The repurchase of credits and the repurchase of mortgage loan… The two expressions seem similar, but are nevertheless quite different. Small focus.
The principle of buying back credit…
Also called consolidation loans, debt restructuring or refinancing, credit redemption is to redeem its loans and debts (tax delays, overdrafts) to not pay a single monthly payment.
Interest? By paying a single monthly payment, your debt ratio decreases. You thus find a new budget capacity and can thus invest in a new project (a real estate purchase for example, or the acquisition of a car).
There are two types of repurchase of credit:
the purchase of consumer credit. You only group your consumer loans (personal loan, revolving credit…);
the purchase of mortgage credit. The transaction includes a mortgage and is secured by a mortgage on your property.
If your current debt ratio is high and prevents you from embarking on a new project, do not hesitate to perform a credit redemption comparison. You may be able to regain new fiscal capacity.
… and that of the mortgage repurchase
As noted above, loan consolidation can include a home loan. However, this transaction should not be confused with the repurchase of real estate loan (also called real estate renegotiation).
Why? The home loan buyback is to buy its mortgage by another bank to take advantage of lending rates more advantageous than a few years ago. In summary, a bank buys your home loan to offer you another at a reduced real estate rate.
It is possible to carry out this operation with his own bank; we are talking about renegotiation of credit. But this type of request is rarely accepted, and for good reason… By agreeing to renegotiate the rate down, a lender mechanically loses money.