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How many times it is possible to refinance the credit

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For the last few years the average market rate on consumer loans decreased from 30% to 17%, besides that rates on refinancing and that are lower – 10-12%. Because of reduction of percentage loading loaning up today at the peak of popularity. By means of refinancing service the borrowers can lower a total overpayment, make optimum payment and pick up a new credit period.

  That such refinancing  

Loaning up is a design of the new credit with the purpose to extinguish the previous loans on more advantageous conditions. Borrowers reduce a debt load, doing cancellation of debt by the most profitable to them.

It is allowed to refinance different types of the credits:

  • consumer (target, cash);
  • the spent limit on the credit card;
  • car loans;
  • mortgage;
  • debt on an overdraft, etc.

Most banks suggest to combine up to 5 operating credits in one. Thanks to it the client repays the debt in one day, reduces additional expenses of the commission for introduction of payment and receives advantage due to interest rate reduction.

Algorithm of refinancing of the credit

In each financial organization the procedure of design of the new contract is individual, but in general the operations procedure is similar:

  1. Choice of bank and application.

At this stage it is necessary to analyze banking sentences, to count on online calculators a difference with present and future loan. It is necessary to compare the credits on a total overpayment for an identical period.

  1. Document transfer in bank and waiting of the decision.

the Creditor checks the borrower for compliance to the established requirements for 1-3 days.

  1. Agreement signature.
  2. Closing of credit scores in other banks.
  3. Removal of overloading from mortgage property or on the contrary its superimposing if the new loan was made out on the security of the car or the real estate.

 of the Requirement to refinancing design 

to refinance the available credits it is necessary to conform to requirements of bank to borrowers and to the current agreement and also to provide the minimum document package.

Standard requirements to prospective clients:

  • age frames of 21-65 years;
  • registration for the territories of presence of bank;
  • existence of the stationary phone number (working or house);
  • the current length of service of 6 months;
  • positive credit history.

the Basic document list which can be added depending on a policy of the new creditor:

  • passport;
  • the document which is directly/indirectly confirming income level (help 2NDFL/international passport, driver's licenses);
  • the contract on the refinanced credit;
  • helps about absence of delays and the receipts confirming the regular payment of monthly contributions.

Last, but at least important criterion – compliance to requirements to the allotted credit:

  1. Duration of the agreement at least 3 months, is more rare than 6 months.
  2. Before the termination of period of a loan there were more than 3 months.
  3. Timely cancellation of debt with delays lasting no more than one month.
  4. Absence of arrears at the time of application.

  How many times it is possible to refinance the credit and for what amount  

the Software to rules of banking programs can renew any credits if they conform to requirements of the creditor. As the average market interest rate continues to decrease, repeated refinancing makes a sense. The number of holding this procedure is not restricted.

Proceeding from standard requirements to current agreements, loaning up can be done time in half a year to correspond to rules about the minimum quantity of the made payments. For banks important as the borrower repaid the previous debts and as pays the current credit. Therefore credit history shall be without big delays, at most up to 30 days.

the Amount of refinancing depends on programs of the creditor. There can be two options:

  1. the Size of a new loan is equal to the debt rest.
  2. at the request of the client the credit exceeds the amount which is necessary for closing of primary contract. Balance is transferred to the borrower into the special account or a card.

It is recommended not to take spare cash from new creditors. If the procedure of loaning up is repeatedly carried out, it is so possible to increase considerably loan amount and to get to financial servitude.

  of the Condition of loaning up of banking contracts  

Credit programs differ in key parameters – the amount, period and a rate and also additional – quantity of the refinanced credits, existence of compulsory insurance, mortgage support, documentary proof of income, etc.

the Minimum rates are specified taking into account providing documents on income – the original of the 2-PIT statement and/or the copy of the service record. Design of the credit without these documents is possible, but then the rate will increase by 2-3 points.

the TOP of 10 banks with the lowest interest for loaning up.


Bank

Rate

Amount

Period

Insurance

Urals FD

from 9.75%

up to 20 million rubles

up to 20 years

yes

Promsvyazbank

from 10.9%

up to 3 million rubles

up to 7 years

yes

Rosselkhozbank

from 11.5%

up to 3 million rubles

up to 3 years

yes

Unicreditbank

from 11.9%

up to 1 million rubles

up to 7 years

yes

Alfa-Bank

from 11.99%

up to 3 million rubles

up to 5 years

no

VTB

from 12.5%

up to 5 million rubles

up to 5 years

yes

Zenit Bank

from 12.5%

up to 3 million rubles

up to 7 years

yes

Citibank

from 12.9%

up to 1 million rubles

up to 5 years

no

UBRR

from 13%

up to 1 million rubles

up to 7 years

no

Rosbank

from 13.5%

up to 3 million rubles

up to 5 years

no


to Measure by eye feasibility of refinancing will not turn out. The difference in 2% can be unprofitable in case of loaning up of a loan cash, but a mortgage, essential in case of renewal. To have an opportunity to refinance the credits several times, it is necessary to track credit history and requirements of banks to old contracts carefully.

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