Credit renegotiation can help you analyze your financial situation, understand where and how you can save, and ultimately gain more monthly time off. Find out the best arguments you can give the bank to renegotiate credit terms.
Study your financial situation very well
Do all the necessary accounts to understand how your financial health really is. A very important calculation is the effort rate – try to figure out what your current value is and what is optimal. In addition, you should also analyze your expenses and try to figure out where you can save. From this information, you will be able to understand how much your mortgage loan installment should go down, ie you already know for sure what you want to negotiate with the bank.
Use your effort rate as an argument
Your effort rate may be your biggest asset during the negotiation, as all the institution does not want that it no longer has the ability to meet its monthly obligations. To avoid this, institutions are often receptive to the renegotiation of mortgage loans. The effort rate value should always be between 30% and 45%, if your effort rate value exceeds this range, this will be a big argument in your favor.
Consolidate your credits
An excellent option to get more monthly slack is even through credit consolidation. This way you can be able to reduce your credit burdens by up to 60%, which will make a big difference to your monthly budget. In addition, credit consolidation will also make it easier for you to manage your finances, as instead of having several installments to pay in a scattered way, you only have to worry about one amount.
Ask for a deadline extension
This is probably the most obvious solution in credit renegotiation. To make it easier to pay, you can ask for a longer payment term, ie ask for more time to settle your debt to the bank. If the bank agrees to extend its loan without much higher interest payments, this solution can be very advantageous.
Negotiate Your Credit Spread
Did you get a home loan before 2014? So your credit spread is likely to be much higher than the current spreads. Given this, it is now a little easier to be able to renegotiate the mortgage lending spread and achieve significant savings.
Request a grace period
Asking for a grace period may be a good option to quickly ease the burden of your home loan. If the bank accepts your request, you will only have to pay the monthly interest amount during the grace period and you will not need to repay the principal. Thus, during this period you can accumulate some savings and then repay the principal.
Get expert follow-up
Although we have already given you some fundamental arguments for successful credit renegotiation, the truth is that there is nothing better than delegating the task to a financial expert. Ideally, you should then look for a trusted intermediary to properly expose to the bank what characteristics you would like to change in your credit. After the order is placed, you should find the best solution for you. It is important that you carefully review all proposals that are made for you and that you have all your questions with the professional at your side.
As you can see, renegotiating credit is a complicated task, but it can be done and achieve good results. However, it is important to understand the proposed conditions for renegotiation and to choose the best option for your specific situation. At ANCO Credit we have specialists ready to follow you throughout the process and to offer you the best solutions.