Very few people have the luxury of not needing loans during their lifetime. Everyone borrows for different reasons, but the bottom line is that we all find ourselves in need of a loan at one point or another. We get ourselves in debt because we need to, not because we’re going out on a whim. Doing something like this recklessly and without giving it much thought will be regretted afterwards, which is why most people think carefully before borrowing.
You’ve thought about this carefully yourself sometime in the past, and you’ve taken out a loan that was suitable for you at that particular moment. Yet, as time passed, you found yourself in a different financial situation, which could have led to you receiving a debt collection notice, i.e. a betalingsanmerkning. That can be a real wake up call for everyone, and I’m sure that you’ll immediately start looking for a way out of such an unfavorable situation. You’ll probably be looking for a way out even if you still haven’t received the notice, but there are indicators that you will.
Some people will manage to refinance their loans without getting that payment notice, i.e. immediately upon realizing that they will get one in the near future. Others, however, could be late to the party, in which case they’ll start thinking about refinansiering only after receiving the notice. Luckily, refinancing is a possibility even after receiving it. It’s just that the rules and the requirements are a bit different, and I’ll know tell you about those with the aim of helping you meet them. So, if you’ve found yourself with a payment notice in your hands, you can calm down, knowing that refinancing is still an option, but you’ll have to learn how to properly do it.
Collateral Is A Must
Refinancing without collateral is a realistic possibility, but it is something you can expect to do only if you haven’t received the payment notice yet. If, however, you’ve received this warning, so to speak, then you’ll have to forget about not needing collateral. Lenders have to act in their own interests, and when they flag you as a client that hasn’t been able to repay their debt without receiving the notice, they’ll surely want to set some greater protection practices in place. Requiring collateral is one of those, and providing it is a requirement you’ll have to meet if you want to refinansiere med betalingsanmerkning and consequently get rid of the notice.
And There Are Specific Collateral Requirements
It’s clear that collateral is a must and that you won’t be able to do without it when refinansiering med betalingsanmerkning. That, however, is not all you need to know. There are specific requirements relating to the collateral that you’ll also have to meet, as the lenders know exactly what they can and what they cannot accept as security in these particular cases. So, let me tell you more about that.
A home you own is the preferred collateral that the lenders will surely accept. Thus, if you don’t have a home, your chances of refinansiering med betalingsanmerkning will substantially decrease. On the other hand, if you’re ready to offer your home as security, you should know that the total loan amount can’t exceed 85% of its market value. You won’t be approved for an amount higher than that, so make sure to check if it’s enough to solve your debt and payment notice issues.
You’ll Have To Agree To Higher Rates
If you’re sure that you’re able to meet those collateral requirements, you can proceed towards checking out the other ones. The interest rate is surely one of the factors you’ll want to learn about before making any concrete moves, and there’s something you should be ready for when those are in question. Basically, be ready to agree to higher interest rates, as borrowing med betalingsanmerkning is riskier for the lenders, which is why they’ll assume such risks only by offering higher rates. Even so, those rates will still be affordable and favorable, especially when taking in account that you have a payment notice to your name.
Moving The Mortgage Is Necessary
If you already have a mortgage on your home, and you’ve found yourself in trouble with the betalingsanmerkning, you’ll be confused about what will happen to the mortgage when you refinance. Well, in short, the lender you’ll work with will need you to transfer your mortgage to them if you want to get the opportunity to refinance even though you have the mentioned notice. That’s another crucial requirement to have in mind, because you have to be ready to transfer the mortgage when refinansiering this way. I’m sure that you won’t have anything against this, though, since moving the mortgage will help you refinance and get rid of the betalingsanmerkning.
And So Is Working With The Right Lenders
Not every lender out there will be ready to offer you the option of refinansiering with betalingsanmerkning. Given that this is a risky business, it’s no wonder that some are reluctant to do it. So, working with the right lenders is the next significant requirement to have in mind when you begin thinking about refinansiering this way.
Traditional Banks Will Probably Refuse You
If you’re used to doing business with those traditional banks, you’ll have to change your habits here. That’s because the traditional banks are highly likely to refuse your refinansiering application if you have a betalingsanmerkning to your name. In short, this is an option that you can’t expect to get from those traditional banks.
But There Are Others You Can Cooperate With
Fortunately, there are other professionals you can actually cooperate with when wanting to refinance this way. There are niche banks that will be ready to assume the risk of allowing you to refinance med betalingsanmerkning. Of course, they’ll assume the risks at higher interest rates, but the point is that they still allow you to do this, unlike the traditional ones. All you have to do is find and select the best niche bank for you.