February 5, 2019 Lolita Grant 0Comment

Surely many times you have considered how you can agglutinate all the loans in a single debt. Find out how to do it through the loan reunification simulator and forget about spending more.

Reunification of loans with a new loan without endorsement

It is one of the options most raised by users who intend to group all their debts. This option facilitates the payment of your multiple debts, although it generates an important cost and is only recommended in very specific cases.

The reunification of debts consists of grouping all the loans, credits and mortgages in a single loan, whose overall monthly interest will be less than the sum of all the individual debts. Debts are collected to reduce the monthly payment at the expense of increasing the repayment term, which also increases the interest cost.

Reunification of loans through a mortgage

The reunification of loans on a mortgage is the most recognized option by experts in economic matters. It is about regrouping all the debts under the guarantee of a mortgage with new conditions previously negotiated.

The mortgage will collect all outstanding debts and have a new interest rate and repayment period.

Expenses of a debt reunification

  1. The cancellation of all loans (cancellation fees or early repayment).
  2. Formalize the opening of a new mortgage (with the expenses of commission of opening, costs of valuation of the house, the Tax of Documented Juridical Acts or the fees of the notary).
  3. A mediating agency (in case you decide to have it to reunify the debt, which will be responsible for making a study of our case).

Requirements for the reunification of loans

The first requirement we must know is that we will have to reunify all the debts under the same mortgage. We can not choose which ones and which do not since we will group the total of the loans. Thus, the amount of the sum of the debts must not exceed 80% of the value of the mortgaged property.

In addition, we will need to present a demonstrable solvency such as the DNI, the latest payrolls or not being inscribed on a list of defaulters such as Phineas or Ferb .

Finally, we must know that, although the measure of reunifying debts can be a very affordable solution in the short term, in the long term this process will increase its total cost due to the extension of the repayment term, and, therefore, of the total interests.