Refinancing of a mortgage loan
There is no clear answer to this question. Everything depends on your personal situation. After all, you can consider refinancing your mortgage loan for various reasons.
Refinance at a lower interest rate
When interest rates fall, many Belgians ask themselves whether it is interesting to refinance their mortgage credit. But it is not because interest rates are falling that you are required to refinance. You have to calculate whether you will benefit from it. This requires knowledge and our specialists can do it for you. So please contact us or request a call back. There must be a Brighella office in your area.
Refinance to achieve a lower monthly payment
You can also refinance your mortgage loan because the total monthly burden starts to weigh too heavily. This is possible, for example, when you have several loans or credits, such as a car loan or a personal loan. The total amount that you have to pay each month is gradually becoming untenable. You really need a review of all your loans and loans. At such a time, merging or rescheduling credits can be a solution to achieving a lower monthly payment. If you opt for a longer term with your new mortgage loan , the monthly payment will decrease . You spread the repayment of the capital, as it were. It is possible that you will pay back more interest in the long term, but now it is mainly up to you to get a lower monthly payment.
No longer satisfied with the chosen formula
When entering into your current home loan you have chosen a certain formula. That choice was perhaps the ideal formula at that time. Your life may have changed so much that that formula no longer meets your expectations. Not every bank will want to follow you to revise the formula of your loan, so that you may be forced to switch to refinancing your home loan.
You want to change the term of your home loan
The same can be said about the originally chosen duration. You may have opted for a 30-year term, but you now earn more and want to shorten the term. This offers the advantage that you will pay back less interest. But the opposite may also apply. Due to a financial setback or a (temporary) loss of income, you can no longer handle the current monthly payment. Then it might be the right time to consider refinancing your home loan and to extend the term.
No longer satisfied with the bank’s services
Refinancing can also be based on emotional reasons. You are no longer satisfied with the services of your current bank and you decide to leave with all your products.
Perform work on the property
You decide to carry out work on your home. If you cannot finance these works by taking back the already repaid capital, then you should look for a refinancing of your mortgage loan. You can then borrow the budget for the works in your new loan. That way you kill two birds with one stone and still pay only one monthly installment. Therefore, have the value of your home estimated.
Change of your personal situation
Refinancing can also occur when your personal situation has changed:
- You are fired and you anticipate potential payment problems due to a fall in income.
- You have fallen behind with the payment of your home loan.
- You get a divorce and look for a solution for mortgage credit.
- You want to review your current loans together with your home loan and regroup everything into one credit agreement
- You are going to buy a new house and you are looking for a bridge loan.
Questions about refinancing your mortgage credit?
Ask our specialists for advice without obligation. They calculate for you whether the moment has arrived and how much you can borrow. Moreover, they compare the Belgian Brihellamarkt. Contact us or be called back.