You will need
- - credit agreement with the Bank;
- - Bank statement about the balance of the debt;
- - schedule of payments;
- - the documents proving the identity;
- - proof of income.
Before you decide on the design of refinancing in another Bank, it is necessary to evaluate the feasibility of this step. Even with lower interest rates. So, in refinancing the Bank may provide the Commission for consideration of the application, loan, withdrawal and renewal of pledge. All of this can negate all the benefits of refinancing.
Initially you should contact the Bank where you have credit liabilities and to receive in it a statement of account on the outstanding balance and payment schedule. Many banks in the provision of refinancing approve it only if the borrower had faithfully fulfilled its loan obligation for at least 6 months. It is also worth to obtain a certificate which confirms the presence or absence of arrears on the loan and any other overdue obligations to the Bank. If the property that is the object of the loan is pledged, then you will need a copy of the mortgage.
The customer who wishes to refinance a loan must provide the Bank statement and the standard list of documents (passport, proof of income), as when making a conventional loan, as well as documents on existing loans. It is necessary to attach a statement to refinance.
For the Bank, which provides refinancing, the issuance of such a credit is equivalent to issuing a new loan. Therefore, the borrower must re-certify their income and provide documents that confirm his credibility. Banks thoroughly evaluate a potential borrower, because often the service of the refinancing issue in the deterioration of the financial situation. If the cause of the difficulties associated with the objective unforeseen circumstances, the Bank is likely to approve a refinance.
The Bank may refuse to refinance the loan if the borrower did not timely pay its current obligations and is not able to provide a full package of documents.
For refinancing get such loan products as mortgages, auto loans, consumer loans and credit cards. The most appropriate is to refinance large loans with long term loan. For short-term loans banks do not approve refinancing.