The route of debt consolidation is not particularly complicated, although it requires the study of each specific case by the intermediary company. It will analyze the loan, interest being paid and repayment terms What’s next so that, once the operation is approved, negotiations begin with various banking institutions new payment terms,
Reconsolidation can be done if you have a mortgage loan or a personal loan. According to experts, when you have a mortgage it is usually more beneficial, as the interest rate is better compared to consumer loans. In Spain, more than half of reunions (58.1%) are done through mortgageAccording to the Asufin study.
Also, the mortgage is associated with a long amortization period (sometimes up to 35 years), so it may take a good number of years to pay off the new installment. In this case, credit can be reevaluated by requesting a new mortgage, which implies additional expenses; increase in mortgage principal Present to cancel other credits or ask for credit mortgage (A product that allows financing with the house as a guarantee if it has already been paid for). “When reintegration is done through a mortgage, the amount that will be obtained will never exceed 80% of the value of the mortgaged property”, explained Cermelli.
On the other hand, if you don’t have a mortgage and don’t want to put your home at risk, the financial institution will likely request some sort of guarantee. In this case, the final fee shall not exceed 30% of salary Those who ask for reunification”, says the expert.
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It is noteworthy that when reunification is requested, it is necessary to include all Loan, That is, you cannot choose them. “The bank needs to see the person’s entire financial situation,” confirms the Desto School business professor. In general, and according to the Asfin study with respect to the products involved in recombination, the Credit Card It is integrated in nine out of ten reunions (90.3%). They are followed by personal loans, in 76.1%, mini-loans, in 40.1% of cases, and mortgages, in 59.3%.