Forward loan for 09/2024 - accept or wait?

2022-01-27 08:37:33

Hello,
I want to give you a brief update.

I had a personal conversation with the Commerzbank and submitted all documents. These are now being reviewed.
The advisor was not particularly well "prepared" and was also not very likable to us. He also thinks we should already cancel according to the Building Code. Are you kidding? I’m not going to cancel a contract when I don’t have anything new yet. But the interest rate is very good and correct.

In the meantime, we also spoke with the house bank. They would offer us a forward loan, but the interest rate is night and day. 1.61%. With our amount, that’s more than €13,000.

If we do decide on an external bank, what other risks are there or is a refinancing between banks standardized?

Long story short:
How does it usually work?
1. We receive a loan agreement from the Commerzbank and sign it
2. We cancel our previous loan according to the Building Code by 08/2024? Can we cancel now or only really after 10 years?
3. The rest happens between the banks, right?

Thanks for the feedback!

2022-01-27 09:08:40

Yes, there will probably be a fee for the notary who transfers the land charge. But for me, it was easypeasy.

2022-01-28 06:40:53

Hello, I would like to give you a brief update. I have now had a personal conversation with Commerzbank and submitted all documents. These will now be reviewed. The advisor was not particularly well "prepared" and was otherwise not particularly likeable to us either. He also says we should already cancel according to the Building Code. Are you serious? I will not cancel a contract when I do not have anything new yet. But the interest rate is very good and correct. In the meantime, we also spoke with the house bank. They would offer us a forward loan, but the interest rate is from good to evil. 1.61%. With our amount, that's more than €13,000. If we do decide on an external bank after all, what other risks are there, or is refinancing between banks standardized? Long story short: How does it generally proceed? 1. We receive a loan agreement from Commerzbank and sign it 2. We cancel our previous loan according to the Building Code by 08/2024? Can we already cancel now or only really after 10 years? 3. The rest happens between the banks, right? Thanks for the feedback!

2. Have the house bank inform you in writing of the exact repayment date 1. Once you know it, sign the Commerzbank contract 3. You must cancel the current term. Usually, everything runs in a fiduciary manner between the banks. You would sign a power of attorney for Commerzbank, which the house bank assigns the mortgage to and transfers the amount to be redeemed. In this process, the residual loan goes to you or you may still have to transfer something. You never finalize the exact amount. Regarding the costs, you can check that with common online calculators. It is, however, inexpensive.

2022-01-28 14:52:45

We have now received the commitment from Commerzbank and only need to sign next week.

Since it has taken a little longer than expected, the interest rate has also increased slightly. However, we are getting the forward loan at 1.21% for 15 years. Redemption date 08/2024

You never catch the perfect timing, but we are satisfied :)

2022-02-02 17:54:14

Another update from me.

Commerzbank appointment for signing is scheduled but not yet completed. The 14-day right of withdrawal also applies to forward loans from Commerzbank, right? I have now also asked Sparda-Hessen in parallel. There I would get 1.18%.

I am now undecided. I could also visit Commerzbank personally as my main bank. But the staff & branch seemed more than unpleasant. Sparda Hessen is only reachable by phone. Staff very friendly and slightly better conditions.

What do you think? According to which criteria should I choose? In the worst case (bank insolvency), Sparda would probably fare better, right?

2022-02-03 15:29:31

Does no one have an opinion on whether Commerzbank or Sparda?

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Forward loan for 09/2024 - accept or wait?

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