Consolidate a consumer credit and a mortgage, is it possible? | Debt consolidation

The grouping of credits makes it possible to make buy back by a banking institution several credits in order to regroup them together, it is quite possible to regroup a credit consumer, that it is about a credit car or motorcycle, a credit works, a personal loan or a revolving credit with a mortgage.

Consolidate consumer credits

Consolidate consumer credits

Many borrowers use debt consolidation to allow them to reduce their monthly payments and benefit from a single deduction. This operation makes it possible to take back in hand its finances and to avoid the imbalances, a logical situation after the accumulation of various debts making it possible to finance the projects of the life.

Borrowers tend to use different loans to finance their projects, it can be a car loan to get to work, a personal loan to finance a trip or a credit work, to renovate his Property. All these loans put end to end can weigh on the finances and by regrouping them, the borrower gets a little more air each month, knowing that the reduction of monthly payment is possible only by lengthening the duration of repayment, which can sometimes lead to an increase in debt.

Group the mortgage with consumer credits

Group the mortgage with consumer credits

Contrary to popular belief, mortgage credit can indeed be included in a pool of credits, a borrower has every opportunity to consolidate its various loans, even if they are different in nature and for this, there is legislation relatively simple.

If the share of real estate loans represents more than 60% of the loans to be taken over, then the debt consolidation will be defined as real estate. If the share of these loans to housing is less than 60%, then it will be a grouping of consumer credit, in its name because in reality, the mortgage will be included in it.

The interest of consolidating the mortgage and consumer loans makes it possible to standardize its loan repayments but also to take advantage of the current loan conditions to renegotiate the rate. With a monthly payment, one manages more easily its finances and one makes better face the financial unforeseen.

Simulate the consolidation of consumer loans and mortgages

Simulate the consolidation of consumer loans and mortgages

The definition of the nature of the credit pool and the estimate of the reduced monthly payment can only result from an online simulation. These tools make it possible to inform one’s financial and personal situation, which allows after validation to receive several proposals of regrouping of loans, with for each the rate, the duration and the proposed reduced monthly rate.

It is possible in this financing to include a sum dedicated to a specific project, for example, if the borrower wishes to carry out work in his real estate, he can take advantage of the grouping of credit to add this amount, the latter will be smoothed on the new repayment term with the other loans bought back.

Of course, it is only at the validation of the file that the final amount of the reduced monthly payment will be known, but the simulations generally offer an estimate very close to the reality, to note that they are free and without commitments.

Christopher Bell

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