Transformation of construction credit in Mortgage

Dear All,

Yesterday, I had a meeting with our banker. He proposed to start exchanging our construction credit into a fix mortgage. So far we used around 535’000 CHF out of 1mio CHF of our credit. If you remember the rate for a construction credit is 2%, therefore when my banker proposed me a mortgage rate of 1.55% for a period of 10 years, I signed. We will save around 2’400 CHF per year. He has another good deal for a 5 years mortgage at 1%, but I cannot signed it yet has we have not spend more on our construction credit.

I expect another payment of around 121’000 pretty soon as the construction is going quite well, now they have reach the 5th floor, which is our floor :-).

I wish you all of you a Happy New Year 2017; hope that this New Year will bring you happiness, joy and lot of savings!

Cheers,

RA50