High real estate prices and interest rates mean that the dream of owning a home is a long way off for many. But there are still ways to find good loan offers.
If you are planning to buy your own home, you must first take care of the financing. If you want to take out a loan, you should get several offers. The magazine “financial test(Issue 4/2022) advises asking a credit broker, a regional bank and your house bank. The important thing is that you always make the same specifications for the loan amount, monthly rate, fixed interest rate and repayment options. According to the magazine, customers can save tens of thousands of euros, and in extreme cases even over a hundred thousand euros, by comparing home financing. For whom and which offer is the best, however, looks very different from person to person. It depends, among other things, on how much a property is worth, how much equity you can raise or how much flexibility you want.
—
Before the conclusion there is an inventory
A good starting point for the search are credit brokers and banks, which, in addition to their own loans, also arrange loans from other banks. An important question is always: Are there also regional providers? Because they were often ahead of the curve when it came to the “Finanztest” check.
Also interesting: How much credit can I afford when buying real estate?
In any case, before taking out a loan, you should take stock of your own situation: How much equity do I have? This should at least cover the ancillary costs such as broker’s commission and real estate transfer tax, better still a part of the purchase price. Because that can also push the interest rate down again.
Also: What monthly payments can I afford? Attention: Do not assume the previous rent here. Because ancillary costs are also incurred when owning your own home, and there are also maintenance expenses.
—
Stay flexible with the repayment
And: How flexible am I with the repayment? Not only the interest rate is decisive, but also the general conditions. This is especially true for long terms. For example, are special repayments possible and even free of charge? Can the rate be changed without a surcharge? This leaves financial leeway when more or less money is available. In the current situation, a long fixed interest rate also makes sense. Loans with fixed interest rates of 15 or 20 years offer more security. The following rule of thumb applies to the repayment rate: You should be able to afford at least two, better three percent repayment per year.
–
