The credit buy-back, also known as the credit consolidation, is an operation that combines several loans already contracted into one single loan. The borrower will get credit at a lower rate than before. It will also extend the repayment term of the loan. The repurchase of loan is thus an obvious solution to lighten its monthly payments, to free itself from the weight of monthly debts, too consequent. This reduction in monthly payments will provide the opportunity to save and have additional cash, meeting a particular need, such as the financing of works or the realization of other projects.
A repurchase of credit with or without mortgage guarantee
A consumer loan buyback can be made with or without a mortgage guarantee. For example, putting a mortgage on a real estate mortgage is used to insure the repayment of a loan. If the borrower is unable to repay the loan, the bank or lender may seize and resell the mortgaged property, to ensure the repayment of the loan granted. Also, an expertise of the property must be done to estimate its value and to set up the mortgage guarantee. It should be noted that the mortgage guarantee allows the borrower to remain the owner of his property.
The repurchase of credit via a banking intermediary
In order to consolidate all its loans into a single loan, at a fixed rate, and over a single period, the banking intermediary’s role is to find the best solution to reduce the monthly payments of the borrower. He helps her finance her project by obtaining additional cash. The banking intermediary or broker is a professional who enjoys a close relationship with banks and lenders for the simple reason that he provides them with clients. In exchange, banks and others offer loans on favorable terms, which a private individual can not always have.
Conditions for claiming a credit surrender transaction
In general, the repurchase of credit is for everyone: tenant or owner, single or married, active or retired. The credit buyback can also be motivated by multiple reasons: need of additional cash, realization of projects, the will to rebalance its budget … A borrower can benefit from a repurchase of loan for consumption and mortgage if is between 18 and 85 years old. He must reside in France or the Dom and his bank accounts must be domiciled there. If the borrower owns or accedes to the property, the loan completion age can be up to 95 years. With regard to the job profile, craftsman, tradesman, liberal profession and others, can carry out a regrouping of credit. It is the same for employees, civil servants, micro-enterprises, auto-entrepreneurs, contract agents of the state, fixed-term and temporary workers. In reality, a credit surrender is unique and is closely related to the personal situation of each. In all cases, before making a choice, the borrower can make a simulation and / or comparison of credit redemption, on the site of the bank or the lender. In this way, he will easily find the most appropriate solution to his personal debt situation. This is analyzed closely according to the borrower’s money resources and monthly expenses.