To compare two loan offers, buckle up, not only at the rate charged but the monthly repayments ( percentage rate) and various expenses (fees, insurance, mortgage fees or equivalent).
Before contacting banks: *
establish your precise budget comprising all expenditure items (we always forget!) To determine the total amount you need (personal contributions + loans) *
determine the total amount of Additional loans are available to you and what monthly expenses they represent.
Remember that the bank offers a loan does not require clearance from your wages in his establishment. Know that everything is negotiable: the rate of course but also the fees and insurance. More will be your personal contribution, the more you have the "weight" to lower rates ...
Some banks offer loans modular whose monthly payments may be adjusted upward or downward depending on the evolution of your income.
If the proposed loan is not flexible, ask the banker can prepayment free and unconstrained minimum amount.
Do you make clear the terms of such prepayment (minimum amount possible periods). In general, bankers call in case of prepayment compensation of up to 3% of the outstanding principal before reimbursement. Some contracts require a minimum amount of prepayments equal to 10% of the loan.
Remember that prepayments will decrease even more the total interest cost of your loan that you have them ready early. In fact, according to the principle of amortization, monthly payments early in the loan are used primarily to pay interest. The percentage decreases over the term of the loan that's how monthly payments repay the loan at the end mainly capital. A prepayment ended loan therefore has no beneficial effect.
Play competition
aware that to play the competition must provide written evidence to the banker with whom you interact (loan offer from another bank, list of rates ...).
Indeed, the responsible management is not free to set rates and it can not negotiate with his boss only with evidence.
- For an organization managing the "1% logement"
If you are employed, contact an organization 1% Housing (the human resources departments of your employer will give you details).
Generally, this organization maintains a list of the different rates applied by banks in your area by type of loan.
This method is probably the most effective way to find the best rates. It suffices to show that list to the bank of your choice that will match for sure.
- By fax
To save time, you can also make a "mailing" by fax at banks in your area. Some conservative bankers may find the approach cavalier but it will avoid you to move in all agencies.
- By internet
Many websites offer brokerage services in bank loans. Provided leave your information on their server (your contact information, salaries, amount of purchase ...), they will contact you a number of banks ... Not all nearby but their interest is to have as partners not well known banks which you would perhaps not thought of. However, too many offers no mention of fees or costs of insurance.
Among the most famous sites include: Discounts Meilleurtaux, Panoranet, E-loan, Votreprêt, Sélectaux, 123prêt, Créditclic, Credit-on-line and PrêtWeb .
According to a study conducted by the monthly Capital in September 2000, only three are distinguishable: discount, and Meilleurtaux Panoranet.
- by traditional brokers
You can also contact brokers in bank loans that are not on the internet. You can find them in the yellow pages under "financial brokers.
Death Insurance Disability
All bankers offer their own insurance in their loan offer. Nothing forces you to take this insurance. Compare rates with insurance companies, often less expensive (-20% to -40% if you are under 40 years).
Read and compare well limitation of liability clauses : they cover only total and irreversible loss of autonomy (PTIA) or also a temporary total disability (ITT)?
Among the least restrictive clauses, do not confuse the total permanent disability work (IPT) for which the insurance does not cover you if you can not exercise any profession and occupational disability for which Insurance cover you when you can no longer perform your current job.
If you are a pianist or an airline pilot (or other high-income and occupation based on physical and / or specific intellective), you heard interest in requiring that last clause. Attention also
clauses limiting collateral based on sports called "at risk" or other activitées more benign (eg accident occur during the use of a moped or a motorcycle) . Here are some terms sufficiently vague to give free rein to any interpretation at trial between the insurer and the insured!
- "the practice as part of amateur competitions and / or as a member of a federation or a club, a sports activity or not requiring the use of a motor engine. "
- " the practice of dangerous sports such as bobsledding, ski doo, ski biking, fishing or diving equipment with self-gliding, caving, rock climbing, mountain climbing, jumping Bungee, canyoning, a water sports, catamaran "
Finally, before your choice, find out what is already covered by other insurance (personal insurance, pension from your employer, etc.).
Insurance
With rising unemployment, unemployment insurance rates have become prohibitive (about 0.3%) to guarantee enough time limited.
Often, the contract specifies that payments for loss of employment must then be repaid form of borrowing from the return to work.
Unemployment insurance is not mandatory.
Before the contract or not sure what it brings you and make a personal assessment:
- would you Assedic rights in the event of job loss?
- your job is it carrying?
- you work in a dynamic industry?
- Are you geographically mobile and willing to sell your future home if necessary?
- if yes, the resale of your home is likely to cover all your construction costs?
- your loan principal will arrive there due before you have the fifty (age when it becomes statistically more difficult to find a job)?
- your loan is it scalable?
- your spouse (e) works he (she)?
- what percentage of your income, repayment of your loans is he?
Mortgage Costs
To avoid mortgage costs, some agencies may stand surety for you as the Housing Credit. Unlike mortgage fees, the agency pays you 80% of your costs at the end of the loan.
Ask your banker.
About ...
The origin of the word credit, as the Creed comes from the verb believe. If the Creed means belief in God, it means the credit that the bank loaned you money and thinks you are going to repay it.
