Debt consolidation
The reunification of debts, also called the reunification of loans or credit reunification is a service offered by more and more banks. The debt consolidation centers around a mortgage, a mortgage loan, along which there are other consumer loans and other debts to reunify: charge cards, credit cards, outstanding payments. The debt consolidation passes through the analysis of outstanding mortgages, the mortgage will be the focus of reunification. If there has been a capital repayment mortgage, at a minimum rate of 20 to 30 percent, it is possible the reunification of debts. The operation of reunification is to expand the existing mortgage, in many cases one speaks of a second mortgage, but it is more correct to note that not coexist two mortgages, but the new dispel the old, because it is embedded within it.
The new mortgage is calculated so that the amount covered by the amount of old debt repayment reunited and operation costs. The reunification of debts through mortgage, has the advantage that the monthly payments deudasolver devReunificación of the new loan will be lower than those paid before the first mortgage and other debts. The disadvantage of debt consolidation through mortgage, is the amount of expenses that are generated, notary, mortgage cancellation, creation of the new registration fees, any taxes, bank charges.
In any case, before signing a debt consolidation really check that the new monthly payments are possible, so you have to make the appropriate economic study showing that current revenues are sufficient to pay the fees of the new loan. Faced with debt consolidation is possible to negotiate with the bank, savings bank, with which it has signed the mortgage loan, reduced fees, for this would be sufficient to extend the maturity of that mortgage. ALWAYS before opting for debt consolidation or renewal of the existing mortgage, you have to get them to sign written all expenses, commissions, fees, taxes which would in each of the 2 alternatives, to compare the amount of the contributions .