Teacher credit buy-back: what conditions?
You practice as a teacher of National Education and you took out a loan a few years ago to buy real estate. Can you redeem your loan for better terms?
Why buy a mortgage?
Borrowing rates can change, it is not uncommon to realize that an offer that seemed attractive to us some time ago; and for which we have taken out a mortgage, no longer is.
You can, if you are a teacher and if you are in this case, get closer to your banking establishment. Some are willing to make a move to continue counting you among their clients.
In case of refusal, you can ask the other banks if they are interested in taking over your credit at their expense, by making you an attractive offer. This is called the mortgage buyout. It is now a common practice for people looking to minimize their repayment tenure or to have reduced monthly payments.
What are the advantages?
Even if you receive stable income, the bank will want to have maximum guarantees. This is why she will ask you to contact an organization that can act as surety, in addition to borrower insurance.
There are, in fact, several entities that are responsible for helping civil servants facing reimbursement problems. However, you have to show your white leg to get their help. The rate requested can be very attractive.
Speaking of rates, it is often because of him that people want to redeem their credit. When going to a new bank, you have to make sure that the offer is really attractive. It is indeed necessary that the difference between the two rates is at least one point, so that we can speak of a real opportunity, knowing that a file transfer can generate costs.
Count on the help of a broker
After having simulated your credit buyout on an online tool and having obtained a positive response in principle, you can be advised by a mortgage broker. We consult this professional to obtain a loan or for a buyout. It is able to inform customers who request it on everything related to mortgage.
His job pushes him to know all the offers on the market in terms of mortgage. It can thus, depending on your expectations and your situation, tell you with which bank you would be likely to have the best buyout opportunities.
He will certainly advise you to negotiate other points in your initial contract. Know that he can do it for you, if you want to mandate him for that. The repurchase of credit being a rather long and laborious operation in terms of number of documents, it can help you to take stock, to gain in efficiency. You can also secure their assistance for the financial arrangement of your buyout project.