It is sufficient to add the remaining principal due to date for each of your loans using the amortization tables and the last statement of each cash reserve. Credither, a company that repurchases credit, will calculate the redemption of credit by including the application fees and any prepayment penalties.
The calculation of the repurchase of mortgage
In a mortgage repurchase, there is more than 60% mortgage. To avoid the penalties of early repayment, it is interesting to renegotiate his mortgage with his bank. But this one can refuse because of your current rate of indebtedness too important. In some cases, it is imperative to buy back your mortgage to add the balance due to your ex-spouse. Indeed, the consolidation of real estate credit allows the redemption of balance.
Once the outstanding capital has been added, the prepayment penalties must be added: 3% for real estate loans and 1% for consumer loans whose remaining capital is greater than $ 10,000.
To this will be added the notary fees for the implementation of the mortgage, the file fees of the bank and the expenses of intermediary (also called search warrant of capital).
The credit redemption simulator will tell us a credit simulation with the fixed rate and the new monthly payment.
Calculate a buyback of consumer credit
You want to avoid a mortgage loan or you are renting or hosting for free. You do not need the services of a notary for your loan buyback. All you have to do is add up all the outstanding capital of all your outstanding loans, add the 1% prepayment penalties for consumer credits in excess of $ 10,000 (except for cash reserves), d also add overdrafts and debts or late bills. At this amount, the processing fees will be calculated and included in the financing.
The credit redemption simulation will indicate the new monthly payment and the duration of the loan redemption.
A cash surrender credit shows the first elements such as the new monthly payment, the term and the rate. But each file is unique and has a particularity. That is why it is better to talk about your situation over the phone for better understanding.