The repurchase of mortgage implies to ask a banking organization, which will realize a proposal of repurchase of credit, here is how this process takes place.
Proposal to buy back credit
A home loan repurchase is a bank transaction aimed at being redeemed by another bank or other credit institution for its home loan, with or without consumer loans. This financing begins with a request from the borrower, which will specify the amount of credit (s) to be repurchased as well as its financial and personal situation. A first study makes it possible to evaluate the feasibility of the financing then for the bank to make a proposal of redemption. This proposal simply allows you to specify the redemption amount, the transaction costs, the proposed rate, the monthly payment and the repayment term.
The interest of the proposal during a mortgage repurchase
The proposal is an estimated approach, ie the definitive offer may not be identical to the proposal for a number of reasons. The first being the repayment term, the borrower may be adjusted the duration depending on the amount of the desired monthly payment. Second, adding an amount for a new project may change the proposal, which involves updating it. Finally, the study of receipts makes it possible to define the exact amount of the income, the expenses and the credits to be bought back, which can create a slight variation compared to the initial proposal of repurchase of mortgage. Once the proposal is accepted by the borrower, the bank can then proceed to the publication of the credit contract offer which, after signature, will release the funds.
Get a proposal to buy real estate loans
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The implementation of simulation tools can now accelerate the process by offering an immediate estimate to the borrower, directly via the Internet. All that is needed is to enter his personal information and then validate the simulation, the result is immediately communicated. This allows to preview the effects of a redemption of its credits, simply, this proposal is an estimated approach, only a thorough study will define the exact amount of the offer for repurchase of mortgage.