“Roger, you came at an older age to refinance your mortgage loan. We can no longer help you ”. Roger was told this when he inquired with his house banker about better conditions for his mortgage loan. He is 58 years old and a retired civil servant. “That’s impossible? Too old for a long-term mortgage loan. “
Roger and Anita want a revision of their mortgage loan
In 2010 Roger and Anita buy their home in Bruges. For this they take out a mortgage loan with their home banker.
With the current falling interest rates, Roger and Anita want to request a revision of their mortgage loan.
They encounter two problems. A revision of their mortgage loan cannot be offered at the conditions (interest rates) for new customers. Moreover, the bank does not want to respond to the request of Roger and Anita to spread the duration a little longer so that they get more financial breathing room. The couple have a few other loans and loans that are currently making things difficult.
Why not a long term for their mortgage loan
Many banks and lenders take into account the borrower’s age when taking out the mortgage loan as well as the maturity date of the mortgage loan.
The maturity date of the mortgage loan is the age at which your home loan is normally repaid.
At many banks or lenders, this age is between the ages of 60 and 65 when they reach maturity. Some banks or lenders go up to 70 years. Here at Good Finance we apply the 75-year rule. Then your mortgage loan must be fully repaid.
This means that Roger and Anita find their solution with us through a credit broker in their area. They can still get a mortgage with a long-term term. In their case this is 17 years.
Roger and Anita suddenly benefit from the opportunity to have their global financial situation examined by their credit intermediary in mortgage credit.
Unique opportunity to review global financial situation
At the same time, Roger and Anita raise the question of whether their credit broker wants to check to what extent they can implement a rescheduling of their current loans and running.
They pay $ 1,833 per month and this is actually quite heavy.
- Mortgage loan (purchase) – $ 783 per month
- Mortgage loan (works) – $ 242 per month
- Installment loan – $ 421 per month
- Installment loan – $ 263 per month
- Credit opening – $ 125 per month
Despite the nice pension of Roger amounting to $ 3,134, this is still a heavy monthly payment.
With their new mortgage loan, Roger and Anita will now only pay $ 1,266 per month and have a term of 17 years.
New mortgage loan of $ 189,000 over 17 years – 3.95% cf. rate card n ° 54 dd. 22/08/2016
Roger and Anita have started to make an appointment with a credit broker from their area. After a few conversations, they submitted a credit application and we were able to help them. We also want to do that for you. Send this form and we will put you in touch with a credit broker from your region.