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.