Personal Finance for Residents of Japan
https://retirejapan.com/forum/
A small, local 信用金庫.AreTheyTheLemmings? wrote: ↑Wed Jun 22, 2022 8:00 amIf you don't mind my asking, which bank do you have a mortgage with?Roger Van Zant wrote: ↑Tue Jun 21, 2022 6:28 am 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.
Thanks.Roger Van Zant wrote: ↑Wed Jun 22, 2022 12:29 pmA small, local 信用金庫.AreTheyTheLemmings? wrote: ↑Wed Jun 22, 2022 8:00 amIf you don't mind my asking, which bank do you have a mortgage with?Roger Van Zant wrote: ↑Tue Jun 21, 2022 6:28 am 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.
Bushiman wrote: ↑Thu Nov 03, 2022 2:56 am The 10yr fixed rate is up on the 35yr mortgage my (Japanese) wife had to take out with our local bank as I didn't have PR by then... She was only a part-time worker back then. Looking at the rates you guys are getting, we seem to be paying way over the mark... For the last 10yrs we've been paying 1.95%, and they now want us to pay 2.15% fixed for the next 3yrs... Thankfully we only needed a ¥10 million loan due to a decent chunk of savings, so monthly repayments are a very reasonable ¥3man, and the increase to 2.15% would only be an additional ¥600 or so a month, but seeing people throw out numbers like 0.5%!? And even 1.5%... I feel like we might be getting rinsed!
I've just mentioned to the wife about perhaps switching providers and she thinks it's going to be a giant hassle, a huge nightmare, not worth it, etc. What do you think? Seeing as I'm the one actually paying the bills, I'd love to save some money (more for investments), although, we've been perfectly happy paying ~¥3man a month for the last 10yrs....
Is it a major hassle switching providers?
Is the process really that difficult?
Are we likely to spend hours/days filling out forms, finding documents, meetings at banks etc.?
Do you think it would all be worth it in our situation?
Thanks for any info/opinions!
No hassle whatsoever.Tkydon wrote: ↑Thu Nov 03, 2022 5:57 amBushiman wrote: ↑Thu Nov 03, 2022 2:56 am The 10yr fixed rate is up on the 35yr mortgage my (Japanese) wife had to take out with our local bank as I didn't have PR by then... She was only a part-time worker back then. Looking at the rates you guys are getting, we seem to be paying way over the mark... For the last 10yrs we've been paying 1.95%, and they now want us to pay 2.15% fixed for the next 3yrs... Thankfully we only needed a ¥10 million loan due to a decent chunk of savings, so monthly repayments are a very reasonable ¥3man, and the increase to 2.15% would only be an additional ¥600 or so a month, but seeing people throw out numbers like 0.5%!? And even 1.5%... I feel like we might be getting rinsed!
I've just mentioned to the wife about perhaps switching providers and she thinks it's going to be a giant hassle, a huge nightmare, not worth it, etc. What do you think? Seeing as I'm the one actually paying the bills, I'd love to save some money (more for investments), although, we've been perfectly happy paying ~¥3man a month for the last 10yrs....
Is it a major hassle switching providers?
Is the process really that difficult?
Are we likely to spend hours/days filling out forms, finding documents, meetings at banks etc.?
Do you think it would all be worth it in our situation?
Thanks for any info/opinions!
So, refinance to another bank and say goodbye...
https://www.aeonbank.co.jp/housing_loan ... :ptlt:ihol
Tkydon wrote: ↑Thu Nov 03, 2022 6:00 amNo hassle whatsoever.Tkydon wrote: ↑Thu Nov 03, 2022 5:57 amBushiman wrote: ↑Thu Nov 03, 2022 2:56 am The 10yr fixed rate is up on the 35yr mortgage my (Japanese) wife had to take out with our local bank as I didn't have PR by then... She was only a part-time worker back then. Looking at the rates you guys are getting, we seem to be paying way over the mark... For the last 10yrs we've been paying 1.95%, and they now want us to pay 2.15% fixed for the next 3yrs... Thankfully we only needed a ¥10 million loan due to a decent chunk of savings, so monthly repayments are a very reasonable ¥3man, and the increase to 2.15% would only be an additional ¥600 or so a month, but seeing people throw out numbers like 0.5%!? And even 1.5%... I feel like we might be getting rinsed!
I've just mentioned to the wife about perhaps switching providers and she thinks it's going to be a giant hassle, a huge nightmare, not worth it, etc. What do you think? Seeing as I'm the one actually paying the bills, I'd love to save some money (more for investments), although, we've been perfectly happy paying ~¥3man a month for the last 10yrs....
Is it a major hassle switching providers?
Is the process really that difficult?
Are we likely to spend hours/days filling out forms, finding documents, meetings at banks etc.?
Do you think it would all be worth it in our situation?
Thanks for any info/opinions!
So, refinance to another bank and say goodbye...
https://www.aeonbank.co.jp/housing_loan ... :ptlt:ihol
They will give a you a free projection of how much you will save by switching, even after including the switching costs.
They will arrange all the paperwork, and you will have to visit the old bank to sign some paperwork, and say Goodbye and Thanks for All The Fish!
And you can do your shopping whilst at the Bank in your local Aeon Store,
Ouch, sorry to hear.
That's worth a shot! Nothing to lose really...RetireJapan wrote: ↑Sun Nov 06, 2022 11:56 pmOuch, sorry to hear.
Have you tried talking to your current bank and asking them to improve your interest rate?
A friend of mine did that with his, told them he was thinking of remortgaging to another bank with a lower rate, and they lowered his rate to keep him.
Not sure how successful that tactic would be now, but might be worth a try