The repurchase of credit is known to allow to renegotiate its rate and / or to gather several loans in one, it can also allow to buy a house, under certain conditions.
You can actually buy a house with a loan buyout, but the eligibility for this type of project depends on several factors, including the borrowing capacity of the household. A household in debt at almost 33% of its income may find a little financial margin by extending the repayment period with the repurchase of credit but this will probably not be enough to allow the addition of an amount dedicated to real estate financing. It is important that the household has a sufficient capacity to get into debt but also a remainder to live within the authorized limit, it is quite simply the sum which remains each month on the bank account after deduction of the regular charges.
Buying a house with a loan buy-back: it’s possible
You will understand, the debt capacity is the key word in this type of operation and an owner who already has a property will be easier to get an agreement because he can offer his main property as collateral, which a tenant cannot necessarily do so. Whether the borrower has consumer loans and / or real estate loans in progress, nothing prevents him from carrying out a loan repurchase simulation by adding the amount of his real estate project when entering the form.
Home loan with a buyout of consumer credit
Some households with only consumer loans are also interested in the project of grouping the credits into one and adding to the financing a home loan, which will be used to buy the house. In this case, two solutions are possible, a grouping of consumer credit which makes it possible to combine consumer loans with the subscription behind a mortgage. The second option is to use a credit repurchase including the consolidation of consumer loans and the addition of an amount dedicated to the financing of the property. The advantage of loan repurchase is to be able to adapt to the needs of the borrower and therefore consequently to his projects. The credit buyout simulation provides a quick and free initial overview of the feasibility for these types of financing.
You should know that this solution is generally requested by borrowers owners or SCI wishing to invest in real estate, the presence of a first property can in fact constitute a guarantee for the second, this is possible in the context of a buyout mortgage credit. We will calculate the amount to borrow based on the value of the first property, so this is called the mortgage ratio. It is necessary to use a mortgage buyout establishment to obtain this type of financing, here again simulation remains the best solution to compare the different proposals.