Loans reunification
The loans reunification is a tool that allows us to accumulate all our debts in the only payment and obtain a clear advantage: the reduction of the monthly quota that we pay for everything. The traditional banks take years offering it, but it is now when we see publicity great on intermediary companies of reunification of loans.
It is a question of a mortgage enlargement, or the opening of a piece of news, in which we can accumulate to (reunify) the mortgage, the backward monthly salaries, the debt of the credit card, the loan of the car, etc. With the new funds, they return themselves prematurely the small loans and, on having reunified everything everything in only one quota, it will be possible to negotiate a minor interest and to pay a lower monthly quota.
Disadvantages
But all that glitters is not gold. In fact, we must not bear only in mind the interest that we will pay (this one will be minor) but also the term to which we are negotiating the debt. If we renegotiate the debt of the credit card (debt of several months of duration), the debt of the loan of the car (debt of 3 years of duration), increasing our mortgage loan we will have won in the interest, changing 15 % or 8 % into the Euribor more a small differential, but the debt will have turned into a debt of 30, 35 or 40 years and with mortgage guarantee: if it is not paid the house gets lost in favor of the bank.
Also the operations of refinancing or reunification of loans based in extending a mortgage loan have a series of expenses that it is not necessary to forget: the modifications of the writing of mortgage he supposes expenses of record, notary's office and taxes. The banking institution will receive also commissions from us for the procedure and for the opening of the loan. If we have come to an intermediary company it is necessary to add his commission or tariff. For it, the Monetary Authority, the Spanish Bank recommends to find out well about the term of the new debt and about the commissions and expenses that it will transport.
Fiscally, the new loan or the enlargement of the one that we already had, although it is a mortgage loan, it will not be deductible like investment in housing in the Revenue since in fact the money of this new loan has not been assined to the acquisition or construction of the habitual housing but to other ends.
Companies of reunification of loans
These companies are not banking institutions. In exchange for taking a commission that the operation gets dearer, they negotiate in our name with different financial institutions and propose the enlargement or opening of a mortgage for major capital and term.
Options
Arranged of better to worse or of cheaper to more expensive:
- To extend the term of current mortgage loan
- To extend the capital and the term of the current mortgage and to cancel other debts
- To change bank by means of substitution, with new conditions of capital and term, and to cancel other credits
- To cancel all the loans, including the mortgage one and to open the new one for major capital and term
- To come to an intermediary company of reunification of loans (this is what goes out more expensive)
Advices
Before coming to a financial intermediary, it is convenient to try one of these options:
- To request loans relatives
- Company advances
- Personal loans
- Mortgage enlargement (the options that we have seen earlier)