Negotiate? Compare? Internet banks?

Hello,

I have read in some threads now about the "room for negotiation" in construction financing.

We also received an offer today. To what extent can you still negotiate? Does the individual bank employee have that much power? Don’t they have to comply with the current interest rate, etc.?

Another question: we haven't compared too much... Almost all our acquaintances chose the Blue-Orange bank in connection with the building society with the fox after many offers ;) They were also the cheapest in our offers a year ago. Have you had similar experiences? Are internet banks reputable?

Thanks and regards, LHT

Hello,

that cannot be answered in a general way. Especially "internet banks" do not offer individual financing but standard financing with Kfw share.

You can often only negotiate with the house bank or smaller credit institutions. But one has to be honest, what use is it to have negotiated your interest rates and still be 0.4% higher than the competition over a term of 15 years (?). So just inquire with 3-4 banks.

I would advise you to contact credit brokers. They even have the possibility to "reprice" the conditions if it is an interesting construction financing. As a layperson, you cannot have a complete overview. Personally, I currently do not recommend concluding a building savings contract in parallel. Instead, you should repay as much as possible given the interest rate level.

Must have:

- Right to special repayment

- Interest fixation for at least 15 years (after 10 years and 6 months notice period you can unilaterally terminate without prepayment penalty)

- Repayment amount changeable

Why should internet banks/financing not be reputable?

However, the waiting loops in the call centers are annoying; it can take several minutes before you get the expert on the line ;)