Bankers really enthusiastic mortgages in Swiss francs. For four major bank actively promote the service, claiming credit in this currency will help the borrower to cut nearly one-third interest payments. Well, you never know what they are saying.
Loans in Swiss francs - not exotic. For example, in Poland and Hungary, about 60% (!) Mortgage loans and car issued in this currency. And why not? After all, interest rates on loans in Swiss francs are much lower than for loans in dollars and euros - because of the low value of the resources in francs in the international financial markets.
However, despite the limited number of lenders, the percentage franc loans in total foreign currency mortgage portfolio of the banking system has reached 2%. Interviewed by "Money" experts say that by the end of the volume of loans in Swiss francs, may even exceed the share of loans in euros. But how profitable to take such loans? After all, we get paid in UAH (and dollars :)) and, therefore, money namenyat for the entire loan term will nemerenno!
Minus 15% or 30%? Rate on mortgage loans in Swiss francs is 8.99 - 10%. In dollars and euro rates on similar loans - an average of 10 - 14% per year. As shown by a simple calculation, reduced lending rate by at least 1% saves 10% of the borrower, which he gave to the bank for the entire loan term. Given the scale of the mortgage loan, 10% can be quite a large sum? Now imagine: You can bet not to cut by 1% and 3%! It turns out that, in theory savings can really be 30% of the accrued interest?
However, according to "Money", exchange operations increase the cost of the loan in Swiss francs at 2 - 3%, while in the U.S. - only 1 - 1.5%. But, it is only if we assume that the rate will not change. And who is able to guarantee? Received a loan in francs, the borrower saves, but only slightly. To understand how the customer benefits of the loan, simply calculate the costs associated with the acquisition currency.
On average, if you draw a loan of 150 thousand Swiss francs ($ 127.5 million), an overpayment on the loan for 20 years at a rate of 9.5% per annum will be 92.33%. And even with the cost of conversion. The average overpayment of mortgage loans in the U.S. is 100 - 150%. If we compare all the numbers, it turns out that the difference in overpayment on dollar and franc loan is at 30%, according to bankers, and 15%. But, all the same, anyway - in favor of the franc!
A loan modification may be right for you if you are experiencing a hardship or facing foreclosure.
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