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Homeowner credit buy-back: example of a single borrower.

Marc, a 54-year-old engineer, has been divorced for several years. In CDI for over 22 years, he earns an income of 4,273 USD each month. He recently sold his house to buy a new apartment. He is now the full owner of this new home . At the same time, he reimburses a mortgage every month for the purchase of a residence that he leases.

Divorced, Marc has a dependent child aged 16. Alternate custody has ended. Her daughter now lives with her dad all year round.

Goals

Goals

Here are the goals that Marc wants to achieve through the consolidation of loans by Astrofinance:

  1. Include the mortgage of your rental accommodatio in the loan group;
  2. Reduce debt ;
  3. Do not suffer financially from your real estate investment choices;
  4. Increase your living space while your 2nd house is rented.

Owner of his 5-room apartment, he did not have to take out a loan through the sale of his previous property. The monthly mortgage loan that he repays today concerns the house he wishes to rent. He dedicates 1,301.46 USD to this at the start of each month.

Marc does not yet receive rent for this house since it is under renovation. This partly explains the small financial difficulties he encounters today.

Marc is rather serene for the future, and knows that as soon as the rental will be effective, his accounts will be better. However, today, his priority is not to suffer from his real estate investments . He prefers to reduce his debt now .

Especially since the mortgage is not his only claim. In addition to these 1301.46 USD, the 729.56 USD of reimbursement of a first loan repurchase.

In total, Marc pays 2,031.02 USD to pay these outstandings, which represents more than 47% of his income .

TO NOTE

We see it here, anyone who repays at least 2 credits is eligible for the redemption of their credits . The consolidation of loans does not only concern households that accumulate consumer loans. A home loan backed by a consumer loan is enough to benefit, after studying your file, from a monthly reduction .

Our explanations

Our explanations

The Astrofinance advisor in charge of Marc’s file was able to defend his client’s objectives and obtain a group of loans to meet his expectations .

After study, the observation is clear: Marc is a man with a stable and serious profile . His real estate investments are well controlled and he knows how to anticipate financial situations before they cause him harm, or the good health of his home.

Bank movements do not involve any crazy or compulsive spending. They are, on the contrary, linked to the work in progress and come to settle the various electricity bills, painting, furniture, etc.

Thus, Marc’s 1st loan repurchase and his home loan were combined. His new monthly credit is now 1,310.42 USD, compared to 2,301.02 previously. Or $ 720.60 less to pay each month . Its debt therefore went from 47.5% to 30.7%!

Her monthly payments have melted by more than 35%!

The lending institution requested the mortgage guarantee for Marc’s main apartment, which did not see any inconvenience.

During the preparation of his file Marc had entrusted his client advisor that he would like to include in the restructuring a sum of $ 30,000 to be able to finish the work undertaken in his rental property more quickly. Refurbishing and renting it is now his priority. The 30,000 USD in cash were indeed integrated, to his delight.

Customer’s decision

Customer

A very good exchange with my advisor. Steps taken care of quickly and seriously. The loan buy-back offer received was just what I wanted. In addition the tréso has been included in its entirety. I have the 30,000 to complete the work. That’s great. Thank you.