Find out how to get a loan buy- back without necessarily having to use a broker, you take care of the process yourself and you take advantage of the online simulator to compare offers.
How does a credit buyout go without a broker?
A loan repurchase is a banking operation by which a bank offers to buy back part or all of the credits, while a person is being reimbursed, and proposes a new contract including:
- A fixed rate
- Longer duration
- A greatly reduced monthly payment
The interest of the repurchase of credit is thus to readjust the conditions of repayment of the borrower to his current situation, by proposing him a significant reduction in his monthly payments, which allows him to rebalance his finances and to better manage his budget. The operation makes it possible to buy consumer loans as well as home loans, together or separately. To set up this financing, it is necessary to deposit a request with a bank or a credit institution, which is not always easy to identify, this is why the brokers propose to investigate the file and to present it to these financial organizations. It is possible to do without, using comparators and canvassing the banks.
Get your credit buy back without brokers
Brokers of the preparation and selection work, their knowledge of the market allows them to automatically direct the request to buy back loans to the right organizations and save time. Simply, it is a work which can be expensive, in particular on the files involving mortgages where the amounts are important. It is noted on average that the broker's mandate represents 5%, but it can go up to 7% of the amount of credit to be bought back. Thus, for a borrower with 200,000 dollars of credits to buy back to reduce his monthly payments, the latter will have to pay 14,000 dollars of commission to the broker (on the basis of a 5% mandate), these costs are included in the new monthly payment.
This additional cost which saves time is not to everyone's taste and some prefer to operate their own credit repurchase procedures using two solutions: filing an application with conventional banks and recourse credit redemption simulators. The advantage of these two solutions is that it is possible to do it online. Most credit institutions offer online simulators at best, in worst cases deposit forms for a request for financing, always via the internet. With comparators, you can file a single request and obtain financing proposals from different banks and credit institutions in a few minutes.