Grouping of credits: how to group your credits
Beforehand, it is important to emphasize that you do not have to be in financial difficulty to start a negotiation with your broker to obtain a consolidation of credits. The study of the file is free; must we remind him.
The first opportunity for a credit pooling study is when loans in the course of repayment are at a rate higher than the current market trend. Of course, the first step is to first check the feasibility or otherwise of the renegotiation.
Clustering: What is it?
It is a question of making the repayment of the current loan (s) in advance, in favor of a new credit subscribed to more advantageous conditions. This opportunity does not only concern the cost of the loan rate. Indeed, the choice of the borrower insurance will also, obviously, the opportunity to make savings; Why. As we know, until today the subscription of insurance borrower was not or little questionable. They were an integral part of the overall financing negotiation. Let’s add an important point; the banks offered fixed contributions from the beginning to the end of the loan.
Review the conditions of the borrower insurance
Old practices validated solidarity between borrowers (no notion of age over time, no concept of aggravated risk at the beginning of repayment in particular). The Hamon law goes back on this tradition. Thus, you have the option of taking out insurance with a service provider other than the historical credit institution. Again the conditions are to compare but it is safe to bet that the same warranty conditions the price is lower. Our broker Queen of Hearts credit specializes in this exercise. He is at your disposal and will answer you personally for:
- reduce your monthly payments
- review the conditions of the borrower insurance
- Realize the real estate extensions waiting for lack of means
- start to glimpse retirement
The mortgage for or against?
In terms of credit consolidation, we know that the new loan will be educated in the “consumer” category without mortgage collateral, or “mortgages” with mortgages, in general. See our article on the owners.
We understand that the guarantee offered limits the demand. In short, the bank estimates the risk of non-payment represented by the requested consolidation of credits, without any guarantee in return. On your property a mortgage can already be registered. If this is for loans to consolidate, this previous registration will lapse after redemption credits, and the new mortgage will be fully valid.
Not only will the amount of funding not be denied, but the duration of the loan may be longer. In addition, a monetary provision requested in addition will amortize the registration fees.
In this regard, and taking into account your estimated wealth on the one hand, and your ability to repay, on the other hand, it will be wise to deepen this concept of mortgage guarantee. We know that the conventional mortgage guarantee is registered at the same time as the real estate financed. The new financing will require a new mortgage to be placed second; This entails additional costs.
Opening Mortgage Credit and Reusable Guarantees
Very few of these mortgages correspond to particular Queen of Heartss, although real. Take the example of mortgage credit opening (OCH). You have recurring financial needs (in a professional capacity not discussed here), to carry out work in successive installments. You will therefore present your banker the maximum mortgage commitment on your property, usually 60 to 70% of its value. Once this registration has been completed, you can periodically request credits that will be guaranteed by the said OCH mortgage opening. The fees are insignificant compared to the superposition of ranks on a classic mortgage.
Refillable mortgage – for which financing?
In France, there are few followers for this formula. Yet the benefits are not negligible and do not complicate much the registration, except the will of realization can be?
You are asking for funding, for a variety of reasons, including emergencies! Same process: the registration of the mortgage, with mortgage reliance agreement included in the contract, is recorded for a loan related to the estimate of the mortgaged property. Continued credit repayment frees up a new mortgage margin. In other words, we can reuse the line of credit at will.
This approach requires a little insight into the drafting of the mortgage contract. This procedure is very useful for those who know how to objectify their heritage.