Month: February 2020

Where to get a credit for a boat.

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To sail towards new horizons, to set sail and weigh anchor, the boat continues to make many “earthlings” dream. From dream to reality, there is sometimes only one step to take: that of boat credit .

Which boat to choose?

Which boat to choose?

From the catamaran to the open cruiser, from the fishing boat to the yacht, from the cruiser to the sailboat, today there is a very great diversity of boats. In this maritime universe, several criteria make it possible to orient oneself towards the right boat:

  • use / activity: freshwater fishing boats are not designed for comfortable cruising, and vice versa. The use of the boat provides a first indication of the type of boat to choose;
  • dimensions: unless you are wealthy, it seems pointless to acquire a yacht over 100 feet for a romantic ride for two on the water. According to the same logic, it will be difficult to embark the whole family in a small jet boat;
  • the budget: it includes the purchase of the boat, new or second-hand, but also the operating costs (equipment, insurance, security, etc.).

What credit for a boat?

What credit for a boat?

The boat loan allows the purchase of a boat in a traditional way with a sum borrowed at a credit rate fixed in advance, which differs according to the amount of the boat loan and the number of monthly payments. Most credit organizations are inclined to offer, under certain conditions, boat loans of up to $ 100,000 over 84 months, or even more in certain cases.

The boat loan can be a personal loan, or a vehicle loan used only for the purchase of a boat, or even a mortgage if the boat is to become a home! It should be noted that for several years, the boat has lent itself like the automobile to the game of LOA (Rental with option to buy). Credit conditions will differ from case to case; for example, you can check the vehicle credit rates for more information on what you can expect when you choose an assigned boat loan.

What price for a boat?

What price for a boat?

The type of boat and its dimensions obviously depends on the price of a boat. The range in this area is extremely wide, ranging from less than $ 60,000 for a small used sailboat to several hundred thousand USD for high-end boats.

Change home loan insurance.

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When taking out your mortgage, you purchased mortgage loan insurance. This, proposed by your bank, guarantees the repayment by the mortgage loan insurance of the monthly payments of the credit due to death, invalidity, incapacity for work or loss of a job . This is group insurance, the principle of which is to pool risks between all policyholders.

However, if the cost of your home loan insurance seems too high, you can use an insurance delegation to take out individual insurance. Individual insurance must, however, provide at least the same guarantees as to the group contract of the bank.

Home loan: can you take out individual insurance?

Home loan: can you take out individual insurance?

The answer is yes. Since September 1, 2010, the entry into force of the law, you can choose a mortgage loan insurance different from that offered by your bank. The Law (2014) goes further by allowing borrowers who are already insured to change insurance during the first year of subscription. And the Bourquin amendment marks a new stage by allowing you to change mortgage insurance on each anniversary date of the contract. You are therefore free to choose borrower insurance different from that offered by the bank.

You then have the choice between group insurance offered by your bank and individual insurance issued by another establishment.

Why change home loan insurance?

Why change home loan insurance?

Because changing borrower insurance can save you money: you can compare mortgage loan insurance offers based on the guarantees and prices advertised. Depending on your profile (profession, age, etc.), individual insurance can be more advantageous than group insurance. This is generally calculated on the amount remaining due and changes with the repayment of the loan. In other words, the more you pay off the loan, the lower the monthly insurance payments.

So, even if you have already taken out a borrower insurance contract with your bank, you can delegate mortgage loan insurance. By doing so, you benefit from individual insurance at an advantageous rate (subject to the equivalence of guarantees offered by the bank).

NB: Be careful, the total cost of insurance and the rate are not the only elements to compare when you decide to make a change in borrower insurance in 2020. Group insurance is sometimes more attractive depending on the profiles and the levels of guarantee provided by the bank.

Change borrower insurance?

Change borrower insurance?

Change home loan insurance before 1 year

The Hamon law allows you to change home loan insurance in the first year of your subscription. The law already made it possible to choose personal borrower insurance, other than group insurance for your bank: this is the delegation of mortgage loan insurance. The Hamon law goes further and allows you to terminate your borrower insurance in the first year of your subscription and opt for insurance at a favorable rate. You have 12 months to change insurance.

Important: remember, your new loan insurance must offer at least the same guarantees as to your current home loan insurance.

The Hamon law, therefore, allows you to make savings on your loan insurance or find the borrower insurance most suited to your profile and your needs with the best insurance rate.

Change home loan insurance after 1 year

After this period of 1 year, you can change borrower insurance with the 2 law: indeed, the amendment authorizes you to change loan insurance on the anniversary of your contract. You can, therefore, change borrower insurance after one year, but also change mortgage insurance after 2 years whenever you want!

The conditions for changing borrower insurance with the amendment are the same as for the Lagarde law and the Hamon law: your future borrower insurance must offer guarantees at least equivalent to your current loan insurance. Of course, you can also opt for extended coverage by choosing borrower insurance that offers guarantees superior to yours.

Change home loan insurance after credit renegotiation

Change home loan insurance after credit renegotiation

The mortgage loan renegotiation takes place with your bank: it then offers you better conditions for your current mortgage: for example a better mortgage rate. Your bank makes an amendment to your mortgage loan contract: there is no new contract, but the contract initially signed which continues with a new rate.

Changing borrower insurance is then interesting after a renegotiation of mortgage: it allows you to make even more savings on the total cost of your loan. Whether you have purchased group insurance or individual mortgage insurance, the process will be the same: to change borrower insurance following a renegotiation of mortgage, you will have to respect the principles of the Law if you have purchased your borrower insurance less than a year ago or meet the deadlines set out under law (therefore on each anniversary date of the contract) if you signed your mortgage loan insurance contract there is more than one year.

Change home loan insurance after a loan buyout

If you buy back credit, you will also have to change your mortgage insurance: in fact, you should not confuse buying credit and renegotiating a home loan. With the loan repurchase, a new bank redeems your mortgage by making a prepayment. You get a new contract, with its new borrower insurance, perhaps group insurance from your new bank.

So how do you change home loan insurance after buying a home loan? You can do this in three ways: by refusing group insurance with the law which allows the delegation of insurance, or within 12 months from the subscription to your new borrower insurance under the Hamon law, or still on each anniversary date of the mortgage loan insurance contract as part of the Bourquin amendment.

Compare home loan insurance with a loan insurance broker

Have you decided to change your home loan insurance in 2020? As a reminder, Pangloss can assist you by comparing for you the best rates in individual insurance thanks to our mortgage loan insurance comparator. Once the form is completed, our mortgage loan insurance brokers will contact you within 48 hours to offer you mortgage loan insurance tailored to your project and offer the same guarantees as to your current contract.

Loan insurance: which contract for a rental investment?

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Building wealth on credit is the great advantage of rental investment through mortgage loans. An attractive long-term perspective that pushes many individuals to take the plunge each year. But not all investments are created equal, and if profitability depends on the attractiveness of the property and its valuation for resale, it is also impacted by the cost of loan insurance.

Investing in real estate on credit, a great opportunity

Investing in real estate on credit, a great opportunity

Financial investment or real estate investment? This is the dilemma faced by individuals who want to grow their savings and diversify their income. Both involve their risks, but the second has serious assets to tip the scales in its favor. Investing in real estate can indeed be done on credit, by taking out a loan whose monthly payments will be reimbursed in whole or in part by the rents collected.

In addition, systems such as the Pinel law, the Denormandie law or the Censi-Bouvard amendment make it possible to benefit from tax deductions spread over several years before realizing a gain on resale by taking advantage of the increase in value goods in major cities (+ 60% in Lyon in ten years). Not to mention the current low rates (1.29% on average) which make credit financing very attractive.

Group insurance or delegation of insurance?

Group insurance or delegation of insurance?

As with a traditional property purchase, an investor who takes out a loan must insure it. Since 2010, it has been possible to call on the insurance delegation to bring competition into borrower insurance: it is no longer compulsory to take out insurance with the lending institution.

Within the framework of this group contract, the risks are pooled, and the guarantees as well as the premiums are uniform. This is less advantageous in many cases than insurance delegation, which allows competition to play to the full in order to obtain personalized proposals, adapted to each particular case.

How delegation of insurance improves profitability

How delegation of insurance improves profitability

The quality of an investment is judged by its rate of return, depending in particular on rents but also on the cost of investment, which ranks as borrower insurance. Using the insurance delegation makes it possible to obtain a very precise study of the investor’s situation, and therefore an adapted proposal, at the fairest mortgage loan insurance rate.

In the case, for example, of a 45-year-old couple making an investment under the Pinel regime with a mortgage up to $ 120,000, it will be possible to save several tens of euros per month thanks to the insurance delegation compared to a proposal in group loan insurance contract issued by the lending institution. An economy far from negligible over the duration of the operation especially as a real estate investment is made over the long term, it is possible to take full advantage of the decreasing monthly payments.