This Bundes bank originally, was established in France in 2000, it is today, one of the major players among online banks. Not content to offer a competitive current account, it also offers its customers credits, in this case a mortgage and a credit redemption.
Conditions to be met for a repurchase of real estate credit is profitable?
The first condition to fulfill is to repay a loan whose interest rate is higher than the rate proposed by bankate in its repurchase of credit.
We must compare with equal repayment terms. To do this, you must ask Bankate to simulate you for the same amount of time as you have on your current credit.
The amount of the repurchase of credit must correspond to the outstanding amount of your outstanding loan. (for the comparison to be fair)
Bankate has set limits on the amount of its loan buyback: The amount borrowed must be at least 80,000 USD and 1,500,000 maximum.
You may need to open a current account with bankate and pay your salary or income. ( This will allow you to benefit from a reduced rate of 0.1% )
OUR OPINION AND OUR ADVICE
If you plan to redeem your loan, make several simulations (with banks and credit companies), and do not hesitate to incorporate the proposal of bankate.
Changing banks can be a deterrent because of direct debits and wire transfers with the bank. Rest assured, now with the recent law on banking mobility, the banks themselves take charge of setting up the change of account with the various organizations that transfer or withdraw monthly amounts on the account. That’s what Bankate does with its switching service.
Banks do not like a customer to buy his credit, let alone leave it. This is why they put in place in the mortgage loan agreements a clause providing for penalties in the event of redemption or early repayment. This compensation is framed by law, it corresponds to the total of 6 months of interest to come. (See amortization table). While not exceeding 3% of the outstanding capital.