Home Loan At the Heart of the Summer, Rates Remain

perfectly stable according to mortgage brokers. And they should stay low for a few more months.

Still no hot shot on rates! The barometers established by the brokers, on the basis of the scales communicated by the banks, are almost identical to those of the beginning of July. And keep themselves close to their all-time low, recorded at the end of 2016.

About 1.60% for a home loan online over 20 years

The network Youfinancer announces average rates of 1.30% over 15 years, 1.50% over 20 years and 1.70% over 25 years in a press release on August 2nd. As each month, the averages differ slightly from one banner to another, the average fixed rate over 20 years being thus estimated at 1.65% at Imprints or at 1.60% at Meilleurtaux. If the estimates diverge, marginally, a finding is unanimously shared: no significant change in average rates at the heart of the summer.

Another consensual finding is that several institutions looking for borrowers would be willing to make significant “haircuts”. In other words: by trading, it is possible to obtain rates well below average, of the order of “0.60% decline” according to Sandrine Allonym, spokesperson for Vousfinancer. An affirmation confirmed by Credixia: this brokerage network refers to “discounts up to -0.65%” for borrowers investing in Ile-de-France, with a personal contribution and comfortable income (more than 4 000 euros per month for a single person).

Credixia gives a handy tip for buyers presenting a credit report in this summer period: “negotiate an additional period by extending their conditions precedent of at least 15 days”, in addition to the period of 45 days traditionally provided for in the conditions purchase.

How to use the mortgage calculator?

Complete the following information to obtain a credit calculation.

Loan amount: enter the home loan online amount you wish to apply for in dirham.

Loan duration: indicate how long you want to borrow.

Nominal rate HT: we inform by default the annual interest rate of your loan, except insurance. You are free to modify this rate to see its impact on your monthly payments.

Insurance rate: this is the annual rate on the insurance of your mortgage. This insurance is required by banks to finance your real estate project. We have reported an average rate found in Morocco. You are free to modify it.

Do you already have mortgage insurance in progress?

Whether you are renegotiating your mortgage or not, you can change borrower insurance, under certain conditions.

Thanks to the Harmon law (2014 law) and the Bouquet amendment (law of February 2017) you can terminate it and change borrower insurance (also called insurance substitution) in order to opt for a contract more advantageous by respecting the following conditions:

If you have taken out this loan less than 12 months ago:

You can cancel the mortgage insurance for the first twelve months from the date of signing the loan offer. Your request must be made at least 15 days before the end of this period.

If you purchased this home loan online there are more than 12 months:

Since 1 set January 2018, this change is possible every year at the annual renewal date of your l home loan online insurance contract. Your request must be made at least 2 months before the anniversary date of your mortgage agreement.

However a very important condition:

The new insurance contract must have a level of guarantees equivalent to that of the original contract. If this condition is not fulfilled, your bank is entitled to refuse your substitution request.

The guarantee equivalence criteria were defined between the bankers and the insurers, and validated by the CCSF.

 

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