zabota.biz / My WordPress Blog Sat, 21 Mar 2020 14:53:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.6 Social mortgage loan: Social mortgage concept /social-mortgage-loan-social-mortgage-concept/ /social-mortgage-loan-social-mortgage-concept/#respond Sat, 21 Mar 2020 14:53:22 +0000 http://www.zabota.biz/social-mortgage-loan-social-mortgage-concept/ ( more... )]]>

You benefit from modest incomes and you have difficulties to obtain a traditional mortgage loan. Don’t panic, the “housing for all” social mortgage loan is made for you. Our lawyer explains the advantages of such a loan.

The social mortgage loan is a loan granted by the Good Lenders Credit to finance the construction or purchase of a first home in the Walloon Region, intended for the personal occupation of borrowers.

 

Conditions for granting

mortgage loans

As with any loan application, the lender will conduct a thorough credit check based on the information gathered in the credit application form. You will therefore have to show white legs, in particular by declining your identity (major) and by producing proof of your net monthly income.

If necessary, the lender will consult the Cream Bank for Individuals. The monthly repayment of the mortgage loan may not be greater than one third of the monthly net income of the borrowers.

Your annual income cannot exceed $ 53,000. It will also be necessary to excuse the title deed or the compromise of sale of your accommodation. The market value of the accommodation must be less than $ 204,000. An expert will be appointed for this purpose, if necessary.

The regulations apply to all buildings for residential use. The area of ​​premises for professional use may therefore not exceed 20% of the living area.

The duration of the credit ranges from 10 to 30 years, the mortgage credit having to be fully repaid at the age of 70. The applicable interest rate will be that corresponding to the scale of the corresponding income category. Rate reductions are possible in areas known as real estate pressure, housing to be revitalized or for the purchase of social housing.

Once the file is complete, it receives a registration number. The credit agreement must be signed within 100 days of the date of registration.

Mortgage loans are repayable in constant monthly installments. An act of assignment of debt must be made in favor of the lender.

The borrower will be required to insure the accommodation against fire and to take out outstanding balance insurance.

If the purpose of the loan is to finance renovation or other work, it must be carried out within two years of signing the contract.

If you wish to resell your accommodation, you will have to fully repay the amount of the credit. A re-employment allowance of 3 months of interest will be due on the capital repaid early.

 

Formalities

mortgage loan

All requests must be made to a social credit desk at the Good Lenders Credit.

The administrative costs are around 25 $. You must also count an amount of 260 $ for the expertise of the accommodation. These amounts will not be reimbursed to you if the loan request is refused.

In addition, a solidarity contribution for the benefit of the Walloon Region of 0.20% of the loan amount is to be expected. Any modification of the current loan also results in a payment of $ 150.

 

Remedies

credit loans

If the Good Lenders Credit refuses the loan requested, you have 30 days to exercise in writing a right of appeal to the Chairman of the Good Lenders Credit Board of Directors.

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Home loan repayment: what options in the event of a divorce? /home-loan-repayment-what-options-in-the-event-of-a-divorce/ /home-loan-repayment-what-options-in-the-event-of-a-divorce/#respond Wed, 18 Mar 2020 14:43:04 +0000 http://www.zabota.biz/home-loan-repayment-what-options-in-the-event-of-a-divorce/ ( more... )]]>

In life, there are projects that succeed and others that fail. It is quite common to see a married couple taking out a mortgage for home ownership, eventually getting divorced. In these cases, what options are available?

 

Solidarity clause concept

loan payment

Two married people who wish to take out a mortgage are all equally responsible for the repayment of this loan. The responsibility of each will then depend on the plan chosen by the couple.

If the latter has chosen the separation of property, each of the spouses will then have to repay the credit up to their contribution. But if the marriage was under the regime of the community reduced to acquests, the property acquired belongs to the two spouses. The repayment of the corresponding real estate loan then comes to both, in solidarity.

 

Option number 1: one of the spouses wishes to keep the property

Option number 1: one of the spouses wishes to keep the property

If the couple decides to divorce while a mortgage is in progress, and if one of the spouses wishes to keep the property, then he will have to buy the share of the other, in addition to taking over the remaining credit due to the bank.

Obviously, whoever buys another’s share will have to have the resources to do so. Besides, the bank will have to analyze its solvency, to establish if it can assure only the reimbursement remaining due.

 

Option number 2: none of the spouses wants to keep the property

home loan

In the event that the mortgage is still in progress but neither of the two spouses want to take back the property, then the sale will have to be made.

As soon as the sale is concluded, the notary will take care of settling the mortgage in progress and will return the rest of the amount obtained to the spouses. Again, the marriage regime will determine the share of each.

In the event of marriage under the reduced community regime, each will have 50% of the amount. In the event of a separation of property regime, the spouses will be paid according to their contribution in the acquisition of the property.

 

Option number 3: the spouses wish to divorce but remain co-owners

home loan

It may also happen that the newly divorced do not want to sell the property, and neither of them wants to buy the other’s share. As co-owners, they can then decide to continue living together or put the property up for rent.

In this case, the two parties must continue to reimburse the mortgage jointly and severally.

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Real estate loan and notary fees: how does it work? /real-estate-loan-and-notary-fees-how-does-it-work/ /real-estate-loan-and-notary-fees-how-does-it-work/#respond Sun, 08 Mar 2020 15:12:16 +0000 http://www.zabota.biz/real-estate-loan-and-notary-fees-how-does-it-work/ ( more... )]]>

 

Different costs are involved in setting up a mortgage, including notary fees for drafting the deed.

Fees in the mortgage

Fees in the mortgage

When a borrower requests a bank to obtain a home loan, he will have to settle several costs which will intervene as the financing is put in place. Part of these costs will be able to be included in the mortgage, others will be borne by the borrower. If the borrower requests a bank, he will have to assume administrative costs and even brokerage costs if he uses a mortgage broker. These costs are in fact linked to the administrative procedures and the time spent on processing the file, they will simply be included, not the amount of funding.

There will also be guarantee fees , either the bank will offer a bond through a surety company, or it will offer a mortgage guarantee requiring to go to the notary and entailing registration fees as well as notary fees. There will also be notary fees for the drafting of the deed , it is simply the official document which will attest to the ownership of the property for the purchaser. If the guarantee costs are going to be included in the amount of the mortgage, the notary fees linked to the drafting of the deed will generally be invoiced to the borrower.

Can we include notary fees in the mortgage?

Can we include notary fees in the mortgage?

There are two types of notary fees that can be clearly distinguished, there are first of all the fees for drafting the authentic instrument which are fixed by a national scale, the notary is required to apply the amount fees based on the scale. But the firm will also apply fees, linked to the processing of the file and it is essentially the remuneration of the notary. Overall, it is estimated that the amount of notary fees can reach at most 8% of the amount of the property, an amount that can be reduced in the context of a house construction (on average 3%), because the fees of notary will only concern the acquisition of the land and not the amount of the construction.

When the bank offers a home loan offer, it will take into account all the costs that may arise in connection with the implementation of financing. Notary fees will be part of these elements taken into account and the bank will be based on the national scale as well as the average of fees applied by notaries. This amount can be more or less variable depending on the notarial firm, it is for this reason that the bank offers to settle these costs via the personal contribution of the purchaser. If the latter does not have a personal contribution, the bank may offer a 110% mortgage, it is quite simply a mortgage contract providing for the acquisition amount and an additional 10% for the financing of costs, this allowing to cover everything and to avoid the borrower from paying for his personal finances notary fees.

Simulate a mortgage with all related costs

Simulate a mortgage with all related costs

It is strongly advised in the context of an acquisition project to simulate obtaining a home loan, which will make it possible to obtain a very precise estimate of the costs associated with the implementation of financing. This also allows you to be aware of the loan conditions currently offered by the banks, namely the rate, the duration, the type of guarantee or even the monthly payment. This simulation is offered free of charge and without obligation .

 

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Can we increase the amount of a loan in progress? /can-we-increase-the-amount-of-a-loan-in-progress/ /can-we-increase-the-amount-of-a-loan-in-progress/#respond Wed, 05 Feb 2020 15:32:32 +0000 http://www.zabota.biz/can-we-increase-the-amount-of-a-loan-in-progress/ ( more... )]]>

A loan, whether for consumer or real estate, can sometimes require a boost when its amount is found to be less than the project’s financing need. Since all credits cannot be extended, several solutions exist today to make up for this lack of funding.

Increase an existing loan

Increase an existing loan

When a loan is taken out, its amount is studied beforehand in order to correspond to the borrower’s need for financing for the realization of his project.

As a result, the borrower has the resources necessary for its successful completion, but the latter may sometimes encounter difficulties leading to a greater need for financing.

Consequently, the borrower will seek to supplement this financing by various means such as requesting an extension of credit from his bank. However, this extension is only eligible for certain types of so-called revolving credits (formerly called “revolving”) and does not allow the borrower to increase the amount of his loan as he would like.

Different ways to increase the amount of your credit

Different ways to increase the amount of your credit

If the extension of credit is not feasible, other solutions can be presented to the borrower to increase the amount of his credit.

Thus, the borrower can use additional credit to complete the financing of his project. This loan will be determined according to the financing need of the project but also according to the borrower’s debt, the latter should not be too large.

In fact, if the borrower’s indebtedness is too high, he will not be able to take out new credit and will find himself blocked in the realization of his project.

However, even if the borrower’s debt is high, the borrower can resort to credit consolidation.

This operation will allow the borrower to combine all of his debts (mortgage, construction loan, car loan, etc.) into a single loan with only one monthly payment. This monthly payment may be reduced in return for an extension of the duration, allowing the borrower to reduce his monthly charges.

More specifically, this operation will allow the borrower to reduce the amount of his monthly payments in exchange for a longer repayment. Also, the borrower can complete this operation with a financing request allowing him to increase his budget for the realization of his project.

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Can I conclude a credit agreement by phone, internet or sms? /can-i-conclude-a-credit-agreement-by-phone-internet-or-sms/ /can-i-conclude-a-credit-agreement-by-phone-internet-or-sms/#respond Thu, 30 Jan 2020 15:57:11 +0000 http://www.zabota.biz/can-i-conclude-a-credit-agreement-by-phone-internet-or-sms/ ( more... )]]> New technologies make it possible to trade online at all levels of consumption of goods and services. What about credit? I need a reserve of money, do I have to go to the lender’s offices or can I take out my credit remotely? Let us take stock of this very trendy contractual transaction. See jmwanes.com

Distance credit agreement = traditional credit agreement

Distance credit agreement = traditional credit agreement

The law shows a certain flexibility and assimilates the distance contract relating to a financial service (in this case the granting of credit) to a traditional credit contract. The answer is therefore yes, you can easily choose to conclude a credit agreement by telephone, internet or text. However, in such a case, the lender will have to drastically respect its duties of investigation, information and advice to consumers.

Consumer information and advice to conclude a credit agreement

Consumer credit agreement

First of all, the lender will be required to inform you in good time, that is to say before the conclusion of the credit agreement, on four fundamental elements: the identity of the service provider, the characteristics of the credit offered, the content of the distance contract, the possibilities of appeal in the event of a dispute.

This communication must be done by any means adapted to the remote communication technique used (for example an e-mail). However, if for technical reasons, it is impossible to communicate this information before the conclusion of the contract, the law authorizes its transmission to the consumer immediately after the conclusion of the credit contract.

There is also a simplified information regime when you conclude a credit agreement by means of a voice communication system (for example, the telephone). This regime will apply subject to a formal agreement on your part.

This information document is intended to allow you to more easily compare different credit offers and thus compete, but also to make an informed decision.

You can also demand to obtain the draft of your credit contract before signing the contract, which will be done electronically if necessary.

Right to retract

credit loans

You have a period of at least 14 calendar days to withdraw from the distance contract relating to a financial service. This right is exercised without penalties and without giving any reason.

For the exercise of this right the deadline runs:

  • either from the day the distance contract is concluded;
  • either from the day on which the consumer receives the contractual conditions and the information mentioned above, if this last date is later than that of the conclusion of the contract.

The deadline is deemed to be respected if the notification, provided that it has been made in writing or on a durable medium that is at your disposal and to which you have access, has been sent before the expiration of the deadline of the 14-day deadline.

During the withdrawal period, the execution of the contract can only start after your express agreement.

Burden of proof

money loans

It is the responsibility of the lender to provide proof that it has satisfied the obligations relating to consumer information, compliance with deadlines, consumer consent to the conclusion of the contract and, where applicable, to its execution during the withdrawal period.

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Find out a home improvement loan /find-out-a-home-improvement-loan/ /find-out-a-home-improvement-loan/#respond Fri, 24 Jan 2020 15:14:58 +0000 http://www.zabota.biz/find-out-a-home-improvement-loan/ ( more... )]]>

 

Find out how to get a home loan and finance the work yourself, while enjoying the best rates.

Can you get a mortgage with work yourself?

Can you get a mortgage with work yourself?

Many people choose to buy old buildings or have them build their own, real estate acquisition projects that take time but also require custom financing, to meet different needs. . As part of a home loan, the banker will generally include a sum dedicated to the acquisition, it is simply the price of the house and the related costs (notary, administration fees, guarantee) but it will also provide an amount for the reserved works, that is to say the works necessary for the rehabilitation of the property. In the framework of work carried out oneself, that is to say without resorting to a professional, it is possible to finance the purchase of the materials because in a mortgage, it is essential to justify the sums wanted by documents supporting documents: estimate, purchase order, etc. If the work is carried out yourself, an estimate for the purchase of materials will be necessary to validate the amount of the loan.

Properly calculate the work done yourself

Properly calculate the work done yourself

When applying for a home loan, a study is carried out by a bank advisor to first ensure that the project is achievable. This study will be based on the amount of real estate to buy and the need for work, that is to say the amount needed to carry out the renovation and rehabilitation of the housing. It is important to correctly quantify this amount, that is to say to plan all expenses in advance because if the amount is changed during the study, the bank adviser will have to review all his calculations, which necessarily delays obtaining funding. It is therefore advisable to go around the house and quantify each item one by one, it is better to plan large rather than not planning enough, otherwise, it would be necessary to redo a work loan later, which is not always financially feasible. To overcome any eventuality, it is possible to be accompanied by a professional in the costing of the work in order to aim as accurately as possible in the purchase of materials. The bank adviser may inform the buyer of the debt limits and the terms of reimbursement offered. Note that this data is automatically calculated during the online simulation.

How to get your mortgage with the work?

How to get your mortgage with the work?

The best solution is to file a mortgage application online, specifying the amount of the loan and the estimated amount of work. This makes it possible to probe the credit establishments offering precisely real estate acquisition financing with works carried out by the inhabitants. The simulation thus makes it possible to receive several financing proposals and to be able to choose the best offer, including in terms of amount, duration and rate. It is a service offered free of charge and without obligation.

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Home loan with 30,000 dollars contribution /home-loan-with-30000-dollars-contribution/ /home-loan-with-30000-dollars-contribution/#respond Thu, 16 Jan 2020 15:56:19 +0000 http://www.zabota.biz/home-loan-with-30000-dollars-contribution/ ( more... )]]>

 

 

The contribution plays an important role in a home loan, either in terms of the amount borrowed, or in terms of interest saved. Here’s how to get a great rate.

30,000 dollars contribution for a real estate project

30,000 dollars contribution for a real estate project

When the borrower wishes to access the property, he must go through the stage of obtaining financing. You must therefore file a mortgage loan application with one or more banks and obtain validation from the latter so that you can then buy the property of your dreams. Simply, when a borrower applies for a home loan, the bank will systematically ask if the latter has a contribution to add to the financing. The contribution is simply the result of a sum saved for several years or the fruit of the resale of movable property (car, furniture, etc.) or else of an inherited sum. The door will simply allow you to cover part of the costs of setting up the financing.

The contribution can also have a second utility and not the least, this amount can be used to:

  • Buy a larger property by supplementing the amount of the mortgage
  • Reduce the cost of the mortgage by paying part of the interest to be reimbursed

The greater the contribution, the more banks will be inclined to offer advantageous repayment terms. In the context of a mortgage where the borrower has a contribution of 30,000 dollars, the latter can hope to obtain a very attractive rate from the banks. In this situation it is strongly recommended to carry out an online simulation to compare the proposals of the different financial institutions.

Which bank for a mortgage with a large contribution?

Which bank for a mortgage with a large contribution?

The average contribution advanced by the people in the context of a mortgage application is on average 10% of the amount borrowed . This means that for a purchase of a house worth $ 200,000, the average contribution will be $ 20,000. A borrower and therefore have a contribution of 30,000 dollars as part of his real estate project will therefore be considered a very interesting profile in terms of banks. The more the borrower will be able to get out of the borrower’s average profile, the more he will be able to negotiate very attractive conditions to reimburse him home loans.

Choosing a bank is not as simple since all financial institutions ask borrowers if a contribution will be paid. It is therefore necessary to probe the different banks offering mortgage loans on the housing finance market. The best solution is to use a comparison of financing proposals by opting for online mortgage simulation. This allows Firstly to obtain several different establishment proposals and above all to be able to compare the rate (APR) proposed in each credit offer. This is obviously not the only criterion to take into account, it is also necessary to compare the repayment conditions at the level of the guarantee that will be offered on the property (surety, mortgage), borrower insurance or even the duration of proposed refund.

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Lower rates this year: Focus on the cost of loan insurance /lower-rates-this-year-focus-on-the-cost-of-loan-insurance/ /lower-rates-this-year-focus-on-the-cost-of-loan-insurance/#respond Thu, 09 Jan 2020 15:39:06 +0000 http://www.zabota.biz/lower-rates-this-year-focus-on-the-cost-of-loan-insurance/ ( more... )]]>

 

Consequence of a fall in real estate rates in the long term: Loan insurance could now become more expensive than the credit taken out!

The dramatic fall in real estate interest rates in recent months is transforming the market and leading to new configurations: loan insurance is now more expensive than credit itself. Loan insurance rates have not increased, but its weight in the total cost of credit has never been greater.

Indeed, this vertiginous fall has the consequence of attracting the eye of consumers since mortgage loan insurance would now represent almost a third of the total cost of credit.

A configuration which is not new but which was until then rather exceptional. Today it is spreading. Evidenced by Dave Arsula, Co-director of the firm Lite Credit Finance:

“We are in a situation where loan insurance can become more expensive than the loan taken out in the bank!”, He explains to us, “This is why we increasingly wish to direct our clients towards the solution of an insurance delegation. Formerly considered tedious and complicated, we advise our clients to brokers specialized in loan insurance that will help them see only the savings! “

 

Compare costs

Compare costs

WithAssure takes the case of a couple in their forties who obtains a credit of 250,000 dollars over 20 years at an interest rate of 1.20% (prenium profile). In such a configuration the cost of credit amounts to just over 31,000 dollars. That of the insurance offered by the same bank at 36,000 dollars.
Files like this one are more and more current and allow the broker WithAssure to remind that for his loan insurance, the borrower can also go elsewhere than in the bank where he takes his credit. Estimates that it can divides the cost of insurance by 3 by favoring competition.

 

More flexibility thanks to the Baljob amendment

credit loans

The more so as the legislation goes in the direction of this change of vision. Since July 1, the anniversary date of signature of the loan offer has served as a reference for terminating credit insurance. Banks can no longer put off their customers today with a blur on this date.

However, if consumers start to turn to competition, the banks too may want to curb any attempt at change in order to stop the process. This is the reason why Senator Mario Baljob, creator of the amendment of the same name, wants to go further and punish banks that do not respect this possibility.

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