# Refinancing Your Mortgage in the Netherlands > Refinancing your mortgage in Tilburg: lower monthly payments or more flexibility? We calculate the penalty, the costs and the savings, clearly and upfront. https://www.belderbrandt.nl/en/mortgage-advice/refinancing-your-mortgage · English Lower monthly payments, more financial flexibility or a mortgage that better suits your current situation? Refinancing your mortgage can be worthwhile. Whether it makes sense for you depends on the numbers, your current mortgage and your future plans. For expats with a mortgage in the Netherlands, refinancing may also be an opportunity to review whether your mortgage still fits your current income, family situation and plans for the future. ## What is refinancing? Refinancing means replacing your current mortgage with a new one, either with your existing lender or with a different lender. There are many reasons to refinance. You may want a lower interest rate, borrow extra for a renovation, make your home more energy-efficient or release some of the equity in your home. Sometimes your mortgage simply no longer fits your current situation. We look at your existing mortgage, the available alternatives and all associated costs to determine whether refinancing actually makes financial sense. ## When is refinancing worth considering? Refinancing can be worthwhile when the savings on your monthly payments or the other benefits of a new mortgage outweigh the costs involved. This may be the case if: - There is a significant difference between your current interest rate and the rates available today, typically a gap of around 1 to 1.5 percentage points, though there is no fixed rule. - Your fixed-rate period is coming to an end. - You want to release equity from your home. - You want to renovate or make your home more energy-efficient. - Your income or personal situation has changed and your current mortgage no longer suits your needs. We always calculate the actual costs and benefits for your specific situation. For expats, refinancing may also become relevant after a change in employment, residence status or long-term plans in the Netherlands. ## What does refinancing cost? Refinancing comes with costs. Depending on your situation, these may include an early repayment penalty if you are still within your fixed-rate period, notary fees for the new mortgage deed, valuation costs and mortgage advice fees. Our mortgage advice fee is €3,500. You can find our current rates in the [comparison cards on our downloads page](https://www.belderbrandt.nl/en/downloads). We include all these costs in our calculation, so you can see whether refinancing genuinely saves you money and how long it may take to recover the initial costs. ## Early repayment penalty: what is it and can you earn it back? If you end your mortgage before the end of the agreed fixed-rate period, your lender may charge an early repayment penalty. The amount depends mainly on the difference between your current interest rate and the lender's current comparable rate, as well as the remaining term of your fixed-rate period. In certain situations, the early repayment penalty may be tax-deductible. In many cases, the cost can be recovered over time through lower monthly payments. We calculate your break-even point, so you know how long it will take before the savings outweigh the costs. ## Can I borrow extra when refinancing? Yes, this may be possible. If you have built up equity in your home, refinancing can sometimes allow you to borrow additional money. You could use this money for a renovation, energy-saving improvements or another major expense. The amount you can borrow depends on your income, the value of your home and the lender's criteria. Prefer to keep your current mortgage and take out an additional one instead? Compare the options on [releasing home equity in Tilburg](https://www.belderbrandt.nl/en/mortgage-advice/releasing-home-equity). ## Different situations require different solutions Refinancing as an entrepreneur is possible, but it requires a different approach to assessing your income. The same applies if you have a temporary employment contract or a changing income. Changes in your personal life can also be a good reason to review your mortgage: a new partner, children, a divorce, a higher or lower income or children leaving home can all affect what is financially sensible. For expats, international employment contracts, foreign income or plans to move abroad may also affect the available options. We take your complete situation into account. ## How long does refinancing take? Refinancing your mortgage with a different lender generally takes around four to six weeks, depending on your situation, the lender and how quickly all required documents are available. We guide you through the process and make sure you know what is needed at each stage. Want to understand how the interest rate itself is set first? Read [mortgage interest rates: how do they work](https://www.belderbrandt.nl/en/mortgage-advice/mortgage-interest-rates). ## Want to know what refinancing could mean for you? We calculate the costs, potential savings and available options during a conversation of about an hour and a half. If you are an expat with a mortgage in the Netherlands, we make sure everything is explained clearly, so you understand not only whether refinancing is possible, but whether it actually makes financial sense for you.