Let mortgage loan revise – costs and conditions
More and more people want to have their mortgage loan revised. The interest rates have dropped for a long time.
This put a large number of consumers on the hunt for a cheaper loan for their home.
The requests from customers who have their mortgage loan revised have increased for a long time at the banks. Nevertheless, there was also a large group of consumers who were waiting. These people watched the cat from the tree. Interest rates continued to show a downward trend. Many consumers assumed that the bottom of mortgage interest had not yet been reached.
The financial markets show a number of interest rate increases. These rising interest rates mean that a lot of people are suddenly taking action. Instead of waiting any longer, they contact their bank or credit broker. The mortgage loan to be revised is now high on the agenda.
Let mortgage loan revise
A mortgage loan is a contact between two parties and can therefore be reviewed in mutual consultation. In the case of a loan to a consumer, the rule is clear. You can repay a loan at once if you pay a reinvestment fee. This compensation is limited to three months interest. You pay the outstanding capital plus the interest you would have had to pay in the next three months.
The above rule applies to all credits to consumers. To have a mortgage loan revised whereby you pay back the old loan is also included. However, a mortgage loan must meet many formal requirements and entails additional expenses. A mortgage loan is registered with a mortgage office, becomes past for a civil-law notary and also leads to file costs at the bank.
It is therefore important to weigh the extra costs against the savings in interest. A mortgage loan works with a compound interest so that there are some calculations and formulas to the pass. It is simply not possible to formulate an unambiguous answer via our website. The best option is to visit a specialized broker and submit your file. You immediately know whether your mortgage loan is worth reviewing.
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