Since the start of 2012, mortgage rates have continued to fall. It is therefore currently always advisable to access the property but it is also a boon to embark on the renegotiation of a mortgage in progress.
However, before realizing a mortgage, it is necessary to check whether the savings will be sufficiently substantial compared to the costs generated by this new operation.
The best 15-year rate in October was 2.88% compared to 3.74% in January. Therefore, even if you took out a mortgage only 10 months ago, it is quite possible that buying back your mortgage is a profitable financial transaction.
The savings made with a loan buy-back mainly depend on the difference between the initial credit rate and the rate that you are able to obtain currently.
A repurchase of credit is interesting when you still have at least 7 years of repayment. Otherwise, interest is too small a part of your repayments.
The rate you can get now should be at least 0.50% lower than the original credit rate.
It is important to take into account the costs related to the loan repurchase transaction: application fees, guarantee costs and early repayment indemnities (3% of the principal remaining due, limited to 6 months of interest).
A mortgage loan can also be a good opportunity to save on the cost of your loan insurance by using an insurance delegation. Particularly in the case where you have taken out the group insurance contract of the bank, it can be interesting to play the competition between the individual insurances in order to find the one which will be the cheapest while offering you equivalent or superior guarantees. to those already in place.
Unable to know in advance how mortgage rates will evolve over the next few months, we only know after the time which was the most advantageous to make a mortgage loan repurchase. However, the current rates being historically low, one should not hesitate to launch out in this operation by taking account of course of the rules indicated above in this text.