Loss of liquidity is probably one of the biggest nightmares of borrowers, especially those who are no longer cope with such an important commitment, as loans. In such a situation, it may help to extending the repayment period, or changing the type of payment.
Let us remember that every financial institution should depend on the fact that we-regulated mortgage payments on time. So if you notice that in the coming months, we have problems with timely installments, let us try to communicate with the lender on the loan grace period, or vacation credit. This will help to temporarily relieve budget and retrieve the necessary liquidity. But what if the lender will not agree to a temporary suspension of repayment of the loan?
Changing the type of installment
If you are paying off a loan in installments decreasing, a good solution would be to request a change in the type of installment payments on a permanent basis. But it will be a win for borrowers who are in the first half of the lending period. Why? Model calculation of the rat descending makes the initial period of the loan are higher than those calculated for the same rat permanent commitment. The difference in their amount will depend on how long paying off a loan, and what he is tall. But remember that you can always check it out yourself by making the necessary calculations, or asking the lender to perform the corresponding simulations. It is important, however, to consider the possible cost of preparing the necessary addendum to the contract. It should also be noted that the use of fixed installments will reduce the amount of your monthly obligations, but will affect the increase in the total cost of the loan.
Extending the period of the loan
Reducing the amount of monthly installment will also be possible by extending the length of the loan. Borrowed capital will be repaid in more months, which will reduce the principal part installment. Also in this case, however, take into account the cost of the annex to the agreement, and the fact that the extension of the credit period will increase the total cost of the loan. Do not forget also that the length of the crediting period can not be extended at infinity. In accordance with Recommendation S Financial Supervision Commission the maximum period for which are granted mortgage obligations, is 35 years.
The solution can also be consolidation - refinancing a loan, the repayment of which is using a new, more favorable obligations, such as loan consolidation Stefczyka Kas. Better credit conditions will regain balance in family finances.