You want to set up your buyback for retiree or asset and you have listed all your credits. You realize that you have multiple lines of credit for consumer, personal loan and revolving credit. You have one credit work that you want to include in your purchase. You ask yourself the question: how do you know if this is a consumer credit buyback?
What to determine in your credit redemption request
When you make a credit redemption simulation, you indicate the consumer loans, conso credits and online credits you have outstanding. It is also necessary to indicate the real estate loans and the credits work held.
When the portion of home loan and works is greater than 60% of the amount of your loan redemption, it is a group of credit said real estate.
On the other hand, when the share of real estate credit and works is less than 60% of the amount of your credit surrender, it is a repurchase of consumer credit.
How to get a consumer credit buyback at the best rate?
If you are an owner, simply offer a mortgage guarantee on your principal residence. The APR of your purchase of credit will be much lower and the duration of the credit can be extended up to 35 years!
But a loan to buy back credit is quite possible without mortgage and for a period of up to 15 years. This avoids the passage to the notary and it is much simpler and faster.
How to make a credit redemption with an online bank?
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At Credither, we offer online credit redemption because it is easier and faster to scan all your documents and send a file by mail. From the credit simulation, we indicate all the documents that will be sent to us to build your file and obtain the loan offers.
Since the Lagarde Act, prepayment penalties for consumer credit buybacks are capped at 1% if the prepayment is greater than $ 10,000 over a period of less than 12 months.