If you want to become an owner, it is time to get aware of things around you. But be careful, when negotiating with your banker, do not focus on this single nominal rate, because the true cost of your credit will depend on the total effective rate. The latter includes all the costs of setting up your loan, use a magnifying glass to figure out things. Because they can allow you to realize substantial savings.

  1. Lower the administrative costs

When you go to your bank advisor, he will do different simulations depending on your profile. If you are a simple customer (employee, having all your accounts domiciled at his agency, no health risk aggravated), your file will be very easy to assemble. In this case, negotiate with him a discount on the expenses of the file. If you go through a broker, the fees will have to be paid, but you will have nothing to settle at the bank. Again, negotiate a rebate if your record has required very few appointments.

  1. Negotiate the cost of insurance

When you buy a home loan, you must at the same time take DIIT insurance (Death, Invalidity, Incapacity of Work). It allows the banker to ensure that the monthly payments will always be paid even if you are a victim of a serious disaster. You can take out a contract that is cheaper than your banks, but only if the insurance policy on assignment gives you identical guarantees.

  1. Play on the ancillary services

You cannot bend your banker and still want to get better. Play on the ancillary services. Your advisor will be pleased to make you subscribe, in parallel to your home loan, home multi-risk insurance for your new home. In the same way, show your banker that you are ready to place your sponge in his establishment by looking at basic savings products. If your bank offers a bundle of interesting services with the bank card, inform your banker that you are interested. As you get benefits from a commercial gesture on your home loan!

  1. Check the prepayment penalties

If you have to sell your home to another area or to buy bigger or smaller, you will need to prepay the bank. Legally, the latter amount to 3% of the remaining capital, capped at six months of interest, responsible for relations with banks. It is possible to cancel or reduce the amount if you resell your home for the purchase of another. Remember to change this point in your loan agreement before signing it; this may be useful in the future. Be aware, however, that a banker will charge you almost systematically if you renegotiate your mortgage in a competitor.

  1. Think about the transferability of the loan

Check that your credit is transferable. This will save you money in the future by taking advantage of current rates of less than 3% on future purchases. If you buy a larger home in a few years, after reselling the first one to which your credit is attached, this mechanism will allow you to transfer the remainder of your credit for the purchase of the new property. So, you have to borrow the missing complement, at a rate probably higher than 3%. Attention, this operation remains however at the good will of the bank. But check that it is possible upstream, before signing the loan offer.


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