If you have a mortgage and are considering negotiating it or having better rates, this is the option for you. It is a formula dedicated to the repurchase of mortgage loan.
Mortgage buyback process
With Finday, you have the option to redeem your loans, especially mortgages. To do this, you must contract a new formula intended to lighten your charges. This is a buyout offer to decrease your repayments. Indeed, too high monthly payments with high rates often pushes you to find yourself in the red. By choosing a mortgage buy-back offer, you will solve all of these problems, including paying only ONE monthly payment and ONE rate.
We will therefore study together the issue of redemption and discuss your interests. We will proceed by an analysis of your financial statement and your means of reimbursement. Then, we will do a thorough study on the possibilities of repurchases of your loans. We will deduce from this whether it is profitable for you to buy back all your credits or whether it is necessary to find another solution. Since a redemption will generate many costs, consolidating all the credits with a single organization prevents you from over-indebtedness. It also allows you to save money. Advice from a broker will help you make the right choice.
Frequently asked questions about buying back a mortgage
When to use a credit buy-back?
If you are starting to experience difficulties in paying off your receivables, it may be time to think about a loan buyout. This, in order to avoid delicate financial situations and even the filing with the BNB.
The repurchase or regrouping of the loans can make it possible to reduce the total amount of the monthly charges and this, by authorizing to repay the loan over a longer duration.
What is the response time?
As soon as we receive information from the borrower and details of the various loans in progress, we can already issue an opinion on the feasibility of the file.
If it is favorable, we immediately transmit it to the banking organizations with which we work so that they analyze the financial situation of the borrower.
If all the information provided is correct, the response to the credit request can often be made during the day.
Is the interest rate fixed?
In the event of repurchase of credit composed only of personal loans, the rate is fixed.
In the case of a redemption with a mortgage loan and possibly one or more personal loans, the rate can be fixed, semi-fixed or variable. This will depend on the choice of the borrower on the type of rate he wants for his new credit.
Is it necessary to have several credits in progress to be able to carry out a regrouping?
No, even with a single loan, you can completely request a redemption or a grouping of loans.
Can we buy back a credit union?
After analyzing the request and if it is possible, it is of course possible to buy back a loan that has already been bought.
What are the conditions for submitting a mortgage loan redemption request?
At least have a current loan, whether personal or mortgage. And have a financial situation that meets the conditions requested by the banking organizations with which we collaborate.
How do I get the full details of all my loans?
If you can no longer find your different credit contracts, you can know the details for free via 3 ways:
- Do you have an EID ID card reader? So take your identity card and your reader and go to the website of the Central Credits for Individuals
- by going to the BNB branch nearest to you
- by requesting the consultation of your data by post, accompanied by a double-sided copy of your identity card.
Do I have to have a current mortgage loan to buy back?
No, if there is no mortgage to buy back, you can definitely ask for a personal loan redemption. This repurchase is also called credit consolidation.
Who takes care of contacting the banking organizations and closing the credits in progress?
In the event of repurchase of mortgage loan, it is the notary who will take care of contacting and closing the mortgage in progress thanks to the funds released by the new lender.
In case of repurchase of personal loan (s), we take care of everything! Among other things, to contact banking organizations and to settle credits.
What is the difference between redemption and credit consolidation?
There is none, redemption and consolidation both have the same operating principle, that is to say that we buy the loan (s) in progress whether personal or mortgage.