Refinancing mortgage

[RetireJapan]

Yes, I have health insurance too (and I'm not too worried about medical expenses here, to be honest)

[MBK]

My insurance guy who used to work at the bank previously helped me to negotiate reduction of mortgage rate. Simply speaking, I basically just got a quote from another institution (in my case, AEON bank offered lowest rate) and brought it to bank mentioning that I`m thinking to switch. Bank agreed to lower our rate. Not a huge change on monthly payment since I still have 17 years of mortgage payments ahead, but helped to save a few hundred thousand JPY in a long run. Can`t speak generally, but in my case bank will prefer to lower your rate rather than losing your mortgage altogether. Timing this conversation ahead of the fiscal year end also helps.

[RetireJapan]

Simply speaking, I basically just got a quote from another institution (in my case, AEON bank offered lowest rate) and brought it to bank mentioning that I`m thinking to switch. Bank agreed to lower our rate.

A friend of mine did something similar. Seems like the easiest way to reduce your payments (without the paperwork/fees involved in actually switching).

[MBK]

Simply speaking, I basically just got a quote from another institution (in my case, AEON bank offered lowest rate) and brought it to bank mentioning that I`m thinking to switch. Bank agreed to lower our rate.

A friend of mine did something similar. Seems like the easiest way to reduce your payments (without the paperwork/fees involved in actually switching).

Yeah, exactly. I was surprised myself that something in Japan can be this smooth. I was expecting the bank clerk to come chasing after me with some "...., but...." al the way until I took last step out of the bank

[Paulo]

A few months back my mortgage lender (Family Life Service) contacted us and asked us if we wanted to refinance due to lower market rates. I was sceptical at first but after running the numbers it was a no-brainer. For the pain of signing all the forms again we shaved 3 years and ￥3.5M off the mortgage. Happy days.

[Roger Van Zant]

I mentioned to my bank that I was considering moving my mortgage to another lender because my interest rate was too high (1.8%).
They reduced it to 1.5% within a week.

[Roger Van Zant]

Yes, I have health insurance too (and I'm not too worried about medical expenses here, to be honest)

It's not the medical expenses which scares me so much here, rather the loss of earnings were I to be hospitalized for a few weeks.
Is there some kind of insurance which covers a sudden inability to work? I would need something which would pay me daily the same as I earn from my job.

[zeroshiki]

There actually is an insurance for that. Its called 就業不能保険 inability to work insurance
I won't comment on whether its a good idea or not but it seems like for most of them the standard is if you're out sick for more than a set number of days.

Here's a comparison site:
https://hoken.kakaku.com/gltd/

[Roger Van Zant]

There actually is an insurance for that. Its called 就業不能保険 inability to work insurance
I won't comment on whether its a good idea or not but it seems like for most of them the standard is if you're out sick for more than a set number of days.

Here's a comparison site:
https://hoken.kakaku.com/gltd/

Thanks!
This is just what I was looking for.
I think I will opt for something like this:
https://ibb.co/YXvZ8PB
250,000yen per month should cover the mortgage and medical costs/hospital stays.

[AreTheyTheLemmings?]

I mentioned to my bank that I was considering moving my mortgage to another lender because my interest rate was too high (1.8%).
They reduced it to 1.5% within a week.

If you don't mind my asking, which bank do you have a mortgage with?