A loan buyback can be made without changing banks, ie the loan (s) concerned are redeemed by another credit institution, without the need to change the bank direct debit.
It is important to know that there are two types of credit surrender, first there is the purchase of real estate loan whose objective is to take advantage of advantageous rates to save on interest The other operation is called credit consolidation, its principle is to collect several loans in one to reduce monthly payments. In the context of these two operations, a borrower has the possibility of calling on a bank other than the one holding his bank domiciliation.
It should be noted that banks can not impose the change of bank domiciliation unless they offer a real benefit in return, this advantage must be clearly established for the borrower. As part of the repurchase of mortgage, the change of domiciliation is often required in exchange for better rates, for the consolidation of credit, most operations take place without changing banks.
The repurchase of credit is a complex operation, it implies for the borrower to file a request for redemption of its loans, it is necessary to list the number of credits, the amounts remaining to be refunded and the current monthly payments to allow the bank of evaluate the feasibility of funding. It is only at the time of the financing study that borrowing conditions can be communicated to the borrower, including the need or not to change the domiciliation of income.
If the borrower absolutely wants to preserve his current bank, then he can call on brokers to solicit credit institutions willing to finance a credit buyback without changing banks. They have a good knowledge of the offers on the market and know how to guide borrowers to the right organizations. It saves time and allows you to obtain a financing proposal adapted to your needs.
The first step is to get a credit surrender estimate online, it is simply to perform a simulation by filling in its financial and personal information. This step will make it possible to obtain financing proposals including the proposed rates. Credit redemption offers can be offered by credit institutions, banks and brokers.
As a general rule, only the bank will require a bank domiciliation for a real estate loan buy-back project, provided of course that the latter offers a clearly identified advantage for the borrower. In the case of a pooling of credits, the financial institution will proceed to the repayment of the various loans and will set up the new monthly payment on the bank account of the borrower, all in total independence vis-à-vis the bank of the customer where the accounts are domiciled.