Published on 03/24/2021 at 7:00 a.m.
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As rates flirt with historic lows again, it can be tempting – and even recommended – to renegotiate your mortgage if you haven’t already! Beyond the rate, also take the time to take a look at the cost of your loan insurance (the famous death and disability insurance that is backed by your credit). In the March issue of the “Big Real Estate Meeting” (Capital / Radio immo), Astrid Cousin, spokesperson for the loan insurance broker Magnolia, takes stock of the cost that this insurance can represent, and gives us his advice on how to compete and reduce the bill.
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Due to the low rates, this insurance can now represent more than 50% of the cost of new loans … And therefore weigh more than your loan interest. To melt this bill down, our guest reminds us of the legal arsenal (Hamon Law, Bourquin Law) which is now available to individuals. Since the entry into force of the Hamon law in 2015, it is thus possible to terminate your contract within 12 months of the date of signature of the loan. Provided that your new insurance contract has the same guarantees as that offered by your bank, the latter cannot refuse it. And if you miss the boat, the first year, it is then possible, thanks to the Bourquin law, to make competition play again every year, on the anniversary date of your contract.
>> In video – Find our entire March issue dedicated to the mortgage and loan insurance market
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