It was not in line with expectations given the recent reports on mortgage interest. An increase in mortgage interest was predicted. Yet it all turns out differently. The mortgage interest rate continues to fall further and further. Historical lows are now being reached. With better research, it can be possible to take out your mortgage loan at an interest rate of 3% for a fixed-rate period of no less than 20 years. Borrowing money for a mortgage has never been so advantageous.
Mortgage interest falls, and the interest on a “normal” loan?
Mortgage interest rates are falling steadily and, with the exception of the occasional small bump, continues to fall. But what actually happens to the interest on your loan ? Is it also getting lower? Simply put, you might think that a home loan is really no different from a large loan. Yet this works slightly differently in practice. Just the fact that a mortgage loan is accepted, but a consumer loan is actually a bit “dirty”. Is a big difference.
At parties and parties, people talk openly about the interest that could be negotiated on the mortgage, but the interest on an ordinary loan? We don't hear anyone about that.
This is one of the reasons why the interest on ordinary loans can remain higher. Indeed, they do not encourage each other to look for a lower interest rate.
In addition, competition among providers of “normal” loans is even less than among providers of mortgage loans.
For the reasons mentioned above, the interest on consumer credit will in all likelihood remain higher. In the past, of course, there have been providers like LLM Bank who have stunted with interest rates of 1.9% and even 0.9%. This is very unlikely to happen in the near future.
How can you lower the interest on your loan?
If you currently have a loan, and you pay an interest of more than 4.5% on a loan amount greater than $ 25,000, you may be paying an interest that is too high. To check whether it is possible to get a loan at a lower interest rate, you can have Credit Competitor check, free of charge, whether there are options elsewhere to transfer your loan more cheaply. This will be assessed by us free of charge and without obligation. In most cases, transferring a loan can also be done free of charge.
Therefore, ask directly what your options are, and you can quickly ensure that you will pay a low interest rate.