Credit purchase: which organization to choose? Our advices !

The choice of the credit repurchase organization is not always obvious, it is not easy to identify the institutions proposing the repurchase of credits, here is a presentation of the various structures and their advantages. Read more at gaoodgle.com

Loan Redemption Organizations

Loan Redemption Organizations

The repurchase transaction can have two orientations, it can make it possible to buy back a mortgage to benefit from a more advantageous rate, this results in lower interest and thus savings in perspective. The repurchase may also concern several credits at the same time, a mortgage loan with several loans for consumption for example. In this second perspective, the objective is rather to take advantage of a reduction in monthly payments with a longer duration.

In both cases, some financial institutions will be better placed than others, traditional banking agencies are for example better placed on offers to buy real estate credit, while credit institutions will be better positioned on grouping offers credit. There are basically three types of actors: banks, credit institutions and brokers.

Credit redemption banks

Traditional bank branches sometimes offer credit buy-back offers, all do not because typically they are specific skills that not all financial advisors have. In terms of repurchase of mortgage loan, the rates are interesting and the bank will seek to repatriate the bank accounts, which allows to obtain interesting conditions. This is where the bank will play and therefore, it will make every effort to attract the borrower and manage its bank accounts.

Specialized credit institutions

When it comes to credit consolidation, it is more appropriate to go to credit institutions specializing in this financing. They are in fact subsidiaries of major banking groups that only do credit pooling financing. There is therefore no notion of repatriation of accounts in banks and generally, these institutions are specialized in specific profiles (tenants, owners, grouping long-term loans …). The advantage is to do business with a surveyed organization, however, it is difficult to get in touch with these institutions.

Loan Redemption Brokers

Brokers are independent organizations that do not offer any release of funds, they simply act as intermediaries between funders and claimants. The interest lies in their intervention lies in their knowledge of the market, but also in their know-how facilitating the filing of a loan consolidation file and allowing households to more easily reduce their monthly payments. Who says intermediary, necessarily says additional costs on the financing contract but the time saving and the quality of the offers are arguments to take into account.

Compare offers from different organizations

Compare offers from different organizations

The ideal remains to initiate procedures of comparison of the financial organizations, this makes it possible to be able to obtain offers of repurchase of credits from the banks, the credit institutions and the brokers. You need to use an online simulator to establish the steps and then compare the proposals based on the total cost of credit.

 

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