The credit redemption is the combination of several consumer loans and / or mortgage and debt to subscribe to a single loan with a single monthly payment adapted to your budget. In general, the repurchase of credit at the best rate is obtained with a repurchase of mortgage, that is to say a group of credit with a mortgage guarantee on your house.
What is a credit consolidation?
The repurchase of credit, its definition:
This is a financial transaction that allows the early repayment of all your consumer loans and all your personal loans and sometimes real estate credit too. With a loan buyback, you get a single financing with a reduced interest rate and a single maturity shorter than the sum of the monthly payments you had with your multiple credits. Redeeming credit is a credit restructuring that consists of a good debt reduction, a single loan and a single maturity.
The purchase of mortgage credit
During a simulation of a repurchase of credit, one may have to lengthen the duration of the repurchase of loan to respect:
1 / the “remainder to live” (the amount you have left after you have paid the monthly installment of the mortgage, the credit requested and your monthly income tax)
2 / the maximum future indebtedness tolerated by the bank
3 / the desire for additional financing to carry out new projects or to build up savings.
As long as one exceeds the duration of 15 years in the simulation of credit or that the part of credit repossessed exceeds 60%; a mortgage guarantee will be requested systematically. The rate of the repurchase of credit is lower than that without mortgage.
In some situations, a mortgage credit can be used to pay off private debts or following a tax adjustment, for example.
The repurchase of revolving credit
When you have collected revolving credits, also known as money reserves or revolving credit, you have found that it is easy to obtain them, but in return the interest rates are very high. Not to mention the cost of insurance, the interest rate charged for a revolving credit below dollars 3,000 is about 20%!
You have also seen that these organizations that have easily granted you these reserves of money do not want to renegotiate the decline. It’s not interesting for them!
Under these conditions, it is necessary to make a redemption of urgent credit to settle all revolving credits and thus benefit from a reduced rate with a single credit and a single lightened maturity.
You need a repurchase of credit for civil servant or for employee on permanent contract or for retiree, that you are owner or tenant, we are at your disposal to answer all your questions.
Seldom has it been possible to purchase property for retirement provision on such favorable terms as it is currently. As a result of the financial and debt crisis, central banks around the world were forced to cut interest rates. You can benefit from this today if you are planning to buy a property as a home.
Having your own home brings you a number of advantages in old age. The property is stable in value and largely protected against inflation. When you withdraw, you can save on rent costs with your own four walls, which today make up a large part of the monthly budget of a private household. In times of low interest rates, real estate financing is available on very favorable terms. A quick repayment and, in connection with this, a quick freedom from debt sound tempting. However, you should analyze your income and wealth situation before making a decision in order to rule out later financial bottlenecks from the start.
Compare interest rates
Internet platforms such as hypostar.de can help you compare interest rates from individual providers. It is helpful to consult a professional advisor to calculate real estate financing that also takes your personal situation into account. The amount of the loan depends largely on your own contribution. Experts advise between 25 and 30 percent of the loan amount. If this proportion is not reached, the financial means for additional costs and unpredictable expenses will ultimately be lacking. You must also take into account any changes in the income situation in the calculation. A job change can, for example, result in a loss of income.
Before you buy the property
You must also take into account that you have different obligations to buying a home than a tenant. You have to take out insurance for the building yourself, and you, as the owner, bear the costs for maintenance and renovation. In the case of decisions that are made in the municipality, such as road renovation, you as the land owner are held responsible by the authorities. Of course, there are no high rental costs and dependence on the landlord. The quality of life in your own property is higher and with appropriate income, buying property at the current interest level is a good choice.
A broker is a person in charge of connecting one (or more) client (s) with a bank (or a financial institution). The credit buyback broker is specialized. He works with banks specializing in credit redemption. Do not wait, a credit redemption or credit consolidation can allow you to balance your budget again.
Why ask for help from a broker?
He will take charge of building up your credit union file by listing all your personal loans and debts in a comprehensive manner. The credit broker will then apply for a loan from the various banks specialized in the sector of loan buyback. Your steps are thus simplified. You have one contact who deals with your credit application.
We are familiar with the criteria of the banks in question and their limits for granting credit redemptions.
Can a broker claim a fee?
No. No payment of any kind whatsoever may be required of an individual before obtaining one or more loans of money. The law is very clear in this area, you should not pay anything to your credit redemption broker before setting up the loan.
When the loan buyback is financed, at that time, the broker’s mandate included in the financing is paid to the broker directly by the bank (or by the notary if the credit consolidation is mortgage). Flee brokers who charge you a fee before the loan is put in place.
A broker can suggest what types of credit?
A mortgage purchase will only be offered if it is not possible to consolidate your consumer credit over a maximum period of 15 years. We then envisage 2 cases:
– keep the current mortgage and offer a loan buyback with a 2nd rank mortgage
– take back all the credits conso, loans including the mortgage with a first rank mortgage
After several credit simulations, we offer you the most economical solution for you and the one that substantially reduces your debt.
The repurchase of credit without mortgage is possible on a maximum duration of 12 years for the tenants (or hosted) and 15 years for the owners (or buyers).
You can fill out an online credit redemption request, your broker newpret.com is there to take care of your file for free and in all confidentiality.