Including one or more consumer loans in a home loan is possible thanks to the grouping of loans.
Redeeming your home loan or consumer loans is a frequent operation. It has even become essential for owners who can currently take advantage of particularly low interest rates. Why combine a real estate loan and a consumer loan? How is this operation carried out? All the explanations.
The grouping of loans consists of gathering all the loans in progress in order to have a single monthly payment to repay. This offers borrowers better readability of their monthly budget. Concretely, there are two possible options:
The grouping of credits generally interests borrowers who have difficulty paying their monthly payments or wish to rebalance their budget. This operation can also be useful for those who plan to carry out a new project while controlling their debt. Finally, consolidating your real estate and consumer loans gives the possibility of obtaining a more attractive interest rate. This last advantage concerns more personal loans and revolving loans whose rates are often high.
It is important to specify that only owners of at least one property (main residence, secondary residence, rental investment, etc.) can access the grouping of credits . Indeed, this operation requires a hold on the property. In other words, banks require a mortgage guarantee or deposit for home loans.
To set up a grouping of loans, it is logically necessary to have subscribed to one or more consumer loans in order to include them in the operation. These can be unrestricted personal loans, restricted consumer credit such as car loans or work loans, renewable or revolving credits, bank overdrafts.
To benefit from this operation, you just have to do a online loan consolidation simulation . This free and non-binding process allows you to obtain a feasibility opinion and to evaluate future monthly repayments.
After carrying out a feasibility study, several offers will be proposed to you. It is worth comparing the annual percentage rate (APR) of each offer. As a reminder, this rate includes the mandatory costs, namely interest, death insurance and administration fees in particular. It is recommended to compete by seeking advice from a professional (broker or other intermediaries).
Thus, if the grouping of credits can make it possible to reduce its monthly payments, it can also be used to reschedule the duration of repayments, renegotiate interest rates, include the financing of a new project.
