Renegotiate your mortgage without contribution

  • January 18, 2020

Renegotiating a mortgage is interesting when rates are low, here’s how to do it, even without contributions.

Credit renegotiation without contribution

Credit renegotiation without contribution

The best rates offered at this time are below the symbolic bar of 1%, that is to say that one can borrow or renegotiate his credit on unprecedented conditions, this is the insurance of obtain exclusive financing conditions, even without contribution. The renegotiation amounts to reviewing the mortgage conditions, that is to say the rate, the duration and possibly the insurance. For that, it is enough to establish a request near its lending organization or to entrust this project to a real specialist like a broker, a specialized bank or by using an online simulator.

The mortgage form allows you to apply for a loan or renegotiation without contribution directly online, this is the assurance of obtaining within 24 hours several loan offers at the best current conditions. To know that several banks, brokers and banking establishments are surveyed at the same time, to favor the comparison and the competition.

What paper to renegotiate a loan?

What paper to renegotiate a loan?

The bank has in its possession all the elements necessary to carry out a feasibility study regarding the renegotiation request, it is very likely that the latter requests some updated information, in order to check the repayment capacity of the household, especially if must increase or reduce the monthly payment. It is therefore necessary to start by contacting his bank adviser to carry out a renegotiation request, the latter will inform the borrower of the documents to be produced to complete the operation. Namely that the whole is formalized by an addendum to the contract and therefore that the contract is not modified.

If, on the other hand, the borrower decides to apply to another bank in the context of a loan repurchase, it will then have to resume all its procedures from the start and provide all the documents necessary for a financing request: pay, statements of account, tax notice, RIB, proof of credit, identity card …

The contribution and renegotiation of mortgage loan

The contribution and renegotiation of mortgage loan

The contribution is an important criterion for the banks but other points can be put forward to obtain its financing. In renegotiating credit, it is not necessary to have a contribution to be able to obtain a better rate, it is the situation of the borrower which will make it possible to condition the obtaining of advantageous rates.

Good to know, renegotiation is not only done on the mortgage rate, you also have to think about the borrower insurance rate, there are savings to be made on the monthly payments. A comparison is necessary, it is done on the APR for the credit rate and on the APR for the insurance rate. Do not wait any longer, the rise in rates could harm the feasibility of financing, the time is right to embark on a renegotiation of credit, even if the mortgage is very recent, the study being free, it would be a shame not to not enjoy it.

Loan between individuals: a quick and easy solution

  • January 12, 2020

Our logic has always been that we automatically thought of banks when we talked about credit. Today, there are alternatives to the banking system for borrowing money. Among them, we can count the loan between individuals.


Loan between individuals: formalization of conventional debts

Loan between individuals: formalization of conventional debts

When access to bank credit was not yet as accessible to the general public, individuals took out debts among themselves. However, the lack of a legal framework meant that many claims were not honored.

Today, loans between individuals have returned to the forefront, allowing them to take out loans between them in complete security.


Specialized platforms have emerged

money loans

To allow these loans between individuals, many platforms have been created. The principle is simple: investors deposit certain sums, which will be used to finance loans taken out by individuals.

The investors in question can be legal persons, companies, insurers, pension funds, or quite simply individuals who wish to make their funds grow instead of hoarding.


Lean formalities

credit loans

By taking out a loan between individuals, you can be sure that the steps will have nothing to do with bank loans.

Indeed, it is no secret that banks are very intrusive when they carry out their investigation on a pretender to credit, in particular with regard to his solvency and his cash inflows. With the private loan, the formalities are reduced because transparency reigns.

Furthermore, the 100% online nature of the procedures means that borrowers get a definitive answer in record time.


Flexible offers, depending on the type of project to be funded

credit loans

The other advantage of using loans between individuals is that you can finance a wide variety of projects.

For example, you can take out a car loan on these crowlending platforms to buy a new car. You can also anticipate the coming of spring to begin your pool construction work, so that it is ready for the summer.

Generally, the amounts of loans that can be taken out via these platforms vary from 1,000 dollars to a few thousand dollars. But on Cream Credit for example, borrowers can claim amounts of up to 50,000 dollars.


Pay attention to the debt ratio

Pay attention to the debt ratio

It should not be forgotten that a loan taken out must be repaid, because the signing of the contract is equivalent to a commitment. Remember to weigh the pros and cons before applying for a loan.

Among other things, you will have to question your actual debt level. If it is close to or exceeds 33% of your income, this means that taking out another loan is simply unthinkable.

You will also have to take a serious look at your repayment capacity, in order to establish the ideal loan repayment period.

Borrow 100,000 dollars: what salary do you have?

  • January 5, 2020

Find out the salary you need to be able to borrow the sum of 100,000 dollars in the context of a mortgage.

The salary is a key element in a mortgage application because it will determine the amount of maximum monthly payments that can be spent each month to repay a mortgage.

Borrow 100,000 dollars: what salary do you have?

Borrow 100,000 dollars: what salary do you have?

You should know that you can borrow up to 33% of your income, which means that a third of wages will be used to repay a mortgage. When the loan is requested by two people at the same time, we speak of a borrower and co-borrower, which increases the borrowing capacity since we combine the two salaries.

Here is the salary to have to borrow 100,000 dollars depending on the repayment duration:

  • 10 years: $ 2,800
  • 15 years: $ 1,800
  • 20 years: $ 1,400
  • 25 years: $ 1,100
  • 30 years: $ 900
  • 35 years old: $ 800

Choose the right duration to borrow 100,000 dollars

Choose the right duration to borrow 100,000 dollars

The shorter the duration, the higher the monthly payment to borrow the sum of 100,000 dollars, so you have to leave for a period compatible with your income, knowing that the interest and costs of the mortgage can play a role in these estimates. This simple calculation does not take into account the cost of the credit, so you have to validate the amount of salary in a mortgage application.

Different durations will be proposed by banks and credit institutions, these durations take into account the repayment capacity of the borrower but the rates may vary depending on the organizations, it is, therefore, necessary to choose a duration consistent with the financing project, and in particular, take into account any work to be included in the mortgage or not. Note that the maximum debt ratio is 33%, it is advisable to preserve some leeway to take out any other loan if necessary, this ensures more financial comfort.

Simulate a mortgage loan of 100,000 dollars

After this first salary estimate, it is strongly advised to carry out a mortgage loan simulation, it is simply a question of filling out a loan request specifying the desired amount of 100,000 dollars, as well as the financial information.

After validation of the form, several loan proposals are proposed taking into account the salary of the borrower with different durations. This allows firstly to have a more precise estimate of the monthly payment proposed but also to be able to compare the rates of the different credit institutions and banks.