Mortgage and credit refinancing – specificities and rules

If you are repaying a mortgage for a long time, but you are not satisfied with the terms of its repayment, the amount of the monthly payment or the fees, reach for the possibility of refinancing the mortgage.

What is mortgage refinancing?

What is mortgage refinancing?

 

Mortgage refinancing is the transfer of an existing mortgage from one bank to another, which will offer you a more advantageous and faster repayment of the loan. The main reasons for transferring a mortgage are to save a higher amount of money on interest and fees associated with its repayment, obtain a lower interest rate, change the amount of monthly payments, combine several mortgages into one or the possibility of its total, early repayment.

When is refinancing appropriate?

When is refinancing appropriate?

You can apply for a mortgage refinancing at any time. However, it is very important to realize that if it is during the fixation period, you will not avoid high fees or fines for early repayment of the mortgage. Therefore, the most common refinancing takes place at the end of the interest rate fixation period , when you can repay the mortgage free of charge. Just before its end, the bank will offer you new conditions for the next fixation period. If they don’t suit you, you can look at other banks.

What to focus on?

What to focus on?

Many people make decisions based on interest rates alone. However, this is just one of the parameters you should look at. It is also necessary to check the amount of the monthly payment, the possibility of shortening or extending the loan maturity, the amount of fees / mortgage repayment costs and the amount that you could save under the given conditions.

Mortgage refinancing procedure

 

  • Start early

Just as when arranging a mortgage, it took some time to request, furnish and approve it, so it is when refinancing a mortgage. According to experts, you should start approximately 4 months before the end of your fixation period.

  • Do a survey

The market for banks offering mortgage refinancing is large enough for you to be able to choose the offer that best suits your current situation. Set your preferred benefits and follow them. Contact the banks and wait for what they will offer you. By law, banks are obliged to guarantee new interest rates at least 2 months before the end of the fixation period.

  • Prepare your documents

Based on the offer you choose, prepare the necessary documents such as:

  1. Completed refinancing application for a new bank
  2. The original mortgage agreement (if you want to repay several loans at once by refinancing, then all agreements are required)
  3. Proof of income
  4. Expert opinion (many banks accept opinions that are up to 5 years old)
  5. Extract from the real estate cadastre
  6. Current amount of loans confirmed by the original institutions
  7. Consent to early repayment of a mortgage from a bank or original financial institution
  8. Identity document

Each bank requires different documents, so you may not need all of the above documents in your particular case.

  • Don’t forget your bank either

Before you exchange your bank for a new one, submit its bids from a competitor. The bank, in an effort to prevent the loss of the client, can offer you the same and sometimes even more advantageous offer. In that case, all you have to do is agree and thus avoid the obligations associated with the transfer to another bank.

  • Consult an expert

The process of refinancing a mortgage is not easy, so if you are in doubt about choosing the right new offer, consult a mortgage adviser. The advisor is familiar with this area and can give you valuable advice that will facilitate the entire process of handling, communication and administration with banks.

Credit comparison – compare loans online & save!

There has been an increase in borrowing, particularly in recent years, but this is not only due to the steadily falling interest rates, but also due to consumer spending. Loans are increasingly being used to fulfill wishes for which savings were previously made for years. However, a loan comparison should always be made before borrowing. Unfortunately, however, many people still turn to their house bank first when it comes to taking out a loan. However, if you take advantage of the best loan, you have no chance to compare loans anymore. For this reason, it makes sense to carry out a comprehensive loan comparison in advance in order to find a loan with good conditions that fits your personal financial situation. When comparing loans, there are a few things to keep in mind.

Compare cheap loans conveniently online

Compare cheap loans conveniently online

The first step to be able to compare loans is to do research on the Internet, because there is a lot of information about loan offers, not only from branch banks, but also from direct and online banks. A credit comparison can save a lot of money in most cases, because online loan offers are usually cheaper than installment loans from a branch bank. In addition, an extensive credit check is carried out on loans from a house bank to find out whether the borrower is really creditworthy and solvent. For loans from the Internet, the credit checks are usually not as lengthy and the conditions are more attractive, so it is always advisable to compare the credit before taking out a loan.

Loan comparison worthwhile even with negative Credit Bureau

Loan comparison worthwhile even with negative Credit Bureau

However, you can not only compare loans to find the best conditions for a loan, a loan comparison is also available for all consumers who cannot get a loan from a German branch bank due to a negative entry at Credit Bureau. By comparing a loan, you can start looking for a loan without Credit Bureau and even with this special loan you can compare conditions so that you don’t have to pay too much for a loan.

Comparing loans is therefore worthwhile with every type of loan, because every type of loan offers space for savings that should not be missed. In addition, the online loan comparison is free of charge in most cases and can be easily carried out with the help of a loan calculator, so that you can find a suitable loan quickly and safely.

What are the interests of private equity loans?

Private capital allows many people to obtain credit when it is not possible to obtain the necessary money by other means. Banks no longer grant loans with the same ease due to the financial crisis we are experiencing, there are many requirements and conditions that they ask their customers. For this reason, private equity companies provide their users with private credits, providing only a guarantee or guarantee; Let’s see what are the interests of private equity loans or credits.

Loan with guarantee

Loan with guarantee

Our company provides loans to its clients with the guarantee of a real estate property or of any kind, which means that it is possible to guarantee the money with all kinds of objects, from a car, art collections, real estate, etc. The only thing that we do not accept is jewelry but the advantages are enormous because there are many options for the client and that is that they can easily get their money.

In addition to this, we have to add that the installments of our loans can be paid very easily, since you can select the type of installments that best suits the specific needs of each person; They can be monthly, quarterly, semi-annually or even yearly. The interest on our private equity loans is between 12% and 15% per year, but the ease we give to pay these loans allows our clients to hardly notice this money as if it were an added burden.

It depends on the quality 

It depends on the quality 

We provide up to 20% of the value of the guarantee, this depends to a great extent on the quality that they have, in the case of car loans, a new modality that we offer exclusively; We can provide up to a maximum of 30% or 40% of the value of the vehicle. We appraise your car and in return we give you money, it can be a motorcycle, truck, van, etc.

Among the advantages or virtues that our credits have, we highlight the speed with which money is granted, since, in less than 72 hours, it is possible to have liquidity and have the exact amount deposited in the current account. We provide loans to people with economic difficulties, such as being unemployed, delinquent, etc. None of these situations is a problem for us.

Conditions of the private loan

Conditions of the private loan

As for real estate guarantees, they must meet an important condition to be able to guarantee our private loans. Real estate must be totally free of charges and mortgages to be considered as guarantees. We accept flats, houses, premises, etc. plots, plots, or land are not valid.

In case the client needs to carry out the official appraisal of his home, this is a process that we can carry out in our company since our professionals are trained for it and have financial and real estate knowledge; so that they can take care of as many steps as possible and speed up the procedures so that the user has their money in the shortest possible time and with the greatest ease.

In conclusion, we offer private loans with all the necessary guarantees, since we are regulated by the Ministry of Health and Consumption. The interests of our loans are between 12% and 15% annually and the facilities to pay the installments are adjusted to the specific needs of each client. What are the interests of private equity loans? Rate this page