farrislawfirm.com http://farrislawfirm.com/ Just another WordPress site Tue, 25 Feb 2020 16:10:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.5.1 Counting on loans – How to calculate the monthly cost http://farrislawfirm.com/counting-on-loans-how-to-calculate-the-monthly-cost/ Tue, 25 Feb 2020 16:10:03 +0000 http://www.farrislawfirm.com/counting-on-loans-how-to-calculate-the-monthly-cost/

It is always good to know how you calculate the interest cost and how much you need to repay on the mortgage every month. If you are not an economist it may sound tricky, but it is much simpler than you can actually imagine.

Monthly cost and total cost

Monthly cost and total cost

The monthly cost of a loan consists of the total amount when adding interest, amortization and any fees together.

The total cost of the loan is the sum of all monthly expenses.

How do you calculate the interest cost?

The easiest way to calculate how much your interest cost will be is to use a simple formula:

Loan amount x interest rate = interest expense.

For example, if you want to borrow $ 10,000 and the interest rate is 7% per year, the result will be the formula above:

  • 10,000 x 0.07 = 700.
  • Your interest cost will thus be $ 700 per year.

How do you calculate interest per month?

If you want to know what your interest cost will be per month, divide the annual interest cost by 12 (the number of months in a year). According to the example above, the interest cost per month is 700/12 = 58.33. You must therefore pay $ 58.33 per month in interest.

However, the formula and example above do not take into account that you are repaying the loan. When you repay your debt, you don’t pay as much in interest each month.

Straight amortization or annuity loans

Straight amortization or annuity loans

There are two common ways to set up the loan – annuity loans or loans with straight amortization. Whether you choose straight amortization or annuity determines how you repay the loan.

With straight amortization, your amortization is constant every month. This means that you can divide your debt by your repayment period. E.g. For a loan of 100,000 $ – laid down on a 5 year repayment period, the repayment will be 100000/60 = $ 1667 / month.

In the case of annuity loans, your amortization is increasing every month. This means that you initially pay a relatively low repayment, and then become higher during the loan repayment period. To calculate amortization on annuity loans a complex formula is required, therefore we recommend our loan calculation for this.

payback

payback

Of course, how long the repayment period you choose on a loan affects how much you have to pay each month in interest and amortization. A long repayment period results in lower monthly costs. There is also something called an amortization-free loan. Many at the same time wonder what amortization-free means. The simple explanation is that there is no compulsion to repay, but that the loan must at some point be repaid. In theory, these loans can be left alive.

Pay off loans early

Even if you have a repayment plan that tells you to pay off your loan at a certain time, you are always entitled to repay the loan in advance. If you have taken out a loan with a variable interest rate, which is the most common when it comes to private loans, free amortization rights apply, so you do not have to pay any interest payment compensation. Interest rate compensation, often abbreviated as RSE, is always added to the settlement of private loans with a fixed interest rate or a fixed mortgage.

Calculate the amortization requirements

Calculate the amortization requirements

On June 1, 2016, the amortization requirement was introduced in Sweden. The idea is to counteract the increasing indebtedness of households. It works so that borrowers who take out mortgages and borrow more than 50% of the value of the home must repay the loan. If the loan is more than 70% of the value of the property, you must repay at least 2% per annum. For loans that are 50-70% of the value of the home, 1% is to be repaid annually.

Formula for amortization requirements

Formula for amortization requirements

To find out how much you least need to repay per month, you can use the following formula. Keep in mind that this is the minimum rate of amortization that applies. Your bank may place more stringent requirements on repayment.

To get what you need to pay off per month, you divide the minimum payout per year by 12:

  • Loans in excess of 70% of the value of the home.
  • Loan amount x 0.02 = minimum repayment per year.
  • Loans of 50-70% of the value of the home.
  • Loan amount x 0.01 = minimum amortization per year.

Example

For example, if you have a mortgage loan of $ 2,000,000 on a condominium that is worth $ 2,500,000, you have borrowed 80% of the value of the home. Since you have loans in excess of 70% of the value, you must repay at least $ 40,000 per year, or $ 3,333 per month. This applies until you have either repaid until the loan corresponds to less than 70% of the value of the home, or if your home has increased in value and you require a revaluation.

Borrow money with Astro Finance

Borrow money with Astro Finance

When you take out a mortgage, it is always smart to compare what you can get for interest rates and terms at the various banks. You should also do this if you are going to take out a private loan. All banks specialize in different types of customers. It is therefore not possible to say that one bank is better than another when it comes to loans. Therefore, it is important to compare different loan offers to find which bank suits you best!

If you as a private individual go to several different banks to compare the terms, they each take credit information on you. This affects your credit rating and can impair your ability to get a really low interest rate. If you choose to compare with Astro Finance, only one credit report is made. The service is completely free of charge and you do not commit to anything when you make a comparison. Instead, Astro Finance gets paid directly by the bank or lender when we help them get a new satisfied customer.

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Serious loans despite Credit bureau and unemployment. http://farrislawfirm.com/serious-loans-despite-credit-bureau-and-unemployment/ Tue, 11 Feb 2020 16:09:34 +0000 http://www.farrislawfirm.com/serious-loans-despite-credit-bureau-and-unemployment/

Many people try to find a way out of the credit crunch to find serious loans despite Credit bureau and unemployment. Of course there are such credit options as risk loans. How serious the possible loan offers are is often a reflection of the seriousness of the borrower.

Serious loans despite Credit bureau and unemployment – the possibilities

Serious loans despite Credit bureau and unemployment - the possibilities

Serious loans despite Credit bureau and unemployment can not be found at any commercial bank. Special providers from Germany and abroad are the contact persons for this loan option. Credit intermediaries provide assistance in finding providers. In addition to contacting the special providers, they usually carry out the preparatory work that is not possible from abroad. The direct route to Swiss credit without the intermediary service is therefore rarely an option.

The loan without Credit bureau is mainly offered as a foreign loan, since other options promise little chance of success. Domestic credit institutions are rigidly committed to reporting every loan granted to Credit bureau. Take a look at the Credit bureau excerpt for lending. If there is a negative entry there, loans are practically excluded. The business policies of German credit institutions differ only occasionally.

Seriousness is not a one-way street

Seriousness is not a one-way street

To be successful in the lending business is a constant balancing act between serious lending business and gambling for all providers. The belief in the seriousness of almost all credit institutions is badly damaged. Just pointing your finger at bad credit terms and usury interest is only half the story. Behind the bad loans that almost led to the collapse of the USD zone are not just bankers with a gambler mentality.

The system collapsed as borrowers made unreliable repayment promises. It was the desire of the borrowers to go after dubious credit check procedures that triggered this debt avalanche. The American bankers were just so “smart” money-hungry Agree banks in the maelstrom of bad loans. We all pay the price for this through wage dumping, poor job market opportunities and rising public debt.

Seriousness is not a one-way street. Anyone who expects serious loans in spite of Credit bureau and unemployment must offer serious loan collateral and repayment requirements.

Requirements for serious lending

Requirements for serious lending

Anyone who has ever had a negative impact on Credit bureau is considered by many credit institutions in Germany to be untrustworthy. This assessment is exaggerated. It would be dubious to expect a new loan without having made sure that the table was clear. Serious credit providers for foreign loans can only be found if the negative Credit bureau entry is at least marked “done”. If you have not paid your debts, you will only get a windy overpriced offer.

In addition, credit guarantees must be provided for serious loans despite Credit bureau and unemployment. Property security, the paid car, for example, or old-age provision are possible. Long-term paid-up life insurance and a solvent guarantor are perfect.

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The credit discussion – take advantage of personal advice http://farrislawfirm.com/the-credit-discussion-take-advantage-of-personal-advice/ Fri, 24 Jan 2020 15:38:45 +0000 http://www.farrislawfirm.com/the-credit-discussion-take-advantage-of-personal-advice/

Whether property, house and apartment or renovation of a property: Each of these financing is usually a life’s work. Competent advice should not be missing here. In a personal conversation with bank advisors and real estate experts, you can go into detail about your situation and have the financing that is right for you.

Banks, savings banks and credit intermediaries in Austria now support their customers in a variety of ways in all matters relating to residential finance. Sure, on the one hand, this is their business. But you also have a keen interest in risk-free and successful lending. Because it is not uncommon for prospective property buyers and home builders to misjudge the long way to their own home, especially when it comes to financing it. After all, we are generally not all experts in building loans and real estate financing.

Experts conduct thousands of counseling interviews every day, enabling countless Austrians to fulfill their very personal living dreams. You should also benefit from this expertise of the experts and arrange a detailed financing discussion. You no longer have to go to a bank branch in person to do this. Personal financing advice is also different today: conveniently by phone, in online chat or by video conference.

 

What advantages can you expect from the loan discussion in detail?

Flexible appointment arrangements if necessary

credit loans

Construction finance is meanwhile often compared via the Internet and also concluded. But when questions arise, good advice is often expensive. So make an appointment on-site, by phone or online when you really need it.

 

Quick and secure credit approval or rejection

Online approval, including a credit check on a building loan, is usually quick today. Sometimes, however, loan applications are also rejected just as quickly. In the consultation, you can find out about possible reasons for the decision here and explore arrangements or alternatives together with the credit expert.

 

Independent objective property evaluation

credit loans

Which loan amount is really possible due to the desired building object? Answering this question yourself is usually not easy. Real estate experts will help you evaluate your dream property – after all, alongside your personal credit rating, this is the most important security for financing. Once underestimated, this can have serious consequences for years.

 

Competent interest rate advice and comparison

In the end, the key factor in any real estate financing is, of course, the interest rate. Explored as an annual percentage rate, this also includes all possible fees, costs and expenses. Nevertheless, you should get detailed information from the specialist over many years, especially in the case of large sums. What is currently better for me: variable or fixed interest? And are there interest caps or a maximum interest rate?

 

Flexible repayment of the loan

loan payment

Your building loan should not only offer the best interest rates and suitable installments. Individual repayment options are equally important. In addition to the monthly installment, how much can I make in annual repayments? What happens if I suddenly have to pause at my rate? Can I completely redeem the real estate loan if necessary? And what does it cost me? Personal advice from the bank or broker on the details of the repayment will help you quickly.

 

Many terms – explained step by step

Annuity loans, maturity loans, effective interest rates, mortgages, fixed interest rates, acquisition costs, equity, prepayment penalties and, and, and: And who finances a property has to deal with a number of complicated financial terms. Have this explained to you in person. Ask about what applies in individual cases and what this means for you and your credit.

 

Loan documents and personal support

Loan documents and personal support

After all, it is important to keep numerous documents, documents or applications ready, especially when it comes to construction financing. From the current loan application to housing subsidies – competent advisors provide you with a clear list of all the necessary documents and take the time to answer your questions, concerns and personal requests.

 

Conclusion for your bank meeting: Introduce your own topics and goals

What advantages can you expect from the loan discussion in detail?

A personal loan discussion can bring you many advantages – and not just when it comes to real estate financing. All questions and problems relating to financing can be answered here and you can get a loan for your home loan faster and better. But important: do not go blindly into such a consultation. Prepare well and set your own topics and goals in advance.

Because the credit expert, on the other hand, knows exactly which topics to address and what he wants to achieve. In practice, unfortunately, the friendly bank advisor often determines the topics in the order that suits him and controls the discussion and advice. No optimal negotiating position for the desired financing.

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Several offers of credit with negative Credit bureau. http://farrislawfirm.com/several-offers-of-credit-with-negative-credit-bureau/ Wed, 22 Jan 2020 15:51:06 +0000 http://www.farrislawfirm.com/several-offers-of-credit-with-negative-credit-bureau/

For some years now, consumers have seen significant changes in the credit market. The private borrower has been able to benefit from numerous cheap offers, especially since the Internet entered private households. Today, more and more banks are offering several loan products that differ from one another primarily in terms of their use.

Due to the numerous small online banks, the offer has increased significantly, which has the advantage of favorable conditions for the borrower. Due to the lower personnel costs and the absence of a branch system, the online banks on the Internet are able to offer loans at a significantly lower price, and last but not least, online lending also contributes to the quick and uncomplicated processing of credit transactions.

Those who want to find the individually cheapest loan today are not faced with an easy task due to the large range of borrowers, so borrowers should always use a loan comparison on the Internet. Only by specifically comparing several offers is it possible today to find the best individual offer.

Find credit with a negative Credit bureau with favorable conditions – this is what you have to pay attention to when comparing

Find credit with a negative Credit bureau with favorable conditions - this is what you have to pay attention to when comparing

If you have a negative Credit bureau, you should definitely use an offer that is offered without a Credit bureau information. Credit bureau-free loans are generally somewhat more interest-intensive than conventional credit products, which is why a comparison is particularly recommended here. Many borrowers perceive interest as the most important comparison criterion. Fundamentally, borrowers should be able to differentiate between target and effective interest rates.

In contrast to the borrowing rate, the effective interest rate includes all costs associated with lending. In addition, the borrower’s creditworthiness as well as the term and loan amount are taken into account in the effective interest rate. Since the Credit bureau information does not apply as an examining body for the credit check, the income plays a particularly high role with a credit with a negative Credit bureau.

Borrowers who regularly have a high income can therefore benefit from particularly low interest rates on a loan without Credit bureau. The term and the loan amount always pose a risk that is difficult to calculate for the bank, the longer the term and the higher the loan amount, the higher the risk of credit default for the bank.

Find the best negative Credit bureau loan by comparing it online

Find the best negative Credit bureau loan by comparing it online

Several offers can now be compared on the Internet on numerous financial portals. The comparison with a loan calculator makes it possible to compare any loan size such as term, loan amount, use, income and much more. integrate. By taking individual information into account, borrowers can benefit from the individually cheapest offer in the short, medium and long term and significantly reduce interest costs.

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Credit bureau-free loans for pensioners. http://farrislawfirm.com/credit-bureau-free-loans-for-pensioners/ Tue, 24 Dec 2019 16:08:38 +0000 http://www.farrislawfirm.com/credit-bureau-free-loans-for-pensioners/

For banks, seniors are often no longer the desired group of people when it comes to loans. Even with normal loans with Credit bureau information, pensioners often have bad cards, even if they are financially well off.

If senior citizens no longer receive credit from their house bank, for example because they generally do not grant loans to pensioners, they should make their way to a reputable credit broker.

Credit bureau-free loans for pensioners are commonplace these days. It is precisely because seniors usually find it difficult to get a loan through a bank, so good credit brokers have taken up this issue.

Loans without Credit bureau also for pensioners

Loans without Credit bureau also for pensioners

Loans without Credit bureau are not dubious, even if there are sometimes black sheep in the area of ​​Credit bureau-free loans. However, a potential borrower usually recognizes this quickly: If you calculate processing costs in advance before you have even brokered a loan, you are more likely not to broker a loan. But there are also numerous reputable credit intermediaries that do not incur any upfront costs, not even in the area of ​​non-Credit bureau-free loans for pensioners.

Compare credit intermediaries – and pay attention to loan amounts

Compare credit intermediaries - and pay attention to loan amounts

Every loan broker has different maximum loan amounts when it comes to Credit bureau-free loans. Where with the other only USD 3,000 is possible as a loan amount, the other person even includes USD 5,000 for a loan without Credit bureau.

Of course, this also applies to Credit bureau-free loans for pensioners. If there is a corresponding pension, this is of course sufficient to take out a loan that does not require Credit bureau information.

For senior citizens, a loan without Credit bureau could therefore be a suitable alternative to a bank loan, which could possibly be much more difficult. And not necessarily on better terms like the Credit bureau-free loan. There is also a simple reason for this: retirees are not necessarily the desired target group for banks.

Especially not in the area of ​​loans, which are often long-term repayment agreements. For senior citizens, who now literally stink of the bureaucracy of their house bank and that of other banks, there are Credit bureau-free loans for retirees that are definitely worth a look and, depending on your wishes, are worth taking out a loan.

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How mortgage credit is handled in case of divorce http://farrislawfirm.com/how-mortgage-credit-is-handled-in-case-of-divorce/ Sat, 21 Dec 2019 13:43:32 +0000 http://www.farrislawfirm.com/how-mortgage-credit-is-handled-in-case-of-divorce/

When a divorce takes place in a marriage that is greedy for good, the soil is to be distributed to the good earned in society, as well as the corresponding deed. In this article I will clarify how you handle the mortgage in case of divorce.

 

Types of Economic Regimes in Marriage

mortgage credit

The way in which a mortgage is handled in the event of divorce depends on the matrimonial rules implemented by the opposing couple. It is what myism determines and demarcates the economic and pecuniary interests that govern marriage.

In Peru there is only the matrimonial property:

  • Regiment of Societies of Gananciales, in which the good, income and deeds obtained during the marriage belong to the spouses in equal parts. There is also the utility that generates the goods acquired by the members before marriage.
  • Arrangement of the Separation of Assets, in which the good, income and debt obtained during marriage belong to the spouse who acquires it.

Unless otherwise specified contractually, marriages made in the Republic of Peru are by definition defective on the basis of the society of income.

 

How to manage mortgage credit in case of divorce

In the case of a separation of property regime, the culmination of the marital partnership does not affect the mortgage credit. Simply the corresponding spouse keeps his obligation to pay.

Right now, in the case of a greed society, where both the real estate and the respective debt belong to both Portuguese, if it affects the mortgage. And that culminating in the matrimonial society must liquidate the corresponding society of greed.

The options available in this case are:

  • Settle the housing, and use part of the capital obtained to cancel the debt, and divide the rest into equal parts.
  • Cancel the deuda by using it to earn the dividends of the earning society or the individual good. In this way it will keep the property shared over the immovable property that originated the credit.
  • One of you can opt for a purchase of debt, which will allow you to maintain mortgage credit individually, relieving you of responsibility on your behalf.

Particularly I recommend that in the event that one of the spouses has the ability to support a mortgage on their own, it helps a purchase of debt. Even, it is possible that this way I obtain better credit conditions than the original credit.

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