Some borrowers may end up with several home loans, an optimization of repayments is possible with the repurchase of mortgage.
2 home loans in 1: principle
The repurchase of mortgage is primarily solicited by borrowers to take advantage of better terms of repayment, this is particularly the case when rates fall, it becomes interesting to buy his loan to enjoy savings on interest. Simply, the loan buyback has the advantage of adapting to all situations and you can buy both one and several loans at the same time.
Some borrowers find themselves repaying several credits at the same time, this is the case, for example, for individuals who want a second home, rental investors, SCI or SCPI. The idea is simply to accumulate another loan to buy a second residence in a private capacity or for the purpose of collecting rental income. Simply, to cumulate two mortgages can be binding, the redemption of credit allows to gather the two in one.
How to buy two real estate loans?
The procedure of the repurchase of credit is simple, it is enough to deposit an application at a bank or a specialized credit institution by specifying the number of credits, their amounts remaining to be refunded as well as the current monthly payments. The financial institution can thus study the current situation of the borrower and offer him a smaller monthly installment, thanks to the extension of the repayment period. The duration can be adjusted according to the needs of the applicant in terms of monthly payment.
To validate this first study, it is necessary to provide proof of credits, it is simply to provide the timelines of the two mortgages. It should also be known that consumer credit can also be bought back in the operation, as well as the possibility of adding an additional amount to, for example, work on real estate. This addition must be specified ideally at the time of the study so that its consideration can be effective in the proposal to buy credit.
What type of guarantee for the repurchase of the 2 loans?
The purchase of real estate loans including two real estate debts is first and foremost proposed by institutions specializing in mortgage guarantees. These banks can offer loans for periods of up to 35 years, so they have the right products for these particular purchases. Note that it is common to find that a borrower is left with two mortgages on the same property or on each property, so there is a main mortgage and a secondary.
As part of the mortgage loan repurchase, the new guarantee take the place of the previous two, it can be put in place on a single property, which secures the assets of the borrower. However, the bank must agree with this principle and it is advisable to quickly carry out a simulation of repurchase credit to know the terms of the loan.