The lower interest rates of new offers, the elimination of theearly payment fee, some banks' giving up the analysis fee and thepromise of a new notary tax cut are likely to bolster old loanrefinancing.
Lacking new clients and coping with a wave of discontent fromold clients, bankers are starting to throw refinancing offers atlower interest rates onto the market, with some banks even offeringto take over more loans held by a single client and consolidatethem.
However, most debtors are finding it hard to refinance old loans asthe value of collateral has plunged in the past two years. Still,clients wanting to refinance loans may leave behind another hurdleafter notaries public proposed to the Ministry of Justice that feesfor mortgage contract authentication be cut from 0.5% from the loanvalue to a maximum of 100 RON.
It is as late as now that the race for clients seems to betightening, as some lending institutions believe they are in aposition to take advantage of some peers' image problems or others'inability to slash loan costs.
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