Some mortgage contracts provide that when the rate is revised, certain elements, such as the rate revision frequency, of your credit contract can be renegotiated with the bank. If your mortgage contract does not offer this flexibility, you have two options.
Request a review of the contract......
It is possible, provided that the lender agrees. But this revision will not be free of charge. Indeed, it implies on the part of the lender a new examination of your file, as well as a new offer which will lead to modifications to the initial contract, which may lead to new administrative costs.
Close the initial loan to take out a new, more attractive loan,,,
If you took out a 3% fixed rate mortgage five years ago, you may want to take out a new loan if the current rate is 1.5%. You will then have to take out a new loan to repay your current loan. We generally speak of a refinancing or the repurchase of a credit.
But do not liquidate your old credit too quickly. Read your contract first and check with your lender. He will explain the various costs related to this credit buyback operation. Costs such as the reinvestment indemnity and mortgage cancellation fees . Finally, do not forget that your new mortgage loan will also generate new application fees , mortgage fees , expert fees , etc.