- - loan agreement;
- - application for refinancing;
- - extract from the bank on the balance of debt;
- - documents confirming the identity and income of the borrower.
- I want to reduce the term of the mortgage loan in Sberbank in 2018
Tip 2: How to change expensive credit for cheaper?
In order not to spoil your credit history and get out of a difficult position to repay a previous overdue loan, you can apply for a new cheaper loan.
Today, refinancing or refinancing is a common way of lowering the loan rate, increasing the time, reducing the amount of payments, changing the currency, as well as processing one loan instead of several.
There are banks offering consumer loans in cash or non-cash funds that can be used for their own purposes, for example, for a mortgage or car loan, including for repaying a previously taken loan from another bank.
But for refinancing a loan there are difficulties. It should be borne in mind that the selected bank to repay your debt will re-evaluate your solvency. Will require a package of documents. If you urgently needed funds and you took an instant loan, which required only a passport, then for a new loan you may also need a certificate of income and a guarantor. As well as a certificate of the amount of credit debt, taken in the bank where the loan was originally opened.
For refinancing a loan, the usual options are considered as for a conventional consumer loan. Work experience should be at least six months to a year at the last place of work.The required level of salary varies in a wide range on which the amount provided for the loan depends. Banks will take into account your marital status, the number of minor children, your credit history. Some financial institutions can provide refinancing without collateral, but most banks will still require guarantors or a pledge of property, such as a car.
Usually, banks consider your application for refinancing a loan from 2 to 5 days, while some others can already issue a loan in a few hours. The term of the loan to repay the debt is usually longer than the usual lending - from 5 to 7 years. It should be borne in mind that the longer the loan period, the greater the amount of overpayment.
It is necessary to know in advance the condition for the early repayment of a new loan, since some banks may charge penalties for this.
When the final loan transfer is completed, the client will pay a lower interest rate. It is considered profitable if the interest rate on a new loan is at least 2 percentage points lower than the previous one.
Thus, an important condition for obtaining funds for refinancing a loan is a good credit history, as well as the absence of late payments on a previous loan.
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