House purchase, renovation, outdoor facilities / financing mortgage loan

@Bauexperte

That is incorrect.

The consulting protocol only applies to investment advice, and even then not every conversation.

The only thing you receive before the actual loan agreement is a VVI (pre-contractual information), and this is not a individually created document, but a document intended to make the contract easier to understand. In the case of medication, it would probably be called a package insert.

Hello,

@Bauexperte

That is wrong.

The consultation protocol only applies to investment consultations, and even then not every conversation.

That is why I wrote "actually" (maybe I should have put it in quotation marks) and that is why I send my builders to an independent financing broker; who is liable for consultation errors

Rhineland greetings

And even in quotation marks, that is actually too much.

There are no consultation protocols in the sense of consumer protection for loan agreements.

I got to know the "independent" financial advisors in the context of my construction project. At least a handful. With only one exception, the other four could be forgotten. Blabbermouths before the Lord if you know the industry a bit.

Don't get me wrong, there are certainly independent advisors, German major banks, regional banks, direct and specialized banks, and savings banks that provide good consulting work. However, what they all have in common is that the quality of the advice (and I don’t mean the terms) depends entirely on the advisor themselves. The origin and employer basically don’t matter there.

Independent financial advisors work on a commission basis, which ultimately always reflects somewhere in the customer’s terms.

So it can be an advantage, but it doesn’t have to be.

Hello,

I got to know the "independent" financial advisors in the context of my construction project. At least half a dozen. With the sole exception of one, you could forget about the other four. They are blabbermouths if you know the industry a bit.

I know the industry well – not only from my current job but also from many years alongside a banker at the 3 biggest institutions. Günter Ogger only scratched the surface....

Don't get me wrong, there are certainly free advisors, German major banks, regional banks, direct and specialized banks, and savings banks that provide good consulting work. However, what they all have in common is that the quality of the advice (and I don't mean the conditions) depends entirely on the advisor himself. The origin and employer basically don't matter.

If you want to look at it closely, there are few independent financing brokers; often banks/savings banks have one foot in the door behind them. I do not mean this type of disguised dependence.

Independent financial advisors work on a commission basis which ultimately always ends up somewhere in the customer's conditions.

And it should be that way. No one works just for fun and love.

What matters is, on the one hand, considering the personal environment, honestly examining the total investment, and on the other hand, not sugarcoating the expected ancillary construction costs. From this – after some hours of intensive conversation – a monthly installment and a repayment timeframe emerge that remain calculable. Which takes into account the very real life alongside the construction financing... in all its facets. With a good financing broker, a “no” is not infrequently the only answer.

Rhenish regards