Since January, rates are down, and this continues as a further decline is confirmed by the end of May 2012.
Mortgage rates are down on all loan durations. This decrease in mortgage rates for individuals varies from – 0.15% for short terms up to 12 years and – 0.10% for long terms of 15 to 25 years. Thus, for a loan over a period of 20 years, the average rate excluding insurance applied is 3.50%; sure
For 15 years, the rate stands at 3.30% and for a 10-year loan, the average rate excluding insurance is 3.20%. Floating rates also recorded declines but less significant than fixed rates (-0.10% on average) with 2.90% over 15 years and 3.10% over 20 years.
Increase in the purchasing power of households
If you have a real estate project, the conditions are very favorable. Example with a loan of
200 000 euros over 20 years, comparing the currently proposed rate with a rate of 3.50%:
Fixed rate excluding insurance Monthly installment Credit cost
May 2011 4.10% 1222.53 € 93 407 €
May 2012 3.50% 1159.92 € 78 381 €
Consequence of lower rates for the customer: for the same credit you save 62.61
€ per month on the monthly credit and € 15,026 on the total cost of credit, ie
16% decrease in the cost of credit.
Daring in reducing the amount of its application fee
OPP Lending is daring in reducing the amount of its application fee to 0 Euro. Whether the application is made on the internet or in an agency, the intervention of OPP Lending (analysis, editing and negotiation) is TOTALLY FREE and is ONLY remunerated by the bank that will make the offer of the most vicious credit for the customer.
This policy of reduced costs does not imply a lower quality, on the contrary, it reflects rather an optimization of the means implemented, to obtain the best real estate loans from the largest banks. To date, OPP Lending is the ONLY national-sized broker to offer credit real estate with no brokerage fees and no application fees to the Bank. It’s totally transparent for the customer (the TEG includes a file fee of 0 €) and contractually written on loan offers.