Find out how to finish your home despite the inadequacy of your mortgage, by using financing adapted to your needs, whether it is a personal loan or a work loan.
Construction, renovation: finish the house
Many French people make the choice each year to embark on a construction or renovation project of an old house, a daring project which must be combined with the mortgage to finance all purchases of materials and/or professional craftsmen. It often happens that the amount borrowed from the bank is not enough to finish the house, simply because unforeseen expenses have arisen, or simply because the costing has been underestimated.
In this very specific framework, it is not possible to request an extension of a mortgage because the financing having been put in place, the banker cannot go back on the contract, it is, therefore, necessary to consider other solutions such as the personal loan, the work loan, or the repurchase of mortgage with the inclusion of the amount necessary to complete the house.
The choice of credit to complete the home
The mortgage is too light, the best solution is to take out a personal loan if the work is carried out by the owners themselves and the amount remains moderate less than 75,000 dollars. The personal loan is granted without proof of use of the sums, it is financing adapted to an emergency need.
The assigned works loan
If the amount of work is important, more than 20,000 dollars and it is necessary to call on a professional, it is better to opt for the affected loan, this type of work credit allows to release the funds only if the good of order is signed or if the quote is accepted, this avoids unlocking money if the contract does not take effect with the craftsman or when purchasing materials. He too is capped at 75,000 dollars.
The repurchase of mortgage
The repurchase of credit is especially known to renegotiate its rate, that is to say, to take advantage of the current conditions in order to envisage savings on the interests. That said, the repurchase of credit can also be used to finance works, to finish a house in particular. It is especially advised when the borrowers cannot accumulate yet another credit and that the repurchase of mortgage makes it possible to readjust the conditions of repayment with a longer duration, a new rate, and a reduced monthly payment, the whole having included the amount to finish the house.
Simulate and compare online
It is advisable to simulate a loan request, whether, through a personal loan, a work loan, or a loan repurchase, the most important being to know if the loan is possible at first but also to receive financing offers from the best-placed credit institutions. This then allows you to compare the proposals and choose the loan offer that perfectly meets your needs to complete the construction or renovation of the house.