You can increase only the sum of mortgage loan. If you have paid according to the signed payment schedule and you wish to increase the loan sum, you can do it if the market price of collateral and creditworthiness allow to do it.
You can pay back the loan according to repayment schedule starting from the next month. Every option of repayment has pros and cons which must be assessed by applicant according to his/her needs. Choosing the annuity schedule you need to pay the same amount every month. The loan burden is distributed for the whole period of loan. It allows clients to plan their costs for a longer time. The longer the loan is paid the higher are principals and the smaller are interests. In addition, the total amount of paid interest during the loan period is always higher than in case of a schedule with equal principal amounts. In this case, principal amount is equally distributed among the whole payment period and the interest is added. The interests are higher at the beginning because of higher loan balance and monthly payments are in the beginning higher. Using this type of repayment schedule in total you need to pay smaller sum of interests. If you pay monthly only interest payments and full principal amount with the last repayment, you need to be ready for a need to have quite high sum in the end of repayment schedule.
The sum of repayment depends on the sum, period and interest of the loan. You can find and use the loan calculator for calculating an approximate sum of repayment per month. The exact sum you can find in repayment schedule that is in the appendix of your loan contract.
If the valuation is done not more than half-year ago, it can accelerate the decision making. But it is not a precondition for a loan application. If needed our experts can do the valuation of collateral.
In case of hire purchase you receive the answer a few minutes later: positive, negative or you need to provide additional information. If you had the last one, our partners or we contact you during one working day (if you made the application in the evening or on weekend, you would receive the answer next working day) by phone or e-mail.
After submitting of an application for mortgage loan, we will contact you at the same working day (if you made the application in the evening or in weekend, you would receive the answer next working day) by phone or e-mail.
If the repayment wasn’t done in time, we would remind customers about it, but we start to calculate the overdue charge from the next day after the day of payment. If you know, that you have no opportunity to do the payment in time, definitely you need to contact us to find mutually beneficial solution.
According to the mortgage loan contract you must insure the collateral. Customer must send to Finora Capital OÜ the certificate of insurance during 5 working days since the moment of signing the mortgage loan. Finora Capital OÜ must be identified as beneficiary. If the customer did not send the certificate in time or does not want to do it himself/herself, Finora Capital OÜ has the right to do it instead of the customer and demand from customers costs of signing the insurance contract. It must be paid with the next repayment.