Bankshopping

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Earlier this year I scheduled a number of appointments with banks representatives in the area I currently live to see if they could get me a better deal on the mortgages I currently have. On Friday I had the first of two scheduled visits and the first banker told me after studying my files and numbers that they wouldn't be able to do better, taking into account the rather large cost involved in ending the current mortgage and opening a new one at another bank.

The banker I was scheduled to see in the afternoon turned out to be on holiday, so that meeting was moved to today. The weekend had no obligations but relaxing with the girlfriend - spent the day in a wellness center, followed by a night in a hotel - and meeting up with old friends on Sunday. Monday however, three more appointments on the agenda, of which two are already past me as I type out this entry.

Unless something drastically changes this afternoon - which I doubt - the final conclusion of reviewing the finances by 4 competing institutions is as follows : the rates I currently have are pretty sharp. I had a meeting with my own banker earlier today and they confirmed that - even with plummeting and all time low rates nowadays - it would be hard to beat the current deal.

So, what does the future bring? Once the time to renew rolls around, the monthly mortgage payment for mortgage 1 will drop considerably - although I'll probably opt to shorten the remaining time instead of lowering the monthly cost - and as such be debt free on that one sooner.

Mortgage 2 has a fixed rate and that is not too bad at all, so it'll probably stay as is.
Mortgage 3 has a yearly adjustable rate, which will drop considerably, due to the current lows. I hope to be able to clear a small portion of that debt as well, which should help in either further bringing down the monthly cost, or shorten the remaining term. How much I'd be able to repay shall depend on the tax return result I'm still waiting for, unfortunately.

Was all the time invested worth it? As some of you may know, I do value my time, and as such you could say that the hours spent have not really given me much of return. On the other hand, I've learned a lot, have made it clear that I'm not scared to speak up and compare institutions, which accounts for something too. I'd say... yes, it was worth it. It's always worth knowing and understanding your finances.

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This page contains a single entry by ServMe published on February 18, 2013 2:18 PM.

Unreachable was the previous entry in this blog.

Extreme couponing? Not really... is the next entry in this blog.

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