If you wish to reduce your payments or renegotiate your mortgage, you should look into a mortgage repurchase.Why do I want a mortgage repurchase ?
As a mortgage is a contract which is effective over tens of years, the economic environment as well as the financial situation of the borrower can change over the repayment period. Sometimes a person may have another project which is dear to them but that they can’t realise because their borrowing capacity is already very limited. The loan professionals have created the mortgage repurchase option to allow borrowers to change their mortgage conditions so as to better control their finances.Mortgage repurchase to reduce monthly repayments
The principle of mortgage repurchase is simple: the banking establishment purchases your existing loan and sets a new monthly repayment, a different repayment period, and different interest rates. For this operation to be beneficial, the new terms should be suited to your needs. For example, if you are experiencing an unexpected problem and you need to reduce your monthly outgoings, or you wish to invest in another project, you could ask for a reduction in your monthly repayments. You need to understand that these changes are not without consequences as, obviously, your repayment period will be extended. It should be noted that it is possible to renegotiate your loan interest rate so that the total cost of the loan won’t be too exorbitant. Using your mortgage repurchase, you can regroup all your outstanding loans in order to have only one monthly repayment or to enjoy a better offer due to the renegotiation of the interest rate.
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