How and when to change home loan insurance?

How to change home loan insurance?

How to change home loan insurance?

Once the new insurer has been chosen, the borrower must present his new estimate along with the general conditions to his bank , in order to obtain his agreement. If accepted by the bank, it will only have to sign a release certificate, thereby terminating the current contract.

Changing home loan insurance has now become possible

Be careful to manage your timing well so as not to find yourself without insurance between the end of your contract and the coverage of your new insurer. We recommend that you allow approximately 3 months to perform all of these operations , especially if your file is complex (health problems requiring additional medical exams, for example). In fact, if your profile presents a particular risk such as health problems, profession or the practice of a high risk sport, the study of your file can be longer.

When to change home loan insurance?

When to change home loan insurance?

Anticipate at best! Once you have decided to change insurance, contact your bank to inform them of your intentions and ask them for all the documents of your current insurance contract (standardized information sheet and general conditions).

In summary: Since 2010, there has been real freedom to choose mortgage loan insurance for borrowers . The insurance offered by the bank granting you the credit may not be the most advantageous for you. It is therefore essential to find out about the different types of insurance that exist on the market, compare them and choose the one that suits you best.

Do not hesitate to change your insurance during the loan and to inform your bank. Obviously, the latter must give its consent, but cannot refuse this request if the guarantees offered by the other insurance are either equivalent or superior .

TO REMEMBER !

  1. Possibility to choose your home loan insurance
  2. Best manage the change of insurance so as not to find yourself without insurance
  3. Changing Your Insurance Can Save You Money

The deferred partial loan

This is the same principle as the total loan deferral except that in addition to the reimbursement of costs related to loan insurance, interest. Consequently, the capital remaining due is not modified at the end of this deferral. We are no longer talking about negative depreciation.

The essntial loan

The essntial loan

Although the deferral of partial loan can be extremely practical or even essential in certain financial arrangements (during a bridging loan or acquisition in VEFA for example), the cost of such an arrangement is not negligible.

In the case of total deferral, you are required to pay interest on interest. It is therefore the most flexible solution, but also the most expensive. In the case of a partial deferral, the cost is characterized by the amount of interim interest. Lite Lender, real estate loan and loan insurance broker in Paris, can advise you in order to define the most effective solution for your project.

Before making the choice of a deferred loan, appreciate the cost of such an arrangement.

How do you know if you really need a deferred partial loan?

How do you know if you really need a deferred partial loan?

By contacting this brokerage firm in Paris, in addition to quality service, you will get the best financing offer on the market. Your financial advisor will take care of your file from start to finish and will be able to reassure you throughout this process.

To do this, your Firm undertakes to put all of the French partner banks in competition and to make you benefit from its business volumes to negotiate the most competitive rate on the market with regard to your profile. Beyond the rate, the Cabinet also negotiates all the other parameters of your mortgage.

Today, all of the customers who have used the Lite Lender service have recommended their entourage! And this for the following main reasons:

  • Premises ideally located in the heart of Paris, close to many metro lines;
  • Unique experts who will stay by your side until the success of your real estate projects ;
  • Advisers who will reassure you during your moments of doubt;
  • Rigorous, efficient and rapid monitoring.

What is important is to take the time to choose your real estate broker carefully and not to embark on this process, alone, not surrounded by a professional. This will waste your time, money and energy. Everything you will need for the rest of your project!

TO REMEMBER !

  1. As part of a partial deferral, you only repay the interest and loan insurance to the bank each month
  2. The cost of a partial deferral is not negligible, remember to know it
  3. Always use a mortgage broker to lower your costs