Know how to distinguish loan redemption and renegotiation
All too often, buyback and credit renegotiation are equated, yet there is a noticeable difference between the two terms. The peak in interest rates has never fallen so low. The current economic environment has many advantages and encourages real estate credit. For those who have contracted at a later date, they can try to renegotiate with their banker or, if necessary, to buy it back.
Revision of loan conditions: renegotiation
Given the low interest rates, it is perfectly legitimate to try to lower the overall cost of its credit.
This future interview with his banker is not won in advance, nothing forces him to interact in your favor. Why would you benefit from more attractive rates and all that follows? Because, not only the contract term will be modified but also the amount of monthly payments.
And therefore ? It will be necessary to place relentless arguments to achieve its ends, even to be decided to change banks. History also to play the competition.
Some elements may play in favor of the lender as his personal and professional situation. Its age and good health, stability and solvency are positive elements that will tip the balance on the right side. Perhaps meanwhile, its financial resources have increased. On the basis of his contract, it can also be argued that one is a regular payer and a loyal customer.
And if ever, this more attractive credit rate is refused … Why not try to improve the terms and conditions of his mortgage?
Optimize your credit redemption
The repurchase of credit in another financial institution occurs when the renegotiation has been refused or when the conditions do not suit us. It can go through a credit consolidation and involve the purchase of all consumer and real estate credits with other banks.
Subscribing for a new mortgage is only interesting in two options: credit rates have dropped and conditions are better. How to know? Online, a comparison tool helps to get the most interesting interest rate among all offers from credit agencies. Or, a credit expert such as a real estate broker will be responsible for calculating the profitability of the repurchase of his credit.
New loan means new fees
In this case, you should know that fees will apply at the end of the transaction. In addition to prepayment penalties, a new loan means new fees. The same is true for the payment of mortgage fees if the old loan has been signed with this form of collateral.The opportunity also lends itself to discussing a greater flexibility and modularity of the terms of its reimbursement and the rate of its borrower insurance.
It should also be remembered that the pillar of a loan file is based on the repayment capacity of the claimant.