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Renegotiating a Mortgage
Hi.
We have a fix rate mortgage for 20 years with Belfius Bank.
With rates at an all time low... I was wondering have anyone tried to renegotiate your Fix Rate?
Is it even possible?
Maybe a mortgage broker could help - rather than the bank? They shop around... has anyone tried such a move?
Appreciate any insight.
Thank you.
Yes, it is possible.
Our neighbor told us he had renegotiated his, so we asked our bank, and in a week they gave us an offer lower than what we have now, so we could save around 12k euros in what's left of the loan, so we took the new rate.
We went to two other banks and they also gave a similar lower rate and another one a slightly lower rate, but however, when you move to another bank, you pay a penalty, so in the end, it was best to stay with our bank.
Not sure why you would need a mortgage broker when all you have to do is call the person at your bank in charge of the loan, ask them if they could get a lower rate, and that's it.
Forgot to say, that this just happened about 4 weeks ago....and our neighbor did his about 2 months ago, so yea, now is the time to see what rate you can get.
i did this, too, a couple of months ago and saved a bundle over the course of the loan. just stayed at my own bank. there was a fee of about €300, but it was well worth it.
We moved from CBC to Belfius last month because Belfius was offering us a fixed rate of 1.35% on a 10-yr fixed mortgage. We saved €13,000 net by changing banks. If you take a shorter duration (than 20 years), the fixed rates are lower. You don't need a broker.
