Redeeming a loan buyout: operation
A second loan buyback can be made, that is to say, buy back the purchase of credit in order to obtain new repayment terms, better adapted to its financial situation.
A borrower can use a redemption or consolidation of his credits to reduce his monthly payments or to renegotiate the rate of his loan following the chosen transaction. It is possible to use a second time the repurchase of its first purchase of credit.
The credit institutions do not oppose this second operation and can quite propose a financing solution adapted to the situation of the borrower. There are therefore two possible operations, that is to say, to buy back his mortgage repurchase or to buy his group of credits. In both cases, the borrower wants to readjust his loan repayments and readjust them to his current situation.
To buy a repurchase of loan: consumption and real estate
As mentioned above, two transactions can be confused in the repurchase of a repurchase of loan, that is to say the repurchase of pure real estate credit in order to take advantage of a more interesting rate and the regrouping of loans to to reschedule the repayment term to reduce monthly payments. Depending on the operation, the lending institution will study the situation of the borrower, which will allow him to propose a tailored financing solution.
Calling a second time to the same operation is absolutely no obstacle, what matters for the household, is to repay in the best possible conditions its funding. It is good to know that all types of credits can be included and that it is possible to benefit from an amount allocated to a new project (work, purchase of a vehicle, etc.).
Take advantage of the best rates with the repurchase redemption of loan
Legally, it is quite feasible to proceed with the repurchase of a real estate loan that has already been the subject of this same transaction before. The borrower will not be penalized if he considers this solution. This is the opportunity for a borrower to take advantage of the dramatic fall in rates known in the course of 2016. By making a loan redemption, an applicant can expect to benefit from a lower rate. On the other hand, if he has in the meantime contracted new real estate or consumer loans, he can reduce his debt ratio again by resorting to this banking operation.
To know the new monthly repayment, simulate a redemption or easily fill an online application are two practical and almost instantaneous solutions. The nature of the new credit will be determined by the proportion of home loans or consumer loans included in the pool. If the capital remaining due from the mortgage represents more than 60% of the total capital to be repurchased, it is a real estate rate that will be applied to the consolidation. If not, the proposed rate will be the one used for the purchase of consumer loans.
Measure the feasibility of a second takeover
Like any credit transaction, a study by an experienced advisor is necessary to ensure the feasibility of financing. As part of a second consolidation of credits, the requested documents will be the same as during the first acquisition. Before that, it is recommended to make a free simulation online, this tool allows to obtain a monthly estimate in a few seconds.
Like any estimate, a verification will be necessary with complete information, it is precisely for this reason that it is recommended to make a request for repurchase of loans. Again, the steps are non-binding and completely free.