Anyone who wants to buy or build a house or modernize their property is dependent on financial support in the form of credits or loans. Banks, insurance companies and building societies offer a variety of models to help future homeowners finance their property. Stiftung Warentest has compiled information on which real estate loan is actually worthwhile and what borrowers need to look out for when financing.
Stiftung Warentest examined and tested a total of 90 lenders and credit brokers as well as four different financing models. The result is that the differences between an expensive and a favorable loan can be as much as 65,000 euros. Stiftung Warentest therefore advises borrowers to obtain several offers. Proposals should be obtained from regional banks and the borrower's bank, as well as from at least two different credit brokers.
The basis for choosing the right loan and financing assistance is determining the right loan amount. For this purpose, Stiftung Warentest provides a construction financing calculator on its website that determines customized home savings contracts. Once the loan amount has been determined, a favorable interest rate should be found and secured for as long as possible. Secondly, the repayment rate should be as high as possible. Consumers can find the results of the test and tips on real estate financing on the Stiftung Warentest website and in the April issue of Finanztest magazine.
Source: Stiftung Warentest
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