10 questions on buying back credits
Here are 10 questions and 10 answers associated with it concerning a credit buyback transaction.
1. Does the repurchase of loans involve a “banking file”?
No. It is a credit agreement, similar to a consumer or home loan offer.
2. Is it possible to include debts?
Yes. It is possible to add personal debts, family debts, a compensatory allowance, a cash payment, a buyout of a current account of a partner of SCI, tax arrears, co-ownership charges, etc. …
3. Is the change of bank compulsory?
No. The reduced monthly payment will be debited from the account the following month, without changing the bank.
4. Is it possible to redeem only part of my loans?
Yes, we are talking about partial credit redemption. Indeed, you can keep one or more credits, such as your home loans and in particular, the employer loan or the PTZ, provided of course that the cumulative monthly payments relating thereto and that of the loan repurchase does not exceed the rate recommended debt, namely 33%.
5. Am I insured for the repurchase of my credits?
Yes, all borrowings are accompanied by insurance in the event of death, disability, incapacity for the borrower and the co-borrower, depending on the situation and need.
The LCC (or Lagarde) law of July 1, 2010 gives all borrowers the freedom to choose the insurance for their loan repurchase (the Hamon law provides for a change within 12 months).
6. Can I include a personal amount?
Yes, for all kinds of needs or projects.
7. Is the mortgage compulsory for a buyout of a mortgage?
No. It is possible to obtain a buyout of mortgage without mortgage of the same amount and duration as a buyout of mortgage credit thanks to the bank guarantee.
There are also consumer credit consolidation operations, without guarantee or guarantee, but whose total ceiling amount is less than a repurchase of mortgage and whose maximum duration is then limited to 12 years. The monthly payment must not exceed the recommended debt ratio.
8. Can you sell your house with the mortgage?
Yes. A mortgage does not prevent the sale or rental of the property to which it relates. In the event of resale, you have the choice between paying off the mortgage in advance with part of the proceeds of the sale, or even offering the lender a substitute mortgage on a new property providing him with a similar guarantee for the price existing at the time of the transaction.
9. Can I offer a deposit?
A mortgage guarantee can be offered if the loan amount is too large to fit into the maximum duration of loan repurchase operations without collateral and the borrower does not own a home himself or if the value is too low.
In this case, the surety, who is also a natural person with a sufficient amount of real estate on which a mortgage can be taken, will not be required, unlike the joint surety, to pay the installments in the event of default of the borrower and will therefore not be prosecuted, but his property may be subject to foreclosure and be sold at auction to reimburse what remains of the lender.
10. Up to what age can you redeem your credits?
The loan end date should generally not exceed 90 years. 95 years for certain establishments.