Passive loan customers get the interest they deserve. Take a meeting with your bank.
Today, Norges Bank held its regular interest rate meeting and central bank chief Øystein Olsen told us that interest rates remained unchanged. But that does not mean that you should accept that mortgage rates do not change, because Hegnar can at the same time. No, tell us that the money market rate (the interest rate which is mainly determining your mortgage rate) has decreased considerably. And according to Aftenposten, banks are quicker to raise interest rates when the general interest rate rises than lowering it as the level decreases.
This means that there is a potential for most people to get a lower mortgage rate.
And then it is not necessarily a change of bank that can yield the lowest interest rate. Many may get as much of a meeting with their bank because the prerequisites for the interest rate fixing have changed since you took up the loan. Such a meeting might also clarify the type of mortgage that suits you best.
– If you can get as good terms with your current bank as at the best in the market, it will be the absolute best for you. Then you lose the work and costs associated with switching supplier. Use the interest rate barometers and show your bank what conditions you can achieve with others in the market, “says Financial Officer Elisabeth Realfsen, editor of Bonytt.. no.
– For passive loan customers
She further emphasizes that many are too passive in terms of their own interest rates.
Last year, according to the Finance Organization’s main organization, only five per cent was a switched bank, so people should be more active towards the bank, partly because the value of the home has certainly increased since the loan was raised, which means that mortgage collateral has improved and the bank’s risk correspondingly lower.
Meet the mortgage rate
So much you save on meeting with the bank
For a loan of three million and maturity of 25 years, the monthly interest rates will be reduced as follows:
Reduction in interest rates
Reduction in interest cost
0.1 percentage points
0.2 percentage points
0.3 percentage points
0.4 percentage points
0.5 percentage points
0.6 percentage points
0.7 percentage points
0.8 percentage points
0.9 percentage points
1.0 percentage points
According to Realfsen, many are fighting for meeting the bank because they have a perception that it is demanding. But such fear is unfounded. My view is that the bank’s clients are happy to take such meetings.
Most people have been living with their mortgage over several years, and often it is that many people have a poorer rate of interest than both the level of interest rates and the housing value would indicate.
Realfsen’s advice is therefore to ask for a meeting with the bank.
– And we know that by simply taking a phone to the bank, it’s usually a lower interest rate, adds Alexander Schjøll at SIFO to Bonytt. no. Together with Randi Lavik, he has written the report: “Mobility in various markets, information channels and border traffic: SIFO survey rapid statistics 2011 and 2012”.
Arguments for lower housing rates
Elisabeth Realfsen maintains two main arguments when meeting with the bank.
– One is the level of interest rates in the market, as reflected in the interest rate exchange of the Financial Portal. Use it as a barbell. The second argument is that the value of your home has increased in recent years. This means that your bank has a lower risk of lending to you, and it should reflect interest rates.
Another point she draws is that when you have paid for the loan for a few years, it will also provide better mortgage security for the bank because the so-called loan line has sunk.
A lot to save on being awake consumer
Realfsen believes that the banks’ price levels to some extent reflect how passive consumers are. This is also reflected in the said SIFO report.
– It is enough that the effect of being active in the market only applies to those actually. In our report, we have nine percent of bank exchanged in 2011. It has given them better conditions, but it does not mean that those who have not exchanged also get these better conditions. We know that banks and insurance companies try to segment the market to the greatest extent possible. Membership in trade unions, total offerings, etc.. allows you to get better conditions. Consequently, prices in the financial market are affected by people’s pace, but it is difficult to say to what extent, Schjøll expands.
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