In 2008 Emiel and Sarah buy their house for 200,000 dollars. They have their own means to pay the notary fees and enter into a home loan for 100% quota.
The quota is the ratio between your credit amount and the value of your home. A 100% quota means that you borrow 100% of the purchase price.
In the case of Emiel and Sarah, this is therefore a mortgage loan of 200,000 dollars. They pay 1,073 dollars per month for this .
A few years later they renovate the house
They renovate their home in 2013. For this they take out an installment loan of 45,000 dollars. This costs them 595 dollars per month .
This renovation allows them to create a space that they can rent to their son’s firm. This has just started with an independent activity and can now rent cheaper. He pays 400 dollars in rent per month.
For both loans, they therefore pay a total of 1,668 dollars per month. Credit burden nevertheless weighs on.
The couple has a global income of 3,500 dollars . The credit burden nevertheless weighs on. Emiel and Sarah decide to consult a credit intermediary in mortgage credit to advise them.
Free and non-binding advice from a credit broker
Their credit broker points out the benefits of refinancing to them. By combining both credits and making one new home loan, they could save around 600 dollars a month . His advice is free and without obligation. He gives them time to think about it.
The couple opts for refinancing
The couple opts for a refinancing of their housing loan and an installment loan. Their credit broker does not hesitate and submits the file to Wolfdietrich on October 26, 2015.
48 hours later, he already has an approval for the new credit from our file manager. Emiel and Sarah will now pay 1,087 dollars per month .
Emiel and Sarah are also the long-term winners
If Emiel and Sarah did nothing, they would pay a total of 321,888 dollars for their housing loan and 71,439 dollars for their installment loan. In total, therefore, more than 393,000 dollars (repayment of capital and interest). With their new mortgage loan from Wolfdietrich of 226,500 dollars, they repay just under 326,000 dollars. This means a difference of 67,000 dollars .
Also present your situation to a credit intermediary in mortgage credit . See if you can also benefit from a refinancing of your home loan.