I published an article some time ago explaining how I had earned several thousand euros and 8 years on the credit of my main residence. Well guess what? I put the cover back. The cumulative gain, on the calendar and financial axes, is this time less. But renegotiating your mortgage allows you to make huge savings quickly and easily: I will still save almost €10,000 .
My wife and I bought our main residence at the end of 2009. It’s a beautiful house, one of the objectives of which is to accommodate our small family. We had gone through a credit broker to get us the best deal possible. The initial term of this loan was 25 years, with an expected end in 2034. And the least we can say is that 25 years is still a long time! 🙂
Fortunately for us, our professional situations were quite correct, so we decided to reduce this duration a little, and by side effect the cost of this mortgage. It was at this time that we learned and understood that renegotiating your mortgage was undoubtedly one of the best ways to easily save tens of thousands of euros. Two monthly payment increases later and a past renegotiation, in addition to tens of thousands of euros in earnings , we had managed to bring forward the end date of our loan from 2034 to 2026. 8 years less monthly payments , this does not ain’t nothing!
My wife and I had decided that this year would be the year of rental investment. Renegotiating your home loan was clearly not one of our concerns at the start of the year! And yet…
As you probably know if you follow the blog regularly, we recently invested in an apartment building, and spent several weeks negotiating our mortgage for this rental investment. Two protagonists were in the running to finance the property: our current bank on one side, a credit broker on the other. And as often, competition is good , especially for the consumer, or the borrower in the case that interests us! Because the broker had the excellent idea to offer us an offer including the repurchase of the mortgage of our principal residence in addition to the financing of the investment property. And we obviously passed the message to our bank, with which we therefore renegotiated our mortgage. This is called killing two birds with one stone! 🙂
Result of the races: it is almost €10,000 that we have just saved on the credit of our main residence . The duration of the loan has again been shortened: 6 months have come to subtract from the remaining duration of our mortgage.
To recap, since taking out our home loan in 2009, we have carried out the following operations:
Less than 5 years after the start of our credit, we are clearly very happy to have been able to carry out these actions which have saved us thousands of euros and a good number of years. If you are also interested in winning several thousand euros , you can, for example, take a look at the site of the online broker Empruntis, which I use regularly to do my simulations. You will thus have an idea of the current rates and you will therefore be able to compare them to that of your loan in the simplest way in the world, just to know if it could be interesting for you to try a renegotiation or a repurchase of your mortgage.
Have you ever thought about renegotiating your mortgage? Did you prefer to reduce the duration of your loan or lower your monthly payments?