Consolidation for 20 Years is Possible Only with a Mortgage Loan
March 20, 2019
Consolidation for 20 years of bank loans and loans. Is such a long consolidation possible at all? Yes. But exclusion in the case of mortgage consolidation loans.
Under a consolidation loan, various bank liabilities can be consolidated with each other. Most often these are cash loans and loans. And what else? It depends on a particular bank, but it can be:
- installment loans,
- credit card
- debits in ROR accounts,
- car loans,
- mortgage loans (home loans).
Consolidation allows you to organize your finances and regain financial liquidity. In addition, it is possible to:
- reducing the burden due to installments paid,
- extending the loan repayment period (which is also a downside of the loan – more interest to pay),
- adjusting the date of repayment of the installment to the date of receipt of remuneration on the account,
- obtaining additional funds (the so-called consolidation loan with additional cash ),
- negotiating better credit conditions.
Consolidation for 20 years – a consolidation mortgage
Where to consolidate loans? List of banks and cash consolidation loans. In these banks you can also ask about consolidation secured by a mortgage on real estate.
We distinguish two types of consolidation loans:
- cash consolidation loan,
- mortgage consolidation loan.
Consolidated cash loans are usually granted on similar terms as cash loans and cash loans. The amount of such a loan does not exceed PLN 200,000 and the repayment period is 10 years. It is also the maximum loan period for cash consolidation loans.
Mortgage consolidation loans are loans secured by a mortgage on real estate. At the same time, these are loans with a lower nominal interest rate. What makes such a loan can be cheaper.
The amount of such a loan depends on the value of the secured real estate, and consolidation for 20 years or even more is possible.
Consolidation of mortgage loans is more complicated and more long-lasting than in the case of cash consolidation. It is also an additional cost, in addition to the standard charged by the bank, such as property valuation, mortgage entry in the land and mortgage register or bridge insurance, until the mortgage is established.