Financing a property is about a lot. Most home builders and buyers make the biggest financial decision of their lives. It is all the more important to coordinate the financing down to the smallest detail.
But only very few budding borrowers are familiar with the topic of mortgage lending. In view of the great importance of concluding a contract, it makes all the more sense to seek advice.
Most builders and buyers trust their bank advisers blindly. However, this is not advisable, as shown by a recently published test by Good Finance and Honest Bank.
21 financing providers in the test
This year, the financial experts of Honest Bank have taken a total of 21 banks and mortgage brokers under the microscope. Several inquiries were made and a total of 143 consultations were held.
The result of the testers is not very pleasing, because many providers rated the quality of the financing advice as insufficient. Especially when consulting in bank branches, potential borrowers should be careful.
Look at the criticized points
The problems associated with financial advisors are very different. Among other things, it was criticized by the testers that the consultants of the banks and financial intermediaries did not always adequately take into account what monthly installments the budding borrowers can trust.
In part, the rates set in the financing offer had been too high, which would have made it difficult for the borrowers.
Likewise, many providers criticized the structure of the financing offers. It has not always been fully comprehensible, as it is in terms of financing in detail – especially the intelligibility was criticized. Similarly, the coordination of loan amounts, which were sometimes too low, sometimes unnecessarily high.
Our comment on the test procedure
We ourselves would like to say a few words to the test at this point. In our opinion, it has been tested very rigidly, ie assumptions and assumptions have been defined that are not automatically best for each client. We consider the raising of the cost of living critical.
Ultimately, these costs are taken into account by each bank, but different views on the cost of living are represented. Each bank calculates differently – and accordingly, each customer is valued differently.
Conclusion: The provider and loan comparison is no way around
Nevertheless: Basically, we can only agree with the testers. It would be wrong to blindly trust the bank advisors – such a decision may be paid very dearly.
Simply because of the interest rate differentials between the individual providers, it makes sense to obtain and compare several financing offers.
The best way to compare is through an independent provider like us. We rely on independent financing advice and take into account the conditions of more than 400 financing partners.
None of these partners is preferred by us, instead, the personal interests and needs are in the foreground. We check which banks offer the right solutions and at the same time attract good conditions. In addition, every request is not binding, ie no one takes a risk or a commitment.