Which financial arrangement to choose when it comes to undertaking a redemption of credits? When and how to go about making a loan buyback? Discover some tips and additional information by reading our article about the consolidation of mortgage and consumer credit?
Make a credit redemption: what choice?
When applying for a loan buyback, there are several choices for borrowers:
- The repurchase of mortgage
- Consolidation of consumer loans
- The purchase of real estate and consumer loans
Each client file is different! Depending on the situation of the applicant (s), the file is set up according to one of the three above-mentioned loan redemption formulas. For example, a homeowner who has purchased consumer and business loans in addition to home equity can quickly find himself in a situation of excessive debt.
So, the purchase of consumer loans makes it possible to consolidate non-mortgage loans. This offers the benefit of getting a discount up to – 60% of monthly payments! A staggering of the remaining capital due over time makes it possible to obtain a debt ratio of 33%.
Conversely, a borrower with a single mortgage at high interest rate. The grouping of mortgage is a solution to renegotiate to fuck the interest rate of its mortgage. An operation that can benefit from savings that reduce the total cost of borrowed money.
Real estate loan consolidation and consumption
A consolidation of real estate credit and consumption gives borrowers a single monthly payment to manage. As a result, it is a single, single rate for all remaining capital due from the various credits purchased. It is also the opportunity to renegotiate its loans for consumption and works, but also auto and renewable in order to benefit from a real estate rate of about 2%.
However, it should be noted that during a real estate loan buyback and consumer, the zero rate loan must be compulsorily redeemed. Indeed, it is not possible to keep a zero rate loan at a credit restructuring. This is because the repurchase of the principal mortgage breaks the smoothing with the PTZ. So smoothing is not possible in consolidation of debts and debts. Remember that interest rates are historically low, money has never been so cheap!
When it comes to a total credit consolidation, ie real estate and consumption, we have to think about all the foreseeable future extraordinary expenses. In fact, there is the possibility of incorporating into the Prince Halment plan a cash envelope. The use of funds can be assigned to a specific expense such as the purchase of a car or the realization of work for the improvement of the habitat, etc. Or conversely, it can be a question of a cash envelope unaffected, ie free to use.