Vanessa and Kevin are in their twenties. They bought their home a few years ago and are now expecting their first child. In addition to the mortgage loan for the purchase, they have 3 installment loans in progress.
They realize that this is heavy and want to pay less per month. They want to be prepared for unexpected costs. They will undoubtedly arrive with the arrival of their first child.
First key moment: buy a house and take out a mortgage loan
Buying a house and everything that goes with it is a key moment in their lives for many young people. In 2010, Vanessa and Kevin take this first important step in their lives. They buy a house and take out a mortgage loan with a large bank.
Five years of renovations and other costs
Vanessa and Kevin then start with some renovations and notice that you as a homeowner also have to deal with other costs. To do this, they take out various loans that they combine at a certain point into a new installment loan.
In 2015 they did an additional renovation, for which they also took out a new installment loan.
Second key moment: baby on the way
Then Vanessa and Kevin get good news. They are expecting their first child. A baby on the way! After the euphoria of this memorable news, the couple begins to realize that their financial burdens are becoming too high and that they no longer have much buffer for unexpected expenses or costs.
They make an appointment with their bank agent.
“It’s getting too heavy. We want to pay less per month. “
They admit that it is becoming too heavy and that they want to pay less. They do not want to be confronted with surprises and can enjoy their new life carefree.
This question leads to the merger of the mortgage loan with an installment loan into one new mortgage loan.
In the case of Vanessa and Kevin, this means that the loans and loans taken over have a longer duration. Their financial situation has been adjusted to their needs again ..
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