Start multiple financing requests in parallel?

  • Erstellt am 2020-09-07 22:33:14

Zuum736

2020-09-07 22:33:14
  • #1
Hi, we now have three interesting financing offers from a loan broker and the statement that it would make sense to inquire about all three specifically with the banks by submitting all documents, etc. Because he said if it doesn't work out with one bank or another, no time would be lost. Otherwise, maybe two weeks of processing time would pass, you get a rejection and have to start over. But wouldn't that also be counterproductive, since each inquiry generates an entry in the Schufa and the respective other bank can see that?
 

moHouse

2020-09-07 23:00:12
  • #2
Can be done. I probably wouldn’t.
Are you under a lot of time pressure?
I’ve experienced myself that banks are currently very conservative when granting loans, at least for existing properties.
Two financing brokers said from their experience it looks good.
Then one inquiry was started at Bank A. Rejected after a short review.
Everyone was surprised. Then at Bank B. Rejected after a long review.
In the end, both banks valued the property extremely low. As a result, the loan-to-value ratio shot up significantly.
We then spared ourselves a third inquiry...

So we only had "2" loan inquiries in the Schufa.

They didn’t harm us because we have now done a construction loan and told the bank directly where the 2 inquiries came from.

It just depends on what it’s about. With an existing property, you can only adjust by adding more equity before the 2nd inquiry.
For house construction, you could possibly reduce the house price a bit.
 

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