Getting a mortgage in Germany

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How many Schufa credit checks can one sign permission for? Is 3 or 4 too many? How does it affect future or current financing?

What would you recommend due to urgency of obtaining mortgage approval (Finanzvertrag) within 7 - 10 days.

Many thanks in advance for your suggestions.

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You can sign several SCHUFA checks - but make sure that the banks always just do a "Konditionenanfrage" and not a "Kreditanfrage"..because several of the latter will lower yoour credit rating. They should all know this by now but you bette rmake sure they follow on that.

 

Otherwise I can only advise haste - Commerzbank has just yesterday issued a warning that they are going to increase their interest rates accross the board by around 0.31 % points per tomorrow. The market is currently in an upswing (not sure for how long, though) and a few days delay can increase the costs for a mortgage seriously.

 

Cheerio

 

I am a professional independent insurance broker, financial adviser, and authorised advertiser. Contact me.
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Many thanks for your help Starshollow but they have already signed 3 Schufa full credit checks including from interhyp. Not one bank has issued conditional checks to sign, they are all full credit checks.

 

They were considering signing more. Unfortunately, they are under pressure to sign a purchase contract at the notar within 7 - 10 days. Hence, the idea to contact other banks, who may work more quickly than interhyp.

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Would there be a refusal from banks to lend ?

 

when the loan is 77% and the person is working for a big firm , is there a garantee that they will get a loan from the banks?  are there scenario where the banks refused to lend them ?  ( within next 2 weeks they have to have a notar appointment hence very tight dealines)

 

Thanks in advance !

 

 

 

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General question:

Will having a personal line of credit (so called 'Rahmenkredit') affect getting a mortgage in the future, assuming there are no other outstanding debts? Will this be considered as "potential debt"? I am thinking of getting one in the event of emergencies only, but I am also thinking of getting a mortgage within the next year or two. Thanks.

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A friend has applied for “Baufinanzierung” with more than one bank the unsuccessful banks are asking for a “Wiederruf” in writing. Our friend thought that any firm offer would automatically expire after 8 or 14 days depending on the bank and therefore no longer be valid and therefore would not require such action. Is this correct that our friend needs to “Wiederruf” in writing to each and every unsuccessful bank? If so is there a particular format for doing so eg a draft letter?

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Hello,

 

Sorry to revive this topic, but I do not want to create multiple thread on the same subject.

 

I am a bit skeptical about a mortgage broker behavior: he doesn't want to give any approximate numbers (loan interest rate) because he says that each time he officially asks a bank, it will have a negative impact on the SCHUFA.

And he also says that we should not ask on our own, because he will already ask all the banks and it makes no sense to ask the same bank twice (and it will hurt our credit score).

 

Now I went myself to a bank anyway which says that they don't really care about the SCHUFA (or even my income !) except if it is VERY bad. So they can give me a loan interest rate (which depends almost exclusively on the money we can bring) immediately without asking for my personal information.

 

So what is the normal behavior of a mortgage broker ? Shouldn't he first give us a some approximate numbers (with 0.90-.95 probability) before asking officially to all banks ?

If every mortgage broker officially ask the bank, then it makes no sense to ask several mortgage brokers to find the best rate.

 

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On 2.8.2019, 15:22:38, Bensheimer said:

Hello,

 

Sorry to revive this topic, but I do not want to create multiple thread on the same subject.

 

I am a bit skeptical about a mortgage broker behavior: he doesn't want to give any approximate numbers (loan interest rate) because he says that each time he officially asks a bank, it will have a negative impact on the SCHUFA.

And he also says that we should not ask on our own, because he will already ask all the banks and it makes no sense to ask the same bank twice (and it will hurt our credit score).

 

Now I went myself to a bank anyway which says that they don't really care about the SCHUFA (or even my income !) except if it is VERY bad. So they can give me a loan interest rate (which depends almost exclusively on the money we can bring) immediately without asking for my personal information.

 

So what is the normal behavior of a mortgage broker ? Shouldn't he first give us a some approximate numbers (with 0.90-.95 probability) before asking officially to all banks ?

If every mortgage broker officially ask the bank, then it makes no sense to ask several mortgage brokers to find the best rate.

 

sadly enough, neither what the mortgage broker says nor what the banks said is entirely accurate.

What is correct is this: if you indeed a "Kreditanfrage" with any bank, just for getting info, this WILL be reported to SCHUFA and for some reasons (because you do not actually GET the credit/mortgage in the end), it lowers your SCHUFA score slightly. Do that several times and yes, your SCHUFA score will be hit markedly and that is not in your best interest.

However, everyone doing mortgages knows that there is a very simply way around and that is a so-called "Konditionenanfrage", which is a special kind of getting quotes from banks which are NOT to be reported to the SCHUFA and thus have no influence on your SCHUFA score. Not knowing that is a serious mistake and lack of professionality IMO.

It is also not true that bank do not care about your SCHUFA score. If it gets less than optimal, there will be consquences in your bargaining power when it comes to getting the best interest rate etc. Because SCHUFA scoring is what they need for feeding their computers for risk calculation (and refinancing). Hence, while you won't be just rejected a mortgage because you asked a couple of other banks for mortgage quotes without taking one from them, you would see that the next quotes you'll receive will start to become slightly less attractive or that more and more collateral/downpayment would be required from you.

Get yourself a REAL mortgage broker who knows his or her business. Then you won't have those issues.

Cheerio

 

I am a professional independent insurance broker, financial adviser, and authorised advertiser. Contact me.
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