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Month: March 2020

How long to release the mortgage loan funds?

 

A real estate project is carried out in several successive stages. All of them can take a little time, depending on the situation of each. How long does it usually take to get the funds for a mortgage?

What are the steps to follow when buying a property?

What are the steps to follow when buying a property?

Once the property has been identified, it is essential to approach the seller to sign a sales agreement. Even if it is not a document attesting to the sale, it makes it possible to “reserve” the property, in order to obtain the funds to acquire it. Then find the bank with the best offer for your loan and apply. The applicant has a period of 45 days, after signing the sales agreement, to have a loan offer contract attesting that the money can be obtained.

Who can help me through the entire credit application process?

Who can help me through the entire credit application process?

Having a loan agreement can seem very long for the person who wants to own. However, do not rush. All the stages deserve reflection and it is important in this context to know how to be surrounded. A mortgage broker is the most suitable person for this type of service. First, he can study with you the sales agreement and explain to you what the suspensive clauses consist of. Can a late loan agreement have financial consequences? All the joy of having found the ideal property, it is not uncommon to pay little attention to the lines of a document.

Then, the broker can, with regard to your financial situation in particular, direct you towards the best loan offer. Not all are the same and spending a little time doing a comparison can turn out to be profitable. Letting it then check whether the loan application file is complete saves time, so that the bank can quickly release the funds.

How long does it take to get the funds for a mortgage?

How long does it take to get the funds for a mortgage?

Any mortgage application is subject to a drastic study by the bank. So it takes a little time. Having gone through a broker can shorten this period, because not only will he have found you the most suitable offer, but he will also be responsible for checking that your file is complete. Under the agreements that he can have with certain banks, his intervention can save you a few days on the process.

Once the loan offer has been received, a period of 10 days (withdrawal period) must be observed before the signed document can be returned. Take advantage of this time allotted to you to verify that everything is in accordance with what was decided with the bank (monthly payment, rate, repayment period, etc.). In this, too, the broker can be of great help. As soon as the deed of sale to the notary is signed, the latter proceeds to the call for funds. The broker can ensure that the amount has been released; or a few days maximum after the signing of the notarial deed.

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Cash credit without credit bureau information.

The cash loan without Credit Bureau information is better known under the term housewife loan. This type of loan is particularly often advertised as a foreign loan without Credit Bureau or Swiss credit. The article reveals more about the possibilities and restrictions of these special loans.

Cash credit without Credit Bureau information – the differences

Cash credit without Credit Bureau information - the differences

The cash loan without Credit Bureau information is not an ordinary loan. When granting the loan, the lender dispenses with the most important means of credit checking today. The Credit Bureau is not queried. In addition, the loan is not entered in the Credit Bureau. It is practically invisible to ordinary credit institutions. Regardless of whether a negative Credit Bureau entry is the trigger of the wish or not, the loan is therefore a risk loan.

Another difference to the usual loan from the house bank is the payment method. If approved, the loan amount will not be transferred to the account. It is paid out in post. Normally, no cash arrives by post. Payment is made by check. This check must be exchanged for cash at every post office. The wish to completely disguise the loan is thus fulfilled.

Who grants housewife credit without Credit Bureau?

Who grants housewife credit without Credit Bureau?

Housewife’s credit or Swiss credit without Credit Bureau is an invention of the credit brokerage industry. People with a poor credit rating who do not get a loan from their house bank are at least to a limited extent creditworthy. The lender mostly limits the credit risk by restricting the loan amount. A normal loan without Credit Bureau takes place within a maximum of 3,500 USD. Above this amount, hardly any provider is willing to grant a loan.

In addition, unlimited access to this loan option may not be required. A cash loan without Credit Bureau information is a risk loan, but repayability and credit security must be guaranteed. To do this, the provider checks the income situation and uses the information of other information service providers than Credit Bureau. If the employment relationship is secure and not terminated, there is no garnishment of the wages, the loan approval is often very simple. An assignment is signed. In an emergency, it ensures that the lender has quick access to earned income.

Possibilities of securing loans for risk loans

Possibilities of securing loans for risk loans

Assignment of wages is unfortunately not always enough to remove doubts about creditworthiness. It may be that the lender or credit intermediary wants to get an impression of the spending situation. The bank statements of the past three months are an adequate means of doing this. Abnormalities, such as payments to a collection agency or chargebacks due to a lack of coverage, worsen the credit opportunities.

In such cases, additional credit protection measures are required. In this case, the credit broker or direct provider for the cash loan without Credit Bureau Information requires security or a guarantee.

The guarantee of a solvent guarantor is the easiest solution to the problem. His joint liability minimizes the credit risk for the lender. Security can be a little more complicated to implement, but no less effective. The vehicle letter of the paid vehicle or a capital-building life insurance policy can help with the approval.

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Second Degree Loan who still have to find their way in life

Young people in particular, who still have to find their way in life, take up a second degree after their school career and a first degree in order to possibly reorient themselves. After graduating from high school and completing their first degree, most are already over 25 years old and can therefore no longer access benefits such as child benefit etc.

It is precisely in these cases that financial bottlenecks often occur and a suitable solution for financing the second degree must be found. A loan for a second degree can now be applied for from numerous banks, so that a solution is in sight here too. Anyone looking for a loan for a second degree can now hope for a low-interest loan from the numerous online banks, which offers easy application, flexible contracting and low interest rates.

Finding a loan for a second course of study that convinces with attractive interest rates is not impossible, but the large variety of offers has also made a decisive contribution to the fact that it is virtually impossible to compare several offers today. For this reason, a loan for a second degree should never be applied for today without the previous credit comparison on the Internet; numerous financial portals now allow a quick and free comparison.

Retrieve credit for a second degree at the best conditions 

Retrieve credit for a second degree at the best conditions 

When comparing several loan offers, borrowers should focus in particular on the effective interest rate. In contrast to the borrowing rate, the effective interest rate is variable and therefore dependent on the individual requirements of the borrower or his creditworthiness. Borrowers should therefore focus on the effective interest rate when looking for a loan. The borrower can help shape the effective interest rate through the creditworthiness, i.e. income and credit checker information.

Income should be as high as possible, since students have limited financial resources, so the credit rating should be high. Loans that can be secured with additional loan protection funds are particularly useful, since, for example, a guarantee can significantly improve the creditworthiness of the borrower. By selecting the term and the loan amount, the borrower can also influence the effective interest rate. The risk for the bank should be as low as possible, the same applies to the capital commitment.

For this reason, borrowers should have a short term and a low loan amount.
Especially when it comes to financing your second degree, financial resources are rather scarce. If there is an employment relationship in the foreseeable future, it will also be interesting to repay the remaining debt. In the case of residual debt repayment, only the interest is repaid during the term; the repayment is made at the end of the term. Installment repayment is the cheapest form of repayment, but the financial burden here is sometimes very high.

Compare credit for second degree

Compare credit for second degree

A loan calculator can now be used to compare loans for a second degree on the Internet. Credit calculators enable the objective comparison of several loan offers, taking into account information on the loan amount, term, income and much more.

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How much to borrow with a salary of 2100 USD?

A borrower can devote up to 693 USD each month to repay monthly payments as part of a real estate project.

Borrow with 2100 USD net of salary

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The salary is a central element in a feasibility study to obtain financing, all the more so when it comes to a mortgage, the amounts of which can be substantial and the repayment terms often long.

The salary will simply allow the debt threshold to be calculated, that is to say, that one cannot go into debt more than 33% of one’s income in France. A mortgage applicant who receives a monthly net income of 2100 USD can repay up to 693 USD in monthly payments, this can concern a single loan as several loans at the same time.

It is, therefore, possible to estimate according to the duration the amount that a borrower will be able to obtain with his current income, it is obviously necessary that this salary is attached to a CDI contract or equivalent, as in particular the status of civil servant.

It is also necessary to take into account the feasibility study which will require the borrower to provide his last three statements of accounts, thus making it possible to take into account his monthly charges and to check the rest for living, an essential indicator to grant a mortgage financing.

Table of gross sums with 2100 USD of wages

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Here are the gross amounts, without taking into account the fees and interest rates, that a borrower can obtain with a maximum debt of 33% and without outstanding loans:

  • 5 years (60 months): USD 41,580
  • 10 years (120 months): USD 83,160
  • 12 years (144 months): USD 99,792
  • 15 years (180 months): USD 124,740
  • 20 years (240 months): USD 166,320
  • 25 years (300 months): USD 207,900
  • 30 years (360 months): USD 249,480
  • 35 years (420 months): USD 291,060

Simulate the mortgage with an income of 2,100 USD

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If the estimation of borrowing capacity is an important step, it must be confirmed by a mortgage loan simulation. It is this step that will make it possible to determine the feasibility of financing but also to provide more details on the reimbursement conditions.

With the simulation, the borrower can obtain a precise estimate of the interest rate which can be proposed according to the selected duration.

It is also possible to integrate into the cost of financing the various costs that will occur, depending on the type of guarantee chosen. Finally, the mortgage applicant can assess the cost of borrower insurance.

All of this information is part of the borrower’s information logic in terms of the conditions for subscribing to mortgage loan offers. Applicants are however strongly advised to have a comparative approach, the idea being to go around the banks to compare rates and select the best mortgage proposal. The loan simulation is free and without any commitment.

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