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Managing a home mortgage is a marathon, not a sprint. Economic, personal, and market conditions change over time. For this reason, you might find yourself wanting more favorable contract terms than the ones you signed in the past. In Italy, as in the rest of Europe, family financial culture is based on a strong connection to tradition and one’s own bank, but it is increasingly attentive to innovation and savings. In this context, two main tools come to the borrower’s aid: refinancing and renegotiation. Although both options aim to improve the loan terms, they work differently and meet distinct needs. Understanding their features is the first step toward making an informed and advantageous choice.
This guide explores in detail the differences, advantages, and disadvantages of each solution. We will analyze how they work, the costs, and the procedures, providing a clear framework to guide you. The goal is to help you decide whether it’s better to talk with your long-standing bank or to look at new opportunities offered by the market, balancing tradition and innovation in managing your most important debt.
Refinancing, also known as mortgage porting, is an operation that allows you to transfer your loan from one bank to another. The goal is to obtain better terms, such as a lower interest rate or a switch from a variable to a fixed rate. Introduced in Italy by the Bersani Law in 2007, this procedure has a fundamental advantage: it is completely free for the customer. All costs, including notary and appraisal fees, are borne by the new bank that takes over the contract. The old bank cannot oppose the refinancing request.
With refinancing, the amount of the new mortgage must exactly match the outstanding balance of the original loan. It is therefore not possible to request additional cash. However, you can change important parameters such as the length of the repayment plan, the type of rate (fixed, variable, mixed), and the applied spread. This is a true innovation that has made the mortgage market more competitive, pushing lending institutions to offer more attractive terms to acquire new customers. This tool is particularly useful when other banks’ offers are significantly more advantageous than the terms of your current mortgage.
The most obvious advantage of refinancing is the absence of costs for the borrower, as established by law. This allows you to access a lower interest rate and, consequently, a lighter monthly payment without incurring initial expenses. Another significant benefit is the ability to radically change the mortgage terms, for example, by switching from a variable rate, subject to market fluctuations, to a fixed rate to ensure greater stability. Furthermore, refinancing preserves the tax benefits associated with the original mortgage, such as the deduction of interest expenses for a primary residence.
However, there are also disadvantages or, rather, limitations. The refinancing process takes time, usually between 30 and 90 days, as the new bank must conduct a full due diligence process to assess the applicant’s creditworthiness. Additionally, it’s not possible to change the loan amount, which must remain identical to the outstanding balance, nor can you change the loan holders. Finally, the benefit of the operation diminishes if there are only a few payments left to clear the mortgage, as most of the interest has already been paid.
Renegotiation consists of modifying the mortgage terms directly with the bank that issued it. It is an agreement between the two parties, the customer and the lending institution, which does not involve third parties. With renegotiation, you can revise various aspects of the contract, such as the loan term (extending it to reduce the payment or shortening it), the type of rate (from fixed to variable or vice versa), or the spread. It is a solution based on the relationship of trust and the tradition of dealing with one’s own institution, often perceived as simpler and more immediate.
Unlike refinancing, renegotiation is not a customer’s right. The bank is not obligated to accept the request, and its approval is entirely discretionary. The institution will evaluate the customer’s history, their payment reliability, and market conditions before deciding whether and what changes to grant. Usually, this option is faster than refinancing because it does not require a new, complex due diligence process or the intervention of a notary. The agreement is formalized through a private written agreement between the bank and the customer.
The main advantage of renegotiation is its simplicity and speed. Since there is no change of bank, the bureaucracy is minimal, and there are no notary or underwriting costs. This procedure allows you to maintain the established relationship with your lending institution, an important factor in Mediterranean culture where personal trust plays a key role. In this case, too, the original tax benefits are preserved. It is the ideal choice for those who want an adjustment of the contract terms without facing the complexities of switching to a new provider.
The biggest disadvantage is the bank’s complete discretion, as it can refuse the request without having to provide a reason. In case of refusal, the only alternative for the customer is refinancing. Furthermore, the terms offered during renegotiation may not be as competitive as those proposed by other banks on the market, which have a greater interest in acquiring a new customer. Often, your own bank may be less incentivized to offer a significant discount to an existing customer. For this reason, it is essential to compare proposals before starting the negotiation.
The choice between refinancing and renegotiation depends on several factors, related to both the borrower’s personal situation and market conditions. Refinancing is generally the more advantageous solution when other banks’ offers are significantly better. With the fall in interest rates, as seen in the European and Italian markets, refinancing has seen a real boom, as many families have taken the opportunity to lower their payments. If your primary goal is the maximum possible savings and you are not afraid of the idea of switching institutions, refinancing is almost always the way to go.
Renegotiation, on the other hand, is the choice of practicality and continuity. If you have a good relationship with your bank, only want a small change (like a slight extension of the term), and want to avoid the timeline of a refinancing, attempting an internal negotiation can be a valid option. It could be a winning move to approach your bank with a competitive refinancing quote in hand: this might incentivize the institution to offer better terms to avoid losing you as a customer. The final decision requires a careful analysis of the offers and a clear calculation of the remaining debt and potential savings.
The mortgage market is dynamic, and trends can change rapidly based on the policies of central banks, like the ECB. In recent years, interest rate trends have strongly influenced the choices of Italian borrowers. Periods of falling rates have seen a surge in refinancing requests. Recent data show that in the early months of 2025, refinancing accounted for a significant share of transactions, highlighting a growing consumer focus on optimizing their debts. Many have seized the opportunity to switch from variable-rate mortgages, which had become expensive, to safer and more affordable fixed-rate mortgages.
This scenario highlights a cultural shift: the Italian borrower is increasingly informed and proactive. They no longer settle for the first offer but compare, negotiate, and switch if necessary. Tools like an online mortgage simulator become valuable allies for evaluating the benefits of different options. The tradition of loyalty to “one’s own” bank endures, but it is increasingly challenged by innovation and the search for the most economically advantageous solution, in line with a more pragmatic European approach to personal finance.
In conclusion, there is no single answer to the question ‘is refinancing or renegotiation better?’. The ideal choice is strictly personal and depends on your goals, financial situation, and the market conditions at the time. Refinancing represents innovation and competitiveness: it is a powerful and free tool for those seeking maximum savings who are not afraid of change. It allows access to the best offers on the market, reducing the monthly payment and optimizing your long-term debt. It is the choice for those who prioritize financial benefit.
Renegotiation, on the other hand, embodies tradition and convenience. It is the quickest and simplest path for those who want to change their mortgage terms without changing their provider, leveraging an established relationship of trust. Although the terms obtained may be less advantageous than with refinancing, its practicality makes it a valid option for those looking for immediate solutions with minimal bureaucracy. The final decision should always be preceded by a careful comparative analysis of available offers to ensure you take the right step for your financial future.
The fundamental difference lies in the lending institution involved. With renegotiation, you modify the terms of your mortgage (like the rate, spread, or term) while staying with the same bank. Refinancing, on the other hand, involves transferring your mortgage to another bank that offers you more favorable terms, at no additional cost to you.
No, both operations are generally free for the customer. Refinancing is completely free by law (Bersani Law), and all costs, including notary fees, are covered by the new bank. Renegotiation also has no costs, as it is a direct agreement with your bank formalized through a private written agreement.
Yes, but with important differences. Your current bank can refuse to renegotiate the mortgage, as it is an agreement between parties and not a legal obligation. Conversely, your old bank cannot oppose your request to refinance. However, the new bank you approach for refinancing can deny the request after evaluating your creditworthiness and income situation.
Refinancing is the ideal choice if your bank is unwilling to renegotiate or if offers from other lending institutions are significantly more advantageous. Renegotiation, on the other hand, is quicker and more suitable if you have a good relationship with your bank and only want minor changes, such as a slight rate adjustment or an extension of the term.
With refinancing, you can change the rate type and the loan term, but not the amount, which must exactly match the outstanding balance. Renegotiation offers more flexibility: you can agree with your bank to change the mortgage term and, consequently, the payment amount, but you generally cannot increase the financed principal. To get additional cash, you need to use a different operation, called a mortgage replacement or cash-out refinance.