Many individuals, freelancers and families grouped their loans in full economic boom. Currently, the tightening of the risk criteria of banks and savings banks when granting personal loans is increasing the demand for the reunification of their current debts.
The interest of the Spaniards to unify their debts has grown again. This is what we announced from Bino Credit Real that in 2010 the number of requests has increased by 50% over last year’s data.
The extreme tightening of the conditions to access a mortgage loan and high delinquency rates, are indicators that announce some of the most prominent obstacles to the recovery of the sector.
The unification of debts involves grouping all loans or credits into one with a mortgage guarantee . The new loan or mortgage loan granted has a longer repayment term and a lower interest rate. Becoming a very competitive product. Although the final indebtedness is always greater.
Allows in most cases to continue facing the payments made in years of full expansion and today, if reunification is not possible or ultimately the refinancing of your current debts postponing its total amortization to ten or twenty years, the majority of people who request it would be forced to enter the dangerous and vicious circle of delinquency , with the consequent costs and damages that all this entails.
Bino Credit Real, has made reunification a really attractive product by not charging any kind of commission, remaining like the rest of the financial products that usually work; 0% intermediation commission.
With these data and avoiding paying the families and individuals the commissions usually applied by frequent financial intermediaries, few are the disadvantages of unifying or reunifying their current debts.
The requirements have changed from those demanded in full economic boom. Being the main requirement and necessary to be a mortgage holder . Another detail is the capital to be financed, debt reunifications, place the maximum limit at 80% of the current appraised value of the property.