Easy online credit consolidation loan
On a real example, we want to show you how much you can save by online credit consolidating loans, or by combining multiple loans into one, cheaper.
We know that interest in consumer and other loans is much higher than on mortgages, so it is usually worth including them in a mortgage. Just as it paid off to these young husbands.
Clients needed to reduce their monthly payments because they had lower income due to parental leave. They had these loans in two banks, so in addition to repayments in one of them also paid a maintenance fee of USD 5.
What were their standard options?
In most banks, the spouses were able to receive an interest rate with a 5-year fixation of around 1.6%. With a loan of USD 99,600 (USD 83,000 / mortgage balance / + USD 16,400 / consumer credit balance / + USD 200 / rounded fee for early repayment of the consumer loan), the new installment would have USD 379 at maturity of 27 years.
For the first 5 years, they would pay in installments of 22,740 dollars and account for about 360 dollars. Together, their refinancing loan would cost over USD 23,100 for the first fixation period.
Our even more advantageous solution
For our clients, we found a bank that provided them with a refinancing mortgage with an interest of 1.29% and a repayment of 365 dollars. At the new bank it was not a condition to have an account, they submitted their original expert opinion for approval three years ago when they bought their property and the bank did not have a fee for providing a loan.
The only cost of the clients was a fee of USD 66 for the deposit of pledge contracts in the Land Register. For the first fixation period, ie in 5 years, our clients will pay about 22,000 dollars on a new mortgage. Compared to other offers of banks, clients will save at least USD 1,100 for the first 5 years in consolidating their loans.
Total savings after consolidation
The young couple thus has a monthly payment of only USD 365 compared to the original monthly cost of USD 591.
For the first fixation period, they will thus save USD 13,920 (USD 597 – USD 365) x 60 months, not to mention that they have significantly reduced interest on both loans and minimized other charges.
As you can see in this example, a lot of money can be saved with the successful consolidation of loans. If you want to save time and energy and maximize the amount saved, try contacting your mortgage center to help you find the optimal solution.