Category: Credit

Lowest and advantageous rates for a repurchase of credit

by Erik Vogt
You have already made loans with your bank or financial organizations and you want to group all your credits at the most attractive rate. Ask your finance or broker to find you the lowest rates for a loan buy-back from their lenders. The repurchase of credits makes it possible to regroup its various credits in a single loan, over a single duration and a single monthly payment. Thanks to the repurchase of credits the monthly payment decreases, but the duration of the credit increases. After combining the credits, the future debt ratio decreases and at the same time the remainder of living increases.

The interest rate for a loan repurchase

The interest rate for a loan repurchase Thanks to the fall in interest rates, the nominal rate of loan repurchase is often much lower than the average rate of your credits that you hold when you redeem your loans. In addition, if your current credits are made up of revolving credits, then they have very high rates and insurance costs. Your broker advises you to combine all your credits into one loan which will allow you to benefit from a loan buy-back offer at the lowest interest rate. The cost of insurance and invalidated death guarantees will be reviewed at this time. The nominal rate (TN) is the interest rate of the credit, but beware that this does not include the fees. This is the difference with the global effective annual rate (APR) which includes all the costs: the bank fees, the brokerage fees, the insurance cost and in some cases the warranty fees (in depending on the type of credit). The overall effective annual rate determines the best loan offer at the best rate. The nominal rate (TN) often attracts borrowers, but do not be fooled and compare your refinancing proposals or your loan offers, be sure to have all the costs that are properly attached to your new credit. Namely: The nominal rate is the product of appeal for banks: they attract prospects with a very attractive offer in order to be able to market their other products. It’s trading…

What is the rate of a consumer credit buyback?

What is the rate of a consumer credit buyback? The rate for the repurchase of consumer credit essentially varies according to the new term of the loan. The shorter the term of the new loan, the lower the interest rate. It should not be forgotten that the principle of buying back consumer loans is to extend the term to reduce the monthly payment and that the interest rate is not the determining factor in buying back your loans. The lowest rate for a loan buyout can also be determined based on the quality of the record and the borrower profile that you are. In the case where you are a borrower who is a tenant, the redemption interest rate will be slightly increased between 0.15% and 0.70% more than the rate of loan consolidation for a borrower owner. You may find this unfair, but banking statistics have proven that borrowers who are not homebuyers or homeowners have more arrears than other borrowers. These remain statistics and not a generality. Each bank has its own criteria and its own funding rates.

What is the rate of a credit consolidation with a mortgage guarantee?

Combining loans with a mortgage guarantee provides a better rate than combining loans without collateral. The duration, as well as the quality of the file, will determine the interest rate of the new loan repurchase. The share of the mortgage taken over in relation to the total amount of loans repurchased indicates what type of loan offer will be published and what rate structure will be applied. If the repossessed home loans are greater than or equal to 60% of the total amount of the loan then we will be on a grouping of home loans with a lower and more advantageous rate than on a grouping of consumer loans.

How to get the best rate in loan consolidation?

bank A good presentation of your file is essential to obtain an advantageous rate, but that is not all, the rate of the credit will also depend on the quality of your file. Put the odds on your side to build your loan consolidation case to get the lowest rate. Trust your professional Finance OR broker who knows all the criteria of all his lenders and who will get you the best rate for consolidating your loans. Your expert analyst in loan consolidation accompanies you first of all to constitute all the documents to have a complete file. Above all, don’t forget to report all the credits and account statements you have. He advises you and tells you what type of loan is best suited to your situation. The advice of your analyst is precious, he offers you a duration in line with your debt ratio, the amount of cash that must at least be expected (you never know what can happen next, so plan the equivalent of 1 to 2 months of salary in cash allows you to anticipate small unforeseen events), and before sending your file to its lender your analyst tells you precisely the interest rate of your credit grouping.

Credit Simulator in the country

by Erik Vogt
The loans, since the banks were invented, have been contracts in which the client receives money from the entity. Meanwhile, the first one agrees to pay it at a certain time and under certain conditions. An online loan is the new face of our loan agreements with banks. Technology and digital identity are today, a new way of accessing benefits and new ways of doing business.

Credit Simulator

bank That is why entities such as Good Finance grow the financial world digitally by granting loans online. Having to lose a whole morning coming and going from a bank, sitting waiting to be served, then waiting at least a couple of days to receive an answer and then acting with an answer in hand is one of the many vicissitudes that arise With regular bank loans. With a credit simulator like Good Finance’s, the information is for everyone in a matter of seconds.

How Good Finance works

Good Finance specializes in helping all types of people choosing loans online at their convenience and works in all circumstances. With the technological development of business and, above all, current banking, user information is digitized for business use and every interaction, operation or change is recorded forever. The credits do not escape technological innovation, the financial system being one of the first that users expect to be digitally transformed. The web portals currently offer some bank credit simulator in which one of these loans can be quickly calculated. All banks that offer this type of service generally have some specifications to calculate the value of the credit to be granted. Among them they can be:
  • Value of the property: It is considered to verify that the amount of the loan to be requested is allowed by the bank rules or the laws of the country.
  • Initial fee: The amount requested from users. It does not always equal 10% of the total value of the loan.
  • Credit amount: The magic number. How much do you need?
  • Deadline to pay: You choose the one that suits you best.
  • Personal PDatos: They usually ask everyone who has to do with your identity.
After all this, the banking entities, institutions or other entity that is responsible for managing the digital request, in seconds calculates the interest rate, the fees to be paid and perhaps even the total value at the time of the credit.

The Good Finance credit simulator works differently

The Good Finance credit simulator works differently When you enter the Good Finance website you can request the credit you need on your page, by clicking on a button that will take you to a credit simulator. There you can get an idea of ​​the credit process in terms of payment and interest, always taking into account the amount of money requested and the term set by yourself to pay them.

After using the credit simulator

In a hypothetical case, you can make some decisions based on your experience with the credit simulator. Let’s say the initial fee is less than you thought and you are willing to pay more money in each installment. In that particular situation, you can change one of the Paying in less time is equivalent to a slightly higher monthly fee, and less interest in the total credit. You can see the effect of changing this variable as well. Initially ask the credit simulator for long-term calculation. You will see that the total credit value will be lower because you will not pay interest for two years. Now, suppose the quota is higher than your expectations:
  • Modify the value of the credit to request. Request less money.
  • Extend the deadline, ask for more time
You can modify the variables as many times as you need until you find the quota that best suits your needs.

What are credit simulators for?

It is a tool that will help you project what the interests, costs, and rates of the products you want to acquire will be so that you make an informed decision. Simulators are useful for comparison. You could tell which bank is lending at a lower rate. The important thing to be able to make a good comparison is to repeat the same information on each form. If you don’t have time, we help you get the best deals for your credit. Good Finance is the ideal tool to request your loans and acquire them in a short time. Loan simulators are online calculators, which offer almost all financial institutions, and that helps to know what type of credit and which bank best suits our needs. Although the simulators are very useful, you have to keep in mind that before looking for a loan or asking for it, it is necessary to know how much money is needed and how much you want to borrow, since you will know what kind of interest you can pay. When using a simulator it is very simple since normally you only have to include two data:
  • The amount we want to request
  • The terms of return of the same (days, months, years).
With this data, the tool itself is responsible for automatically establishing the interest rate with which the operation will be taxed and even, many of them, give you the possibility that at the same time you calculate it you can hire it directly by filling in a series of forms. All Colombian banking entities have developed their own credit simulators. Many of the banks, before carrying out the calculation, ask the user questions as if they are a customer, number of holders, amount of money to request, average income and monthly expenses. If the user passes these filters, he will obtain some calculations in which the monthly fee, the opening commission, the interest rate and the total amount to be returned are indicated.

How to find a reliable company

money These are the signs that will help you find a reliable credit company, such as Good Finance.

Has a good reputation on the internet

No matter what you are asking for a loan, do not give in to hurry and take your time to google the reputation of the company to which you will apply for the loan. Check the background of the company and the opinions of other users; If most are good.

Offer “moderate” sums of money or according to your ability to pay

A reliable lender takes precautions and is transparent with its clients. If you approach them for the first time, in addition to reviewing your credit history, it is expected that they offer you only the minimum, in this way they ensure that you will have the ability to pay, and they will begin a relationship with you to increase the amounts and improve the conditions of Payment in future loans.

Do not ask you to sign contracts or make agency payments before applying to the loan

A reliable company knows that you are asking for money because you don’t have it, so it will obviously facilitate the conditions for you to get it fast, but it will NOT charge you before giving you the loan. Although there are management procedures, these will be quick, and they should never “condition you” to pay ‘fees’, ‘insurance or opening commission’ or any deposit before knowing whether or not you will have the credit authorized.

Check your credit history but do not ask for private details

Reliable lender companies review your credit history in a bureau or credit circle, as a procedure, but ask for your written authorization, and also verify public information. You are not asked for passwords or passwords for your bank accounts at any time.

Clearly explain the date and amount of your payments

When acquiring a loan or obtaining a loan, a reliable company will offer you free financial advice to guide you in any doubt; but also, it will explicitly show you how your payment scheme will be: how often you decided to pay and the amount that corresponds to each term, as well as the interest, generated.

Mortgage Credit Simulator

Mortgage Credit Simulator It is likely that, when you search for credits to buy your home, you have found several pages that give you the option of using your mortgage credit simulator. If you do not know what it is and if it is reliable, here we explain its function and usefulness so you can take advantage of it.

What is a mortgage credit simulator?

A mortgage credit simulator is a tool offered by most websites of financial institutions to help you calculate the value of the monthly installments that you would have to pay for the credit you are interested in contracting. Good Finance offers you a

What is a mortgage credit simulator for?

A simulator serves you like a mortgage loan calculator. Before making the purchase of your house through a mortgage loan you should know if you will have the ability to meet the mortgage payments in such a way that you make sure that you do not jeopardize the economic security of your family. The mortgage credit simulator is very useful for everyone because it estimates a monthly installment amount to cover after it has been assigned. This will prevent you from wasting time when requesting more information and doing paperwork at the physical headquarters of the banks that offer these credits that are often difficult to pay.

Compare is key

A mortgage credit simulator will also help you compare the credits offered by the different financial institutions so that you can value all the options and be able to choose the one that is most profitable for you and that suits your possibilities. Credit simulators such as Good Finance are used to give you an approximation of the amount of the monthly payment that you should meet to cancel your mortgage, but that kind of information is, above all, of an orientation type. This is very important to keep in mind, because the information is not accurate, only an approximate one.

How does a mortgage credit simulator work?

How does a mortgage credit simulator work? To use a mortgage credit simulator you must fill out a form with the information requested. The main data required are the cost of housing, the amount you want to request, the term or years in which you want to repay the loan, and the interest rate you want; if you want it to be fixed, variable, mixed, etc. In this way, the simulator will calculate the estimated monthly payments that you should cover for certain credit and will give you all the information you need to know about the mortgage fee to make the best decision. Take into account that in order to correctly use a mortgage credit simulator and understand the information given to you, you must first be clear about what a mortgage loan is, what it is and know the criteria that are managed. How to know if a mortgage credit simulator is reliable

Feeling distrust is natural

It is normal for the use of a mortgage simulator to cause you distrust and uncertainty. To ensure that the calculation you receive is reliable, check that the simulator is regulated by a government entity and / or has a reliable user base that will give it a good reputation. Now that you know the function of the mortgage credit simulator, take advantage of its use, calculate your monthly installment and make sure you have the payment options to solve the mortgage you wish to apply for.