Taking out a mortgage loan redemption allows you to rearrange your loans and settle the amount due according to your repayment capacity.
Simulate your mortgage repurchase
The mortgage loan redemption to settle your loan
Getting a mortgage is a quick and convenient way to finance your projects. A major change in your life can put you in a precarious financial situation. Buying credit with a mortgage can be an advantageous solution to avoid finding yourself in default of payment.
What is the repurchase of mortgage credit to regularize its loans?
The mortgage repurchase is an operation consisting of taking a new loan at a fixed rate to repay the remaining balance due on your credits. In practice, you consolidate all of your loans into a single mortgage and will only have to pay one monthly payment.
The new schedule will be defined according to the sums requested and your debt capacity. This type of operation supports your current mortgage loan, but can also include restricted credits including the mortgage, and unallocated ones such as personal loans.
You should know that the terms for applying for credit include quite heavy fees. In addition to the notary’s fees and administrative costs, you will have to pay, among other things, re-employment allowances on your current credits.
These are penalties to be paid to the bank for the early repayment of your old loans. You will also have to pay the release costs on the previous mortgage. It is common to include all costs in the new capital requested to reduce your charges.
The Benefits of Mortgage Refinancing
It is common to renegotiate your contract when interest rates fall or you have difficulty repaying your loans. Buying a mortgage offers a simpler alternative and has many advantages.
You will deal with a single contact and can adapt your reimbursements to your financial situation. In general, the monthly payments are revised downwards. This implies an extension of the reimbursement period. As with most long loans, interest is often low.
By paying a single monthly payment, you reduce your expenses considerably. This will allow you to get out of over-indebtedness, but also to free up more or less substantial cash flow to better manage the end of the month or plan a new project.
Taking out any type of loan means that you are registered in the CCP file of the National Bank of Belgium. The file mentions the nature of the credit taken out, but also the defaults of payment. Regularizing your loans through mortgage refinancing helps to clean up your file.
Study your loan repurchase
This formula is taken out with a bank or a loan company. It is strongly advised to request a study of your file by a broker like Pocketheal who has several lending partners with whom he can negotiate the best conditions for you.
In any case, it is best to compare the offers of the credit agencies before signing. Do not hesitate to simulate your credit repurchase to get an idea of the possible schedule and the real cost of the operation.
You can easily find credit simulators on dedicated sites. They often provide an example to help you understand the principle of refinancing mortgage loans. By indicating the amount and the desired repayment period, you will be able to obtain an estimate of the monthly payments payable and the value of the interest rate.
Also remember to check the legal notices concerning the granting of a credit union. The procedures for obtaining the loan are controlled by the supervisory authority: the FPS Economy.