Redeeming credit at the best rate

The interest rate offered by a bank or lender is determined by the profile of the borrower. Thus, each financing request is studied individually to allow the lender to determine the borrower profile as well as the inherent credit repurchase product. In practice, the more the borrower profile is degraded, the higher the interest rate and the reverse is true. A borrower profile that displays good management of its bank accounts is likely to have a better interest rate for its loan repurchase. In fact, the bank or the banking institution provisions the risk in part of the interest rate. The borrower profile is defined according to different financial ratios in the file: the debt ratio before the buyout operation, the existence of financial incidents or not, the rest to be lived by person and others.

Advices to have a mortgage at the best rate

Advices to have a mortgage at the best rate

To obtain a loan buyout at the best rate, the borrower must play over time. The shorter the term of the loan, the lower the rate. If the borrower’s repayment capacities allow it, he should not hesitate to choose a shorter repayment period. However, this decision should in no way affect the family’s financial equilibrium. Another tip would be to be ready during periods of low rates. Low rates are dependent on economic conditions. In practice, it will be more attractive to borrow as the interest that the borrower will have to repay will be lower.

Use a broker specializing in credit repurchase

Use a broker specializing in credit repurchase

A broker is an intermediary between the borrower and the bank that buys the credits. A broker only receives remuneration if the project is funded. If the borrower’s first wish is to have the lowest possible interest rate, the broker will negotiate with the banking establishments, of which he is a partner, to make him benefit from the best rate in force.

Have a good borrowing profile and a lasting situation

Have a good borrowing profile and a lasting situation

Just like a loan application, the borrower’s accounts will be considered for loan if he wishes to make a credit repurchase. Obviously, the borrower profile must give confidence to the lending institution, subject to collecting a higher rate. Rejects, late payments and overdrafts are negative signals which should be avoided when sending to a bank or lender likely to buy back credits. If the borrower is in this case, it is advised to first of all regularize this situation and to wait approximately 6 months so that his bank accounts are white as snow and that he can hope for a good rate. Also, a stable professional situation is a very essential criterion. If the borrower is an employee, the CDI is the fundamental contract to get a good rate. If the borrower is a civil servant, this is the contract holder. Regarding the self-employed, the borrower must justify at least 3 years of activity. In short, having a better rate in terms of credit repurchase requires meeting all these criteria.

The Best Credit Buyout Company

 

Do you have too many credits and your current debt ratio is too high? Binary Lender is a credit repurchase company specialized in this field since 2003. Our rigor and our experience allow us to offer you the repurchase of credit for owner or for tenant which will suit you best.

The advantages of Fine Bank, a credit repurchase company

The advantages of Fine Bank, a credit repurchase company

Within our credit repurchase organization, we treat each request for credit consolidation with great attention and kindness. A single advisor will take care of your file from start to finish. We analyze in detail your situation and your wishes in order to offer you the best possible credit repurchase.
We interview all the banks specializing in loan repurchase. Then, we offer the most attractive credit buy-back simulation for you, in your interest.

What are the fees for a buyout?

What are the fees for a buyout?

When calculating the repurchase of credit, we will add up the outstanding amounts (capital remaining due) of all your consumer credits, your personal loans, your revolving credits, your car credit, your online credits and your other credits consumption. To this total amount, we will add cash according to your wishes and the credit repurchase fees.
These costs are broken down into bank administration fees (impossible to negotiate) and brokerage fees (also called capital search mandate). These are negotiable. Fine Bank does not consume brokerage fees, we even apply the lowest fees on the market, between 3% and 5% of the amount of your credit repurchase (some credit repurchase companies apply 8%!).

Make a credit buyback comparison

Make a credit buyback comparison

This is why when buying credit online, apart from the new monthly payment that you will get after financing, it is important to know all the fees that will be applied. You can compare, Binary Lender is committed to offering you the lowest fees, isn’t that an advantage?

Sometimes a long term for your loan buy-back is necessary to meet the criteria of the living balance or debt ratio, but be aware that you have the possibility of making a partial prepayment (with a minimum of 10% of the borrowed amount) without any penalty if you repay less than 4 10,000 over a period of 12 months. Beyond 4 10,000 prepayment, the penalty will be 1%. For mortgage loan consolidations (with more than 60% of mortgage loans), the prepayment penalty will be 3%.

 

The repurchase of credits to clean up the management of the loans contracted

The fall in the credit rate is an open door for the repurchase of credit. It is a solution for a person who has accumulated loans. This person has a great need to reduce their debt ratio or to free up some cash. Highly possible. Especially for mortgage loans.

Optimization of reimbursements

Optimization of reimbursements

The idea is to group the current credits into a single debt with a single financial institution. This is achievable in a particular context and especially when the situation favors the operation because it allows borrowers to optimize their repayments.

Good repayment capacity

Good repayment capacity

It is possible to gather the maximum of credits and the types of credits going from consumption like the car loan, the work loan or the personal loans while passing by the mortgage. It all depends on the borrower’s debt capacity and the terms of the buyback that he must negotiate either with the initial creditor establishment or with another financing organization that accepts to refinance even tax credits or rent arrears.

Debt smoothing

Debt smoothing

The negotiation relates to the amount of the new debt, the rate applied, the amount of the monthly payments and the duration of the repayment, the costs which are quite high, the rate of the borrower insurance. The debt is smoothed. The consolidated loan is reduced and the new debt is aligned with the longest credit. The cost of the operation is often higher than the initial situation. The borrower no longer runs to several establishments to repay, but has only one contact. It sort of sanitizes the management of its loans. And if more than half of the repurchase relates to real estate, then the new loan becomes a mortgage generally with a new mortgage.

Always be well informed

Always be well informed

First, it is important for the borrower to be well informed before getting started. Then, he can use electronic platforms which can guide him before contacting the establishment of his choice using credit comparators. Finally, it is also recommended to use the services of experienced broker in the context of large transactions which can go up to 2 million dollars over 25 years for refinanced mortgage. Typically, a rate of 2.5% is required if the borrower plans to bundle consumer loans with credit.