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Government Agency loan application, conditions and online simulation

Subsidized loans reserved for pensioners and civil servants

Subsidized loans reserved for pensioners and civil servants

Government Agency loans are interest-rate loans granted by Social Institute, through a special credit fund in favor of public employees and pensioners. They fall into two categories: small loans and multi-year loans. Conditions, interest rate and loan procedures of Government Agency application vary according to the type of financing and the profile of the applicant. But let’s get into the details.

The former are dedicated to employees and retirees who need liquidity to deal with daily family needs. Long-term loans, on the other hand, are granted only for specific purposes: the applicant must submit an Government Agency loan application for the purpose of purchasing a good or service admitted by the Government Agency Loan Regulations.

The maximum amount that can be financed in the case of small loans is equal to eight times the applicant’s monthly salary or pension allowance with repayment in 4 years. For multi-year loans, on the other hand, it also reaches 150 thousand USD. The latter provide for an amortization plan of 5 or 10 years, depending on the purpose of the loan (on which the maximum amount payable also depends). Those who request a small loan instead can opt for a repayment in 1, 2, 3 or 4 years.

Loan rates and request

Loan rates and request

The interest rate (Tan) applied to small Government Agency loans is fixed at 4.25%, for long-term loans it drops to 3.5%. In both cases the beneficiary must pay the administration costs, calculated with the application of a rate equal to 0.5% and the premium for the Social Institute Guarantee Fund. The latter is defined on the basis of the duration of the loan and the age of the applicant.

As regards the Government Agency loan application question, civil servants transmit the request through the Administration they belong to. Pensioners have several channels available. They can send the request through the patrons authorized by Social Institute, using the assistance of the Social Institute Contact Center, or with the online request service accessible via the inps.it site.

An online service for the simulation of Social Institute ex Government Agency loans is also available on the official website of the social security institution. The calculator does not require authentication with Pin Social Institute and indicates all the expenses applied to any financing.

What You Need to Know Before Refinancing Your VA Loan

What do You Need to Know Before Refinancing Your VA Loan? Your new interest rate should be at least 1 percentage point lower than your existing rate.

Offers current mortgage holders 

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Good Finance Investment Loan (GFIL) offers current mortgage holders a great opportunity to take advantage of low-interest rates. But before calling your lender, there are a few things you need to know.

New interest rate must be lower than your existing interest rate

The new interest rate must be lower than your existing interest rate. To become valuable, your new interest rate should be at least 1 percentage point lower than your existing rate.

  1. Conditions. In addition to lowering your interest rate, you may be able to change your loan term. For example, you may want to move from 30 years of credit to 15 years of credit. While this will save you a lot of interest over the life of the loan, the downside is that your monthly payment will be much higher than it was.
  2. Under GFIC, you cannot receive cash from refinancing. This means that if your existing mortgage is USD 90,000, you will not be able to borrow an additional USD 20,000 over the equity of your home for a remodeling project. There is, however, one small exception: you can add up to USD 6,000 for energy efficiency improvements.
  3. Certificate of Eligibility. You do not need to reapply for RES. The landlord will be able to obtain a receipt from the VA electronically.
  4. Credit assessments and controls. VA does not require credit assessment or verification. However, your lender may need one or both of these documents.
  1. If your current mortgage is an FHA or a conventional loan (in other words, it is not a VA loan), you will not be able to refinance through the GFIC program.
  2. Second mortgages. You cannot combine an existing mortgage with another mortgage under the GFIC program.
  3. Fees. You do not have to pay fees. All refinancing loans (fees, etc.) can be loaned.
  1. Contrary to popular belief, you do not need to refinance with the lender holding your existing mortgage. Any loan can provide you with a GFIC. However, it is always a good idea to check with your current lender. If you take your loan elsewhere, your current lender will lose all the gains they have made on your loan. They may be inclined to give you a better deal to keep your business.
  2. Shop around. We recommend checking with at least three lenders before you begin GFIC. Fees, conditions, and costs can vary greatly.
  3. Be careful. Unfortunately, some unscrupulous lenders prey on veterans. According to the VA, “Some lenders may say that the VA requires certain closing costs that will be charged and included in the loan. The only cost required by the VA is a financing fee of half of one percent of the loan amount that can be paid in cash or included in the loan. “

Lower their mortgage payments

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Refinancing is not the best solution for everyone. However, for homeowners looking to lower their mortgage payments, especially if their current interest rate is at least 1 percentage point above the rate, it may be an option worth considering.

Personal loan: How to find the best loan?

The personal loan is a consumer credit that allows you to finance certain events in your life. This loan is unrestricted, which means that you will not have to explain the reason for your loan. In this article, we will tell you all about the personal loan, how it works and how to get it.

What is a personal loan?

What is a personal loan?

The personal loan is a consumer credit that allows you to finance the design of your choice without having to explain it to your lender.

It is not intended to finance an overly large purchase such as a real estate purchase. Indeed, the personal loan is an unrestricted loan, which means that the organization which grants it to you is not required to ask you the reason for the loan.

So you can for example finance the following events:

  • Decorations ;
  • A world tour ;
  • A marriage ;
  • A travel.

Like every bank loan, it has its own characteristics or repayment terms.

This fixed interest rate credit is offered by all lending institutions, whether:

  • Banks ;
  • Online banks;
  • Credit organizations.

What is the amount of the personal loan?

What is the amount of the personal loan?

For several years now, consumer credit has been strictly regulated by law in order to limit any abuse.

The maximum amount of the personal loan was revised upwards with the Lagarde law in 2010. From now on, the borrower can contract a personal loan up to $ 75,000, compared to $ 21,500 previously.

In all cases, the amount of the personal loan cannot be less than $ 200.

In addition, the personal loan is also subject to constraints relating to the repayment period, which is between four months and seven years.

What are the personal loan rates?

What are the personal loan rates?

The personal loan is the type of consumer credit most used by the French.

Unlike many loans, personal loan rates are fixed and therefore cannot be revised.

The Annual Effective Annual Rate (APR) depends on the duration and the amount of the loan. The shorter the repayment period, the lower the interest rate. By paying larger monthly payments, the borrower therefore chooses a less expensive credit.

Here are the rates in effect in March 2020, for a credit of $ 15,000, over twelve months:

  Minimum APR Average APR Maximum APR
Personal loan 0.94% 1.10% 1.50%

 

These values ​​are far from being fixed because the loan rates are constantly revised upwards or downwards. Most of the time, the rates displayed do not include the administration fees or any insurance costs.

How to get a personal loan?

How to get a personal loan?

The personal loan is distributed by banks and most so-called specialized establishments. These establishments are regulated and controlled by the banking authorities and grouped into the FBF and the ASF.

To make a personal loan, you can contract it directly with the desired establishment or use the services of a broker to compare the rates in force.

A personal loan is a contract between a lending institution and a borrower, where the former undertakes to lend a defined sum of money and the latter undertakes to repay it.

The personal loan includes the following elements which must be mentioned in the contract:

  • The loan capital;
  • The APR (the annual effective annual rate);
  • The duration, amount and number of monthly payments;
  • Any guarantees and insurance;
  • The total cost of credit.

The personal loan is governed by the consumer code and provides the borrower with a right of withdrawal of fourteen calendar days.

How to repay your personal loan?

How to repay your personal loan?

The repayment period directly affects the amount you have to pay monthly.

If you want to settle your debt as quickly as possible, choose a short repayment period. Each monthly payment will be higher, but the interest rate is lower.

If your monthly budget does not allow you to repay a large amount, opt for a longer repayment period. The amount of your installments will be lower, but you will be in debt longer and the total cost of credit will be higher.

You can request to repay your personal loan via prepayment. The latter, completely legal and which cannot be refused by any bank, can be total or partial. The early repayment of your personal loan relieves you of interest and costs that corresponded to the remaining term of the loan.

How to redeem your personal loan?

How to redeem your personal loan?

Borrowers who hold multiple credits outstanding at different institutions or organizations often experience financial difficulties.

The repurchase of credit is a practice which consists in merging different credits in progress to form only one. Thus, the borrower is left with a single monthly payment, at a single rate, with a stable and fixed repayment duration.

The repurchase of credit with personal loan is aimed at all individuals, whether they are employees, self-employed or retired. People in a prohibited banking situation can benefit from the repurchase of personal loan on condition of being owners.

The establishment to which you ask to redeem your credits will settle all your outstanding loans with the various banks or lending organizations. He will then suggest that you take out a new loan in order to consolidate all of the debt with a single creditor.

How to calculate your personal loan?

How to calculate your personal loan?

To calculate your personal loan, you will first need to define the amount to borrow according to your purpose.

Then, you will have to choose the repayment period. It directly affects the amount repaid each month as well as the total cost of the loan. Indeed, with a longer repayment term, the monthly payments will be lower, but in the end you will pay more for your credit. If you choose a shorter duration, the credit will theoretically be cheaper because the interest due on the amount of your credit each month is calculated according to the capital remaining to be reimbursed.

Finally, you will need to compare the offers according to the rates and fees set up. The total cost of the loan includes the interest due on each monthly payment as well as the amount of insurance. The administration fees may be included in the APR proposed on the credit offer and they should not be forgotten.

To find out the best rates for your personal loan, you can use this fast and free simulator or contact our team of Across Lender experts directly for personalized support.