To finance a personal project, credit is the preferred track. However, lending organizations analyze your borrower profile before trusting you. However, any drop in income caused by retirement or job loss can alert them.
To recover an attractive borrowing capacity, the grouping of credits is recommended on condition of carrying out the operation. Credit repurchase brokers are specialists. How to choose a loan repurchase broker?
What are the pitfalls to avoid and the advice to follow?
The right broker in credit repurchase: an interlocutor available to listen
The grouping of credits requires that your interlocutor is attentive to your expectations and your words. One of the first things to evaluate in order to find the best credit buy broker is the human contact of this business relationship.
For example, availability lays the foundation for a relationship of trust. A broker in repurchase of real estate credit that you cannot reach easily does not encourage to continue because the context requires to be reassured and to be accompanied.
A credit buy brokerage specialist should not pass judgment on your financial situation. His gaze must be objective, his advice balanced, clear and understandable. The intermediary between you and the lending organizations must be an ally likely to defend your file to take advantage of the best conditions for your loan repurchase.
It’s up to you to make the effort to be transparent about your situation and your goals. Whether you are requesting a loan buyout following a divorce or a period of unemployment: be frank and direct!
Ditto if you want to opt for the repurchase of credit while you are registered on the FICP (National file of the incidents of repayment of the credits to the private individuals). If the credit consolidation expert does not immediately ask you about your professional, family and heritage situation, go see the competition!
Credit consolidation: experience and seriousness
There are more and more mortgage brokers on the market. Some may have a professionalism in appearance, so do not hesitate to scrape the surface layer so as not to let yourself be lulled by illusion, especially when talking about money.
Your contact must give you guarantees of experience and seriousness. How? ‘Or’ What ? By verifying its registration in the single register of insurance, banking and finance intermediaries: A registration number is assigned to each intermediary, who must comply with certain conditions depending on the scope of their activity.
The professional must also present a liability insurance. In reality, to get the best possible rate following your credit renegotiation, two categories of online brokers can help you:
- an independent broker;
- a broker belonging to a vast brokerage network.
This is where the broker’s experience in buying credit comes into play. This operation can be technical and requires know-how to properly manage the files and knock on the door of the lending partners most advantageous for you. Try to find out about the extent of its network, its turnover and the age of its activity, and gather testimonials as far as possible. Nothing beats word of mouth!
Have a wide range of loan buy-back offers
The mission of a credit broker in France consists in grouping all your loans contracted within the same loan. The objective is to obtain a better rate of loans to reduce your debt, find a more sustainable financial situation or increase your financial leeway to carry out new projects in retirement, for example.
Credit consolidation allows you to concentrate all your loans in a single monthly payment whether it is a repurchase of home loans, a repurchase of consumer credits or a repurchase of revolving credits. During a divorce or an inheritance, buying a cash payment is also an operation that can be carried out by the broker online or in an agency.
However, it is still necessary that your contact offers a wider range of services. He must be able to offer the best solution for buying back credit, because the sometimes minute variations in borrowing rates can weigh on the final bill on the mortgage or on borrower insurance. The richer its offer, the more the comparisons between the different market rates refine the results and settle the most interesting proposals for you. Moreover, credit repurchase brokers have more or less efficient results depending on the type of loan.
While some compete for lucrative solutions for short-term loans (between 7 and 15 years), others allow a more favorable outcome for more complicated situations.
A scope of actions of national or local scope
The criterion of the scope of intervention of the expert broker in credit repurchase seems trivial and yet! The more its scope of actions expands, the more its range of credit solutions widens.
An online broker confined to his local or regional sphere will only know this territory, while you will sometimes need to glean information and advice from other regions. A broker has every interest in knowing the real estate market in order to make a good estimate of the value of a property put up for sale. This is particularly the case when buying a cash balance or calculating the ratio for a buy back mortgage.
Through its possible interventions at the national level, the loan repurchase broker suggests a network of well-meshed partners across France and overseas. He is able to exchange with multiple lending organizations including regional banks that are very advanced in the grouping of debts including a mortgage.
However, the local link is often conducive to the emergence of the best solutions, hence the interest of looking for a credit repurchase broker in a concentric circle from your place of residence or your workplace according to your problems.
Choose a broker to buy free or paid credit?
The credit brokerage expert conducts negotiations for his clients by bringing market competition into play. A broker acts as a business broker vis-à-vis the banks. Thus, loan consolidation brokers are paid directly by the bank, remuneration which corresponds to 1% of the amount borrowed on average. Moreover, this amount is part of the sums compiled in the APR or TEG.
Thus, a broker may not charge his clients even if the criterion of gratuitousness is not the most determining. Other intermediaries work for the payment of fees which coincide with their services:
- assembly of files;
- monitoring of reimbursement, etc.
These brokerage fees should not eliminate them in your eyes, even if you have every right to negotiate them!
In summary :
The best broker to negotiate a loan buy-back is the contact person who:
- Lets you take advantage of its network to get the best solution;
- In the framework of a buyout of mortgage at a better rate with a cheaper loan insurance, allows you a compensatory gain in repayment penalties;
- Assists you in the insurance delegation process even if you change banks;
- Explains the various costs inherent in the repurchase of credit (prepayment penalties, brokerage fees, handling fees, cost of a mortgage release or subscription to a future surety, etc.