Since 2016 Finance OR, your broker in the repurchase of credit for the owner on a human scale: under conditions and for the owner and the owner of the property, now offers you restructuring loans over 15 years and without taking mortgage guarantee for this repurchase.
The consolidation of your consumer credits over a long period of 15 years is now possible in 2019 with almost all of our banking partners. Explanations.
Borrowers concerned by the repurchase of consumer credits over 15 years?
Specific, the restructuring loan over 15 years (180 months) without a mortgage guarantee is intended for specific profiles of borrowers. You are one of those who can benefit from this advantageous solution if:
- You have renegotiated your mortgage at a very low rate and you no longer want to touch it;
- You are an owner and you wish to acquire another property but the reimbursement of your consumer loans is too high;
- Or you have a comfortable income and wish to buy back credits with the provision of cash;
- Or you don’t want a mortgage guarantee, but a 12-year (144 months) restructuring loan would impose too high monthly payments on you;
- Or you are retired and want the lowest possible monthly payments to fully enjoy retirement.
In all cases, this very advantageous type of loan buy-back is reserved for owners or first-time buyers.
To know: compared to a loan over 12 years, the loan over 15 years without a mortgage guarantee represents more than a 20% reduction on the monthly payments!
Conditions for grouping loans over 15 years
Here are the conditions required to be able to benefit from the purchase of consumer credits over 15 years without guarantee:
- Minimum loan amount: $ 22,000;
- Maximum loan amount: $ 200,000;
- Maximum age at the end of the loan: 85 years.
In addition, if a home loan is also included in the consolidation, it must be less than 60% of the total amount of the restructuring loan.
If you match the above profiles and your project meets the conditions, make your credit buyback simulation: it’s free and without obligation!
The advantages of grouping loans over 15 years or 180 months
Compared to a restructuring carried out over a shorter period, the repurchase of credits over 15 years will allow borrowers to repay lower monthly payments. This is the counterpart of the extension of the repayment period. In doing so, borrowers increase their living allowance (that is, the amount available after paying the monthly payments). Therefore, it is possible to have projects like:
- Finance the purchase of a car
- Give yourself a vacation
- Finance works
- Fund children’s studies
- Helping one or more parents in a retirement home
- Buy a second home or rental property
Example of credit repurchase over a period of 5 years to 15 years
The longer the duration of your credit repurchase, the lower the monthly payment. Conversely, the shorter the duration of the loan buy-back, the higher the amount of the monthly payment.
For example, for a grouping of loans of $ 75,000, with a linear interest rate of 3.5%, the monthly payments will be as follows (calculated excluding insurance):
Over a short period of 5 years, the monthly payment is higher and will, therefore, be $ 1,360.
Over a period of 7 years, reimbursement is $ 1,005.
Over a period of 10 years, the monthly payments are $ 739.
Over a period of 12 years, the monthly repayment of the loan is $ 637.
Over a long period of 15 years, the monthly payment is lower and it will be $ 535.