Sentence
How can taking out a mortgage help us settle debts?
You will be surprised
Whether it is a mortgage that you take directly from the bank or a non-bank mortgage, the money can be used to turn many small loans into a large one, which are paid off over time.
How does the process work and why is it important to seek the help of a mortgage adviser?
Here are the answers
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Mortgage
Debts
In conjunction with Legal Zap
Wednesday, 18 August 2021, 12:57 Updated: 13:00
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In the video: What is the connection between a mortgage and closing debts?
(Walla Studio!)
Mortgage and Debts - These two issues may well be connected. How can the debts be settled with the help of taking a mortgage from the bank and what does such a step mean? Mortgage adviser Martin Boxdorf came to the studio to put this complex issue in order.
How To Debt Mortgage Debt Consolidation Loans?
"The most effective way to deal with accumulated loans is to take out a mortgage against the house. This mortgage is supposed to be for the money to come to us and help us close small things. In fact, take small loans, the repayment of which can accumulate a lot of money. "With a much smaller monthly repayment. The problem is usually in execution - when you accumulate a lot of small loans, in the end you can not pay them all at the same time and this creates a situation where you already want to apply for the mortgage to consolidate the loans - encounter a refusal."
Which debts the bank approves to close with the help of a mortgage?
"Repayable loans, cars, credit cards - things of the ordinary citizen. The second part of the mortgage world to close this debt of those who have already 'crossed the threshold' and have execution cases, repeat checks, bankruptcies and more. In such a situation there is a kind "Second of a mortgage for closing debts - non-bank, from investment houses and insurance companies for example. These entities give the money to the mortgage, but because whoever gets it is at a risk level, they also demand a risk premium."
Why would the bank approve such a route of mortgage, if it does not approve the original loan?
"The bank wants to make money. If we want to close the loan, it gives the money, but wants a higher interest rate in return."
How important is it to contact a person who specializes in the field if you are going for such a move?
"Most people do not have an understanding of the field and this leads to mistakes. Therefore, it is worthwhile to enlist the help of a professional who knows what he is doing."
Martin Boxdorf
Phone: 053-9382060
Article courtesy of Zap Legal The
information presented in the article does not constitute legal advice or a substitute for it and does not constitute a recommendation for taking proceedings or avoiding proceedings.
Anyone who relies on the information in the article does so at his own risk
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