Merging loans and mortgages: is that possible?

You can combine both mortgages and consumer loans. It is even possible to combine mortgages with personal loans, car loans and credit cards. Even if there is a report on the Cream Bank.

In this article we will go into more detail about merging or centralizing different loans.

As you probably know, there are different types of credit. But according to the law, only two types of credit are made: loans that fall under the Mortgage Credit Act (mortgages) and loans that fall under the Consumer Credit Act (installment loans or LOAs).


Merging mortgages

mortgage loan

If you have several mortgages, these can be merged into one new mortgage . It does not matter whether they were entered into at different times. One mortgage can run for more than 10 years and can be perfectly merged with 2 others who have only taken out 3 and 5 years.

When is merging mortgages interesting? There is no fixed answer to this. It depends on various factors: your current interest rate, the new interest rate, but also how long you still have to pay.


Merge installment loans

installment loans

Even if you have various credits that fall under the Consumer Credit Act, you can have them merged. This can really involve completely different forms of credit. For example, you have a car loan (financing), a personal loan and 2 credit cards. It is possible to combine these into one installment loan. You can then choose the term within which this new loan will be paid off. Usually your intention here will be to reduce the monthly installment so that you have more budget.


Merge mortgages and installment loans

Merge mortgages and installment loans

But is it also possible to combine mortgage loans with consumer loans? Yes, that is perfectly possible. In this case it is therefore possible to have 2 benefits at the same time. On the one hand you could benefit from a lower interest rate to take over your mortgage credit and save on it and at the same time to merge one or more other loans to increase your monthly budget. This is also possible for loans with a notification at the Cream Bank!


What is very important in all these cases is that you get a correct calculation of the acquisitions and a clear representation of the conditions of the new credit. Of course you can contact us for this , also online via Facebook!

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