Is financing a second property possible?

they know their stuff and give useful tips BEFORE a credit inquiry by a bank stains the Schufa.

Sorry, but this is rubbish.

A credit inquiry does not stain the Schufa.

1) It is not relevant for the score.
2) For 80% of mortgage financing, the score is irrelevant anyway.

The media-driven fuss a few years ago concerned a few banks that made incorrect inquiries for consumer loans. But the issue has been off the table for 5 years.

Strange, two years ago, when we finalized our construction financing, we were initially with I*****hyp and asked there if it generally fit, and then we had a conditions inquiry (or was it a credit inquiry?) in the Schufa. Since I have a subscription, I can see it directly online. It was only there for one month, but still. Whether that had any negative effects, I don't know. But I can imagine *if* you ask at multiple banks and *if* they all enter something like that, then the 10th bank surely won't be happy to see that you've already been to 9 competitors. As I said, *if*. It might be off the table now, but aside from the hassle, you don't necessarily have to take that risk, do you?

Hello,

Sorry, but this is crap.

A credit condition inquiry does not stain the Schufa.

1) It is not score-relevant.
2) For 80% of construction financing, the score is irrelevant anyway.

The media-driven frenzy a few years ago concerned a few banks that made false inquiries on consumer loans. But the issue has been off the table for 5 years.

Unfortunately, that is not quite correct ... there are still quite a few "false" entries.

Elina has pointed out another important aspect – with multiple entries on financing inquiries, many banks react quite sensitively. Therefore, always obtain a self-disclosure report and take it with you to the consultation. It is perfectly sufficient if the institution that grants the financing approval verifies the self-disclosure.

Rhineland greetings

Strange, two years ago, when we completed our construction financing, we were first with I*****hyp and had asked there if it generally fits, and afterwards we had a conditions inquiry (or was it a credit inquiry?) in the Schufa. But I can imagine *if* you inquire at several banks and *if* they all enter something like that, then the 10th bank will certainly not be happy to see that you have already been to 9 competitors.

A credit conditions inquiry does not affect the Schufa. 1) It is not score-relevant. 2) For 80% of construction financing, the score is irrelevant anyway.

To my knowledge, a distinction must be made here between a conditions inquiry and a binding credit inquiry. The binding credit inquiry leads to an entry in the Schufa. You can inquire about current conditions at any time. To be safe, you should perhaps also title it in a conversation so that you want to know the CONDITIONS and do not make a direct credit inquiry. Of course, this does not exclude errors occurring at the bank.

is partly right that the 10th bank reacts cautiously if 9 credit inquiries are already entered in the Schufa. However, this is less due to the fact that you were with numerous competitors beforehand, but rather from the question of why it did not lead to completion with these competitors.

On the one hand, I would request your current Schufa score (print out the form online, copy of ID, and then send it by mail) at your place. It is free once per (calendar) year. On the other hand, you should perhaps consider @Toxi’s hint. Maybe it will improve your conditions if you include the difference of the free value of the existing property (150,000 - 85,000 - safety deduction) as additional security. It may also depend on the range entry of the property. However, I recommend calculating carefully here – after all, notary and registration fees also apply for the second entry. It must be checked whether these costs are covered by the permanent interest advantage. Have an offer calculated with 100% financing and one with X% financing.

So long.

The problem with a pure conditions inquiry is that it usually means "depends on the creditworthiness." Also on the loan-to-value ratio and many other factors such as the quality of the collateral. The bank wants to know all these things, so you fill something out or submit documents and you already have a "conditions offer," which the bank considers a loan application. At least that was the case for us; back then we basically only wanted to know if a construction loan was generally possible with the income and loan amount (at that time still for new construction), otherwise we could have abandoned the planning right away. We also wanted to know what installment we would have to factor in.
It then became very concrete; we only had to sign the "offer." We did not sign a Schufa form.
The whole thing didn't work out because the installment was simply too high – you still want to live. Months later it became a half as expensive old building.

The question is therefore to what extent one can trust that a rather specific conditions "calculation" on the part of the bank, for which quite a few documents are necessary, will not be considered a concrete loan application. Requesting general conditions is not very helpful since it always states that the conditions can vary individually, depending on the case. In that case, just looking at the bank's homepage would suffice and you could save yourself the effort.

That really turned out badly, of course.

When I think of us:
In February / March 2013 we sent requests for terms to the first providers (1 bank, 1 insurer, 1 - 2 intermediaries) – i.e. specifying: the amount needed, which type of loan I want, existing equity, income situation, etc.
In April 2014 we then closed – in between there were repeated inquiries whenever we thought it wouldn’t be long until signing or the amount changed or alternative financing options were on the table.

At the beginning of 2013 and shortly before closing we had our Schufa score checked. There was no "negative" activity at all.