When it comes to lowering negotiated rates, we are beating record after record! All durations combined, our average is 2.29% for fixed rates and 1.93% for revisable rates! We believe this near floor is durable.
Only, as of October 2013, we anticipated this decline and we confirm that a significant recovery is not possible until inflation starts to rise again. Which, with growth at half mast, is not possible at best before 2016!
At Good Lenders we find that the credit market is wide open and, whatever it is written here and there, the banks basically are lending. They have abundant liquidity and are in constant competition to gain the maximum of new customers.
Renegotiation of your mortgage loans must be on the agenda
The financial savings to be made are significant and everything that is earned today is definitively earned for the duration of the credit.
At Good Lenders, every day, we see the financial gains we make for our customers. If we compare October 2013 to October 2014, we see that for a loan of 200,000 dollars, the cost of credit is down 25% (59,000 dollars against 78,000 dollars). But, more spectacularly, if we refer to 2008 credits, it is more than 50% ($ 59,000 for $ 125,000). In this case, the savings can reach 20,000 dollars.
In addition, if you plan to change banks we will also negotiate new conditions for your loan insurance.
Renegotiating your credit is simple…
First you need to contact your banker to find out their position and if it is positive, the conditions of their new offer.
Then, we recommend that you interview a Good Lenders credits broker. Just make an appointment and come with your loan contract and your amortization schedule. On site, we will be able to tell you if the operation is profitable. In almost all cases, we negotiate as a priority for you with your bank, which is our partner. We are not there to systematically undress each other. So in the vast majority of cases we get better than you in your bank.
The renegotiation transaction is absolutely without financial risk for you. In fact, brokers are Intermediaries in Banking Operations and Payment Services (IOBSP) exercise their activity within a regulated framework. They are therefore prohibited from receiving any remuneration before the current release of the borrowed funds.
In addition, they are bound by a duty of transparency regarding the remuneration they can claim if their mission is successful.
Planning and organizing the renegotiation of your mortgage is an act of good management.