Buying your house or apartment in 2012, an obstacle course? The banks have certainly tightened the conditions of granting but the price of the goods fall, the borrowing rates remain historically low and especially, you can take advantage of solutions such as the repurchase of credit to optimize your real estate financing.
Credit buy-back: an increasingly popular solution
The purchase of loans is attracting more and more households. In 2011, it represented 17 billion dollars. This situation is explained on the one hand by the historically low level of current rates and also by the increase in difficult financial situations due to the crisis. Between 2004 and 2010, household debt increased from 60.4% of gross disposable income to 81.3%, an increase of more than 20 points. What to do when you have several credits to support and the monthly payments are too heavy in the budget? The repurchase of credits is often the solution and sometimes allows reductions in the amount of monthly payments that can range from 30 to 65% depending on the case. Properly managed, a loan buy-back can also allow other investments to be made. It often proves to be an ideal springboard to build a winning real estate financing file.
The repurchase of credit: an option to launch out in a real estate purchase
By cleaning up your finances, buying back credits will allow you to be able to apply for a much more solid mortgage. First, it will reduce your monthly charges and therefore increase your debt capacity. Personal loan, car loan, revolving loan, the accumulation of your credits will be replaced by a single credit with reduced monthly payments. In addition, the lending establishment you are applying for fora home loan will benefit from carrying out this operation for you. Not only does it carry out a new commercial operation but it frees up your ability to honor your commitments on mortgage. In order not to exceed the household’s repayment capacity, the monthly payments will be smoothed over the first years and the redemption of your credits will be integrated into the new envelope intended to finance your property.
In all cases, it is better to call on professionals such as Fine Bank Credits brokers. They will know how to best advise you and negotiate the best loan conditions for you. An option to remember to become an owner while balancing your budgets!