If you carry a floating-rate mortgage and your rate is noticeably higher than the rate on newly issued mortgages, ask the bank to lower it or apply to replace the loan
- High value
- Evidence A
- Saves money
- Free
- Takes minutes
- Some willpower
In plain words
A mortgage rate is a benchmark rate plus a few points. The added points used to be fixed when you signed; since 2024 you are allowed to renegotiate them with the bank. If your rate is noticeably higher than the nationwide rate on newly issued mortgages, you can ask the bank to lower it, or apply for a new loan to replace the old one. On a loan of 1,000,000 (100万) CNY over 30 years, a rate half a percentage point lower saves about 100,000 (10万) CNY in interest.
Mentioned in
Translated from the Chinese original. Original book, section 15, tip 15. Content may be out of date and rules differ by place. When you actually deal with an agency, a doctor or a court, follow what local officials, doctors and lawyers tell you. Disclaimer