Real Estate Loan Insurance Agency: Benefits of Loan Insurance Delegation Explained

What does it mean real estate loan insurance agency ? Just the act of subscribing other loan insurance rather than the one who offered you the lending bank.

In recent years, this term has been at the center of several discussions. The media, journalists, brokers, lenders: everyone is talking about it… Do you know why?

Well, the government recently changed the laws to allow lenders benefit from the benefits that an insurance agency can offer. Can we see this together? 👇

What is a real estate loan insurance will?

Choosing your lender’s insurance means choosing a contract in addition to those offered by the lending bank.
For (too) long, banks have maintained a monopoly on borrower insurance, for a number of reasons…

At first, French rules were not for borrowers. We had to wait for the vote of several laws and especially the adoption of Lemoine’s law to free the market and allow consumers to freely choose their loan insurance.

Then, no borrowers that they do not know enough about their rights. Banking organizations rarely communicate the possibility of choosing alternative loan insurance. Well, I wonder why! 🤔

Finally, lenders did not know about it several benefits that an insurance agency can provide. Because once we are interested in the subject, we will find out the savings are real and promises can be even better. It would be a shame not to take advantage of it!

When should you choose willful loan insurance?

From February 2022, loan insurance delegation it can be done any time ! No, you are not dreaming, in fact you have the opportunity to choose and change your borrower’s insurance, at any time, during the life of your contract. This is a good development that will please aspiring borrowers regain purchasing power. We will tell you more in the next question. 😉

For the record, it is only since 2010 and the adoption of the Lagarde law that consumers have been free to choose loan insurance when providing credit. Since 2014, lenders can only change borrower insurance within 12 months of issuing the loan, thanks to Hamon’s law. It was in 2018 that the Bourquin amendment confirmed the small regulatory advances by allowing borrowers to change their insurance every year, on the anniversary of the contract.

What if you changed your loan insurance now?

Delegation of real estate lender insurance: what are the benefits?

It is a good idea to take out your loan insurance elsewhere than at the bank! find out the main benefits of a borrower’s insurance deed :

• You make big savings 💰: in general, the loan insurance offered by your bank is more expensive than the borrower insurance provided by the will. Every year, many borrowers save thousands of euros by favoring a loan insurance delegation.

  One of our politicians saved €35,451 on the total cost of the home loan using my well insured loan 🤩. This quick sum allows you to do big projects, save money or even get purchasing power every day.

  The bank offered our customer loan insurance at the rate of €61,875. At my well-insured loan, we offered him a price of €26,424. The difference is amazing, you can not find it? Find out how much savings you could have by following this link.
  The calculation is based on a loan of €750,000 with a duration of 300 months at a rate of 4.20% with DC/PTIA/IPT/ITT guarantees.

• You increase your borrowing capacity 🏡: who says savingsthis increase in borrowing capacity ! You can absolutely borrow more to do work update, improve or even decorate. You can too expansion planning, like a veranda, for example! This will also give you financial benefit the ability to increase your monthly payments and so, reduce the length of your loan. By doing this, your property will be paid off faster than expected.

  Did you know that the maximum loan amount is set at 35% (including borrower’s insurance)? If you save on the amount of your loan insurance, you will reduce your debt ratio. This also allows you to take out a smaller loan a few years later to buy a car, for example.

• You develop your coverage ⛑️: to be relevant, a testamentary loan insurance contract must, at a minimum, provide the same level of guarantee as that offered by the bank. Be sure, in reality, most of contracts offered by the delegation are even more comprehensive than banking contracts because they are more personal.

  With My Well Insurance Loan, once you’re insured, you’re free to live your life the way you want. You can start a new sport, make a career change, travel to the end of the world and even settle there! In any case, you do not need to report these changes. We want to keep the contract simple, clear and as transparent as possible. Find out all the benefits of the proposed contract like this.

How can you benefit from the benefits of real estate loan insurance delegation?

As we saw a bit above, you can choose to delegate borrower insurance at any time! However, there are two different processes depending on when you choose to take out this delegated loan insurance:

• 1 – At the time of granting the loan : you have found the property you like, you have contacted your bank (and possibly other banks) to get a loan, and you have found the loan insurance that best suits your needs ?
  Remember to contact your bank about this option before publishing the final offer to get the deal. Then, all you have to do is add the loan insurance contract of your choice as well as the general conditions that accompany it so that a bank adviser can confirm that the equality of the guarantees is being respected.
  ⚠️ Be careful, it is a right to choose loan insurance through a will ! The bank cannot change the rate originally offered or increase the rate of fees to put pressure on you and force you to take out loan insurance.

What if you let my well insured loan go with you? Our consultants are available to assist you in carrying out the various administrative procedures. If the bank is willing to this delegation, our legal team will be able to advise you.

• 2 – After taking out the loan : you can take out loan insurance at will a few days, weeks, months or even years after taking out a real estate loan.
  In this case, you only need to take out your new loan insurance, then carry out the cancellation procedures in relation to your old insurance. To find out more about the cancellation procedure, we advise you to follow the steps mentioned on your old insurer’s website. In general, it is appropriate to send the new letter to the bank as well as the new loan insurance contract along with the general conditions.
  Read the article “How to send loan insurance? “>.

To avoid these long administrative procedures, we recommend you change your loan insurance for you. We will take care of checking the equality of the promises, we will send the various cancellation and replacement letters by registered post and we will keep you informed of the steps as they go. them forward. Savings are reaching out to you 🤗, take your chance!
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