The repurchase of credit is an operation allowing to repurchase a mortgage or to regroup several credits together, the goal being able to vary according to the type of operation, between the fall of the interests to be reimbursed and the reduction of the monthly payment. When a bank is going to study a request for the repurchase of loans, it will ask certain essential information to the borrower like in particular the amount remaining to be repaid of its credits, but also essential information like the cartoons and the amount of the household income.
The salary is, therefore, an important element in the context of a grouping of credits, it makes it possible to define the amount of the new monthly payment to be reduced, which will allow the borrower and the household to find a more stable and more sustainable financial situation. Whether you have a big salary or a small income, the most important thing is in fact the rest to live. You can have a big salary and a very low living income, which can jeopardize the loan buy-back project. And conversely, you can have a small salary but a living to live within the limit of what is asked. Obtaining a loan buyout with a small salary is therefore quite possible.
How to get a loan buyout with a small salary?
Income is an essential element in the context of a financing study, linked to credit consolidation. You should know that the salary, even a small one, must be regular and linked to a sustainable employment contract. Without this notion of sustainability and sustainability of income, the request to buy back loans can quickly be refused by an organization specialized in these operations. It is, therefore, necessary to establish a request for simulation taking care to inform the household income, this form is based on the simple customer declaration, the proof of income, whether for large income or small income, will be requested later, at the stage of examination of the file.
This first approach already makes it possible to give a feasibility opinion to the borrower, by providing him with all the necessary details on the methods of subscribing to financing, but also on the estimated amount of the new reduced monthly payment. These estimates are based on the information declared by the borrower, which must be subsequently validated by sending the list of supporting documents requested.
Which institution accepts the purchase of low-wage credit?
Credit institutions specialize in financing for owner borrowers, others for tenant borrowers. There are also organizations specializing in the repurchase of short-term credits and others in the repurchase of long-term credits. Each one sets specific criteria and offers tailor-made financing solutions.
In terms of salary, there is no distinction but some establishments agree to favor borrower profiles more than others. To find the establishment offering the best loan buy-back offer to borrowers with low incomes, it is advisable to use the simulator which will be responsible for offering several offers, thus leaving the borrower the choice to select the best according to his own selection criteria.