The repurchase of credit offers many advantages for the borrower who will pay less interest over the long term and will be able to achieve significant savings. How to know if this operation is financially interesting?
Loan consolidation can be implemented when there is a change of domicile or a larger financial transaction. It makes it possible to reduce the amount of its monthly payments by replacing the loans subscribed by another one at the more advantageous rate.
The repurchase of credit gives the borrower the possibility to reduce the amount of his monthly payments and to rebalance his budget in return for an extension of the repayment term.
To know if a repurchase of credit is interesting financially, it is advisable to study the expenses which are related, namely:
Thus, if it is possible to apply for a mortgage repurchase at any time, several conditions must be met for the transaction to be considered profitable:
For a purchase of consumer credit, the outstanding capital should ideally not be less than 15 000 USD or 10 000 USD, according to the organizations.
If you do not meet these conditions, you can still apply for a repurchase of mortgage and / or consumer credit by negotiating, for example, the application fees to make the transaction profitable.
To determine whether a repurchase of credit is financially attractive, the best solution is still to use a free online simulator . The use of this tool is simple: you only need to indicate certain information on the loans subscribed (nature, amount, duration) and the new desired monthly payment. To do this, take out your home loan and amortization schedule. Make a simulation of credit redemption allows you to know the cost of this operation to then compare the offers.
It is strongly advised to contact a broker who will help you evaluate the feasibility of the credit redemption according to your financial situation and your profile. This market specialist, which has a large network of partners, is able to offer you offers on advantageous terms.