Month: February 2020

Why use mobile banking? Overview of basic and advanced functions – Loan Monitoring

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The real challenge for banks is not really recreating mobile banking online. In principle, all applications allow the use of basic banking services on the screen of a smartphone or tablet. Making transfers, viewing transaction history, checking the balance and account balance is simply a standard.

It is similar to other basic functionalities. Most banks have created applications that allow you to search for their ATMs / deposit machines and branches, set up and terminate deposits, and monitor your loan obligations.

Polish banks have quite commonly adapted to their mobile applications also such facilities as simplified transfers to a mobile phone, e-mail, and Facebook, the possibility of topping up mobile phones or sending notifications to other people via SMS or e-mail with the account number and other details of settlement directly from the application banking.

Solutions unique for mobile banking

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The most interesting, however, are solutions unique for mobile banking - banks have a lot of scopes here, and some innovations are really advanced and may indicate the direction of the development of mobile banking services in the future.

One of them is using the banking application to organize your finances more efficiently. The Good Finance system allows simple archiving of receipts using a camera built into the device and assigning them to individual transactions. This practical solution can work, for example, at the time of unexpected complaints or checks that require documentation of the purchase. Paper receipts fade quickly and tend to get lost.

Good Finance, in turn, provides mobile banking users with a transaction map function. Thanks to it we can see where exactly we made individual payments. Good Finance and GBank applications also give access to the mobile version of the personal-finance manager.

Monitor and improve the flow of money on an ongoing basis

Monitor and improve the flow of money on an ongoing basis

This is an intuitive way to monitor and improve the flow of money on an ongoing basis. When writing about Good Finance, it is worth adding that from mid-May this bank's mobile banking has been enriched with the ability to manage financial operations or receive appropriately aggregated data by ... talking to a mobile application. As Jessica Brown, director of online banking at Good Finance says:

"The ability to manage mobile banking using voice commands is useful in many situations. It's often much easier and faster to say one short sentence than to do the right task on the screen, even with very intuitive navigation. " Jessica Brown also adds that

"We believe that voice control will be one of the main directions of development of mobile applications, which is why we assumed from the beginning that this functionality would be our distinguishing feature."

Another interesting development direction is the automation of boring processes related to banking services. Good Finance, Good Finance, and Good Finance allow you to scan QR codes attached to bills and invoices, so you don't have to enter payment data.

Good Finance goes even further in simplifying these activities. In his application, he introduces a technology that reads transfer data from a photo of a form and automatically processes it into an electronic version.

The third group of more advanced functionalities that are worth paying attention to in the mobile applications of Polish banks is related to geolocation, i.e. the automatic reading of the user's location.

GBank in its mobile banking uses this technology in order to reach the customer at the right moment with attractive discounts and promotions, e.g. offered by a nearby restaurant or store. This functionality is called GBank.

Good Finance also focused on shopping via mobile phones. In its application, it gives direct access to over a dozen stores (including a grocery store with home delivery), and thanks to the integration of banking with the commercial offer, payments can be made faster and easier.

We can be sure that banks have not yet said the last word when it comes to mobile banking.

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Most applications for mobile devices already give access to the most important banking services and activities, and the real difference between systems comes from their usability and advanced functionalities unique to mobile devices. It is in these last two elements that most innovation should be expected.

How to subscribe to a first-time home loan?

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Access to the property is the dream of many French people. Are you planning to acquire your very first main residence yourself and are naturally thinking of taking out a mortgage to finance it? Getting a home loan as a first-time buyer is possible. The bank's decision will, however, be based on one essential element: your file. Here's how to complete your first real estate purchase.

What is a first-time buyer?

What is a first-time buyer?

A first-time buyer can be:

  • a person who purchases a home for the first time;
  • a person who has not owned their main residence in the 2 years preceding their mortgage application.

In the latter case, the person has passed from owner to tenant of their main residence. If at the same time, she owns a second home that she rents out, she is still considered to be a first-time buyer.

First-time home loan: on what criteria are banks based?

First-time home loan: on what criteria are banks based?

The criteria studied by the bank in the context of a first-time home loan are the same as for a person who would not be accessing the property for the first time. To have the best chance of obtaining its agreement, your file must in particular show:

  • that you are a good manager (no payment incidents or overdrafts);
  • that you have a stable professional situation;
  • that your debt ratio is not too high compared to your income.

Good to know: buying back credits, a solution
If you already have a mortgage or consumer loan, buying back loans is an effective way to lower your debt ratio.

The presence of savings is also a plus. Even small savings each month will show that you can manage your budget. If it is large enough, it can be used as a supplement. Because you have to know: to be reassured, many banks require that the borrower has a personal contribution equivalent to about 10% of the mortgage applied for.

For a first real estate purchase of $ 200,000, for example, you should be able to provide $ 20,000. This amount will be used to pay all the additional costs of your property purchase, such as notary fees and agency fees. A contribution also facilitates the negotiation of the mortgage rate.

If I do not have a personal contribution, will my mortgage be refused?

No, not necessarily. Some funding organizations are flexible, especially when dealing with a young first-time buyer. They understand that at the start of professional life, putting money aside is complicated, but that this situation is bound to change over time.

This does not mean, however, that your first-time home loan application will be automatically accepted. When it studies your file, the bank will be even more meticulous with regard to your situation, your income, etc.

 

Mortgage Loan Simulation – Mortgage, Offers

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The mortgage calculator and comparison tool present data based on information collected from banks. Thanks to this, everyone can easily compare offers and find the one tailored to their needs.

Mortgage simulation, or what is the installment calculator?

Mortgage simulation, or what is the installment calculator?

The word "credit" is terrifying. Many people are afraid of hidden costs, but in fact, a little knowledge is enough not to get lost in the maze of offers and choose the best ones.

To this end, Good Finance proposes a simple tool in the form of an installment calculator. Use it because mortgage simulation dispels all doubts.

The installment calculator eliminates the need for complex calculations. You will quickly get to know the installment amount, guaranteeing yourself the comfort and saving valuable time.

Mortgage simulation - how to use the installment calculator

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The simple construction of the calculator allows you to use the tool intuitively - three fields have been specified in which you need to mark the appropriate values:

  • amount of credit,
  • repayment period,
  • interest.

After entering the appropriate amounts and interest rate, simply approve it by clicking "Calculate loan installment". The most favorable bank offers are displayed at the top, but the mortgage simulation also allows you to segregate them by APRC, commission and total repayment amount, in an increasing or decreasing manner, depending on the user's needs.

The same types of data are displayed for all offers, making them easy to compare. The Little Em' ly calculator not only allows you to calculate equal installments but also decreasing installments.

In the case of equal installments, their amount remains the same every month. When we deal with decreasing installments, loan repayment starts with higher amounts and decreases over time. What you choose depends primarily on your loan repayment options, i.e. whether your current income is sufficient to cover any higher installments at the beginning.

Mortgage simulation, i.e. choosing the right loan

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Remember that mortgage simulation is not tantamount to granting a loan, because banks require the delivery of relevant documents and must first assess the customer's creditworthiness. However, through the calculator, using the "Find the best loan" button and then "Ask for a loan" you can contact the bank service faster and receive a loan proposal that is tailored to your individual needs and possibilities.

The above simulation of mortgage repayment shows that depending on whether you choose fixed or decreasing installments, the loan will cost more or less. Decreasing installments are more profitable. In this case, you can save PLN 15,728.10.

Mortgage simulation - offer comparison engine, i.e. quick access to data

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The mortgage comparator does not present a detailed installment repayment schedule, but provides access to the following data:

  • interest,
  • APR,
  • commission,
  • amount to be repaid,
  • amount of installment.

It will allow you to pre-figure out which loan offers are noteworthy because it will display them already sorted, from the most profitable ones from the customer's point of view.

On the same day, I checked the installments, the GFI mortgage simulation was displayed in the first position. The top five most cost-effective real estate financing solutions include loans from the following banks:

Despite the highest commission, Good Finance guarantees the best loan repayment terms. Thanks to the Good Finance comparison tool, you can check the most important information for the borrower, then use the form available on the website and send the application to the bank.