Do you know what is the grouping of debts with mortgage ? What do you know about reunifying debts? What are the advantages of performing this type of credit pool ? Nowadays it is increasingly common to hear our relatives talk about this type of procedure, but do you know what exactly the reunification of loans is? Do not panic! It is very simple, a grouping of debts basically consists of unifying all the debts that we have pending in a single installment.
What exactly is grouping debt with mortgage?
We explain it to you better through a practical example; imagine that Laura has to pay her mortgage, the car credit and, finally, the loan to buy the kitchen furniture. The sum of all these credits implies a high expense, while when grouping debts , the monthly installment will be less than the sum of all debts separately.
As you have been able to read, the main advantage of grouping debts is the payment of a single fee, but in addition, there is also the great advantage that this fee is lower. This is an ideal solution when we observe that the debts are overwhelming us and we need a break to reach the end of the month.
In this post, we are going to tell you what exactly to reunify debts with mortgage .
Who is responsible for reunifying mortgage debts?
Although the reunification of debts can be processed in your financial institution, there is an inconvenience, they can only group the debts that you have contracted with them. If you have various debts contracted with different financiers, you will have to go to a negotiating agency .
The negotiating agencies , such as Pardillo Consultores , will be in charge of reunifying all your loans that you have contracted with different banks in a single installment. Therefore, first analyze what type of credits you have and with what financial ones. And of course, the negotiating agencies will help you process the mortgage debt pool .
How does grouping debt with mortgage work?
Nowadays, reunifying mortgage debts is the most used method. Why is it the alternative that most people turn to? This is because mortgages, as a rule, offer more favorable conditions to the debtor than any other type of credit. It is a perfect option to qualify for better payment terms.
Another aspect that many banks take into account to grant debt reunifications are the monthly income of the client, as well as, whether or not it belongs to lists of delinquents such as ASENF or RAI. In the case of the reunification of debts with mortgages in a negotiating agency, this would not matter.
What expenses does canceling the credits entail?
When making debt pooling , we must first cancel all outstanding loans we have. The cancellation of these credits entails a series of expenses that the applicant will have to face.
The grouping of debts also means formalizing a new mortgage contract. And as a new mortgage contract, the applicant for the reunification of loans must pay the commissions of opening, appraisal of the property, tax of Documented Legal Acts and the notary’s fees. However, these expenses will be quickly compensated by the large monthly savings the debtor will experience.
Should I do the debt reunification?
It all depends on the type of debt that is incurred, your employment status, financial status of the family nucleus, type of loans and the amount of debt.
As a general rule, the reunification of debts is ideal for those families who are going through an economic downturn and need to be more relieved with their monthly bills. One of the great advantages of reunifying mortgage debts is that, by unifying the monthly installments, these are grouped into one. In addition, this single monthly fee has a lower amount than the total debts separately.
However, not all are advantages, it also has its drawbacks. Although in this case there is only one drawback in this type of debt grouping , which is that by reducing the monthly payment, the debt time increases.
Are you considering grouping debt with mortgage ? If your answer is yes, contact us. From Pardillo Consultores , we will advise you in all your doubts about the debt grouping , always offering you the best conditions in your debt grouping . Find out without any commitment!