How long the current favourable interest rates apply is open. The Corona-crisis recently when the interest rates for real estate loans for high fluctuations.
“financial test” under the conditions of 82 banks and credit sought intermediaries. In the calculated model cases, differences in costs of up to 16.741 euros between the best and the most expensive offer there were.
if you choose a cheap provider, you can pay it back with the same high monthly rate after a follow-up financing and more. He is faster out of debt and save thousands of Euro interest rates.
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the competition offers
the owner should not seek only your Bank offers. Even if the competition is only 0.1 to 0.2 percentage points cheaper, pays a debt restructuring. This is not at all complicated.
When connecting loans owner to the Bank with a better Stand. The property is generally increased in value and the loan amount smaller. Your credit rating have proven to the owners over the years.
Early conditions queries
Many banks reserve cost conditions six months in advance without any additional, a single of the cases, even a whole year. Who will secure at an early stage, before the release date of the new loan and security planning.
Who needs in the coming twelve months, a follow-up financing, you should care also because of the potential impact of the Corona-pandemic soon to a new contract.
it Was paid out the loan more than ten years ago, borrowers may terminate its funding at any time with a notice period of six months and immediately make a connection to care.
most Expensive and cheapest offers
The table shows the interest rate differences in the conditions of the test for the connection loans in the amount of 150,000 Euro (see three tables below). With careful planning, a borrower can save thousands of dollars. Financial test
Up to five years of planning security
more Difficult is the decision for all who come in a few years from your interest rate binding. Up to 60 months in advance banks reserve current interest rates. These so-called forward loan, but there are not free: The customer must pay an interest premium is higher, the jänger the lead time is.
if you wait and see, risking a rise in interest rates. Those who opt for the forward loans secure favorable interest rates – but must pay for the entire term of the contract.
to be Safe against flexible
whether as a Forward or immediately, customers can choose one of two variants:
arrange for More security
In the case of a “full damper” customer a loan over the entire outstanding debt. Thanks to the interest rate slide many of us can pay the amount in ten or 15 years back, without the need for a higher monthly rate to apply.
advantage is that Such loans are often cheaper than installment loans, at the end of the term still remains a residual debt.
disadvantage: special payments and principal adjustments are usually excluded. The income of the owner decreases, he can adjust his monthly rate only to a limited extent.
With the FOCUS Online loans comparison (display) Now follow-up financing calculate
flexibility
Who has a fluctuating income, you should back up more customization options. A residual remains at the end of the term of debt, is a five-percent special repayment are now almost Standard. Many of the offers also offer the possibilities of the eradication of adjustment.
a sample client for the cost calculation
For their study of the conditions of the “Stiftung Warentest” has made a model case:
- The Borrower still needs to Fund € 150,000, your home is € 250,000 to the value.
The following table shows interest rates for two Alternatives – without a lead and as a forward loan with two, three and four years of lead time.
The loan with ten years fixed interest rate receives the customer with a six percent monthly at the beginning of the eradication. The monthly rate is, depending on the lead time between 822 and 885 euros. At the end of the term of a residual debt of approximately 55,000 Euro.
The loan with a term of 15 years, is a full absorber. At the end of the term any remaining debt. The average Rate, depending on the lead time between 882 and 915 euros in the month.
The cheapest deals for us immediately and later
connection to loans and forward loan of 150,000 Euro for a property worth 250,000 euros. The longer the fixed interest rate is and the longer it takes for the old loan will be replaced (lead-time), the higher is generally the interest rate.
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dates and deadlines: First need to clarify those interested, the release date of your current loan. When exactly interest bond and notice period? On this day, the refinancing must be.
modality clarify: Before asking for quotes, borrowers need to know the basic information of your new loan. Security or flexibility? How long term and interest rate to be binding? How high is the month of may the rate be maximum? What loan amount is needed at all?
special payment: Who has money on the high edge, it can Saved to use for debt restructuring. The customer may repay at the end of the old loan as much as he can. As a result, the loan amount of the connection loan and the accrued interest decreases.
quotations: the first offers of the Bank are Mostly not competitive. Who knows, as borrower, its features, may consider offers.
Compare: This is important, because the actual terms and conditions offered depend on the individual case. Whoever catches the different offers, to get a good Overview.
Decide: When Offered with the same interest lock-in is the one with the lowest effective interest rate is the best. In Volltilgern with the same maturity the lowest month to decide rate.
tip: for A “fiduciary fee” for the Transfer of the basic debt should the banks not ask for more. This has made it clear to the Federal court of justice (Az. XI ZR 7/19).
post action: In the previous Bank, is nevertheless practical. All important documents are already submitted, a single signature is sufficient for a refinancing. The owners have a good deal of a foreign Bank, you can negotiate this with your Bank. Debt rescheduling – changing the Bank’s
a Lot of customers in the hurdles at the Bank exchange overestimate. You’re not so high!
a Little effort : A Bank makes a little bit of work, but it is not complicated. The new Bank required for credit assessment, documents such as site plan, area calculations and construction drawings. Everything that had been requested by the first Bank. The collection can send the most visitors to the new Bank. Many only need to create a new extract from the land register. The costs up to 20 Euro. The exchange itself, the banks regulate themselves.
Barely cost: notary and court fees fall in comparison to the amount of the loan is of little weight. In the model case, with 150,000 euros of the remaining debt that is about 260 Euro. A fee for the Transfer of the mortgage banks are not allowed to request (BGH, Az. XI ZR 7/19).
currency is worth almost always: , as a rule, the exchange is worth it, as soon as a Bank makes a better offer. Effort and cost are usually negligible.
The original article can be found in the “Stiftung Warentest”.
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