Best Loan Buyback RateOn March 2, 2019 by Clinton Whiteaker
Find out how to get the best credit redemption rate with Bruin, a bank intermediary surveyed in the credit pool.
Get the best credit redemption rate
Credit buyback is an operation that allows you to consolidate several loans into one, be it consumer loans and / or mortgages. As part of this operation, repayment terms are fully reviewed to offer the borrower a monthly payment adapted to its ability to repay. The term is rescheduled and the rate is renegotiated. In order to obtain appropriate repayment conditions, a credit buy-back simulation must be carried out by a competent body that can study the loan buyback project and then make financing proposals.
When the borrower receives proposals to buy back credit, he will systematically compare the proposed rates (APR or debit rate) to judge the quality of the offer. This is an element to take into account because by getting the lowest rate, it is likely that the offer is the most interesting, but not always. The TAEA (effective annual rate of insurance) is also a rate to be taken into account because it determines the cost of insurance. Lastly, place duration can play a role on the total cost of the credit consolidation. So, getting the best rate is fine, but you have to compare the total cost of credit to repay, which determines the best bid between several proposals.
The offers to buy credit at the best rates
At Bruin, we support every borrower in their credit buy-back project and if their objective is to benefit from the best rate, the financial analysis will be responsible for carrying out all the necessary research with partner credit institutions to offer the best offer. Loan repurchase and therefore the best rate. This requires a thorough study of the borrower’s situation, ie his financial situation, his loans in repayment, his debt ratio but also his remaining life. All these elements then make it possible to launch a precise search for a credit consolidation offer.
The rates offered by the banking partners are among the best rates in the credit union market, and thanks to its expertise, Bruin is able to offer them to borrowers who trust the services of the company. Being engaged in a continuous improvement of its services, Bruin does not fail to apply the duty of advice in the accompaniment of its customers, so to propose to them on one side the best rate but on the other the best solution for repay his credit charges.
Discover the rates of repurchase of mortgage
With rates that are constantly evolving, the repurchase of credit is a banking operation used especially for mortgages but also for mortgages. As a result, it is possible for a borrower to benefit from repayment conditions that are better adapted to his repayment capacities by reducing the monthly installment of the mortgage while also reducing his debt ratio, giving him greater leeway regarding the projects such as works.
In addition, certain borrowers carry out a loan consolidation to obtain a more interesting interest rate on their mortgages, than the initial loan is fixed rate or variable rate. Indeed, this operation also makes it possible to support floating-rate loans, which can be replaced by a fixed rate that is generally lower than originally planned. In addition, some banks refuse to renegotiate the home loan rate and do not allow borrowers to realize savings on the total cost of credit. By opting for this transaction, the borrower transfers his loan to another organization and therefore adjusts the terms of the loan agreement and calculates a new interest rate, generally lower than in the previous bank (following the type of financing and the conditions in force) .Thus, the latter benefits from a reduced rate for the loan of his house and has more adapted repayment conditions. However, it is important to note that as part of a mortgage guarantee, this transaction can generate fees if a raised hand is made on the house (mortgage lifecycle) but also in case of mortgage transfer.