of the loan?

by admin

Before you decide on a loan, you need to consider the total cost of debt and see if you will be able to pay installments that provide not only nominal interest rates, but also a number of additional fees.

Are you considering getting a loan but want to calculate the exact cost of your debt? Knowing the exact cost of the loan, you'll have a chance to find out if you can afford to pay back the commitment you care about. How do you check the total cost of a cash loan or other financial liability? We'll tell you what you can do to be sure how much this financial offer will cost. With our help you will quickly verify which services will be of interest to you in terms of total costs.

Nominal interest rate

Nominal interest rate

Nominal interest is, by definition, an interest rate that specifies the interest that the borrower will have to pay back as part of the commitment. Nominal interest, in accordance with applicable law, may not exceed four times the Lombard rate of the National Bank.

However, every borrower, regardless of the offer they choose, should pay attention to the fact that the nominal interest does not constitute all costs related to the bank's offer. Although banks often use low interest rates as an excellent promotion of their services. Customers who do not pay attention to additional costs can expect very attractive fees, although banks often compensate for low nominal interest rates by increasing the cost of other fees.

Additional cost of credit

Additional cost of credit

In addition to the nominal interest rate, the cost of the loan is also influenced by other factors, including the commission that the bank will charge for granting the debt, the preparation fee, as well as the cost of insurance if such an offer is required at the time the loan agreement is concluded. Each borrower should know the current cost of the loan to be able to determine whether the selected cash loan, car loan or other debt actually provided the lowest fees. This is one of the most important features of the liability for the recipient, in particular if the bank's customer is looking for opportunities to reduce the cost of the offer as much as possible without having to worry about paying off the debt.

If you are in the process of looking for the right commitment, be sure to pay attention to the total cost, so you will have a real chance to compare available offers.

The current annual interest rate will help you.

How to calculate the cost of the loan?

How to calculate the cost of the loan?

You do not have to follow the bank offers in person, in addition, you do not have to waste your precious time to easily get acquainted with the cost of the commitment that would be right for you.

To calculate the cost of the loan, just use the financial tool that you will find without leaving your home on our website. We offer free support for everyone who is looking for any loan. In addition to debt rankings, you can also use other tools that can be very helpful in choosing a service, check eg a loan calculator.

By verifying all the terms of the offer, as well as the APRC of debt, you can easily calculate the total cost of the loan, thanks to which you will avoid the hooks and hidden fees that many future recipients are afraid of. By checking offers before signing the contract, you can get to know the offers on the market much better, as well as guard against services that are only seemingly attractive to customers.

Summary

Knowing the total cost of the loan, you can quickly choose an offer that will be attractive to you, also in financial terms. Before you decide to use the loan, be sure to think about what conditions will allow you to repay the loan without fear of too high installments. Without wasting time and money, you can take advantage of the help we offer our readers. You will quickly and effectively choose the offer that will give you the money you currently need.