Procurement of a loan for real estate loans Early rescheduling of debt despite unfavorable credit rating or poor credit rating. The cancellation of real estate loans is usually only possible at the end of the fixed period. The functions of the calculator support a simple function definition: rescheduling of house, flat, real estate. The latter, however, will only agree to a premature end if the resulting costs are offset. The compensation amount is more often in the four-digit to five-digit range and dampens the joy of possible savings through debt restructuring.
Formal mistakes in the revocation instructions for real estate loans can offer many consumers the opportunity to terminate the loan agreement early – without having to pay the usual prepayment fees. According to a study by the consumer center Hamburg (vzhh), more than two-thirds of the contradictory instructions in real estate loan agreements are wrong and therefore invalid. According to their own statements, consumer protection officers have reviewed the termination instructions in 300 loan agreements.
Wrong cancellation policies for real estate loans offer the report, according to many consumers, the chance to trigger a loan prematurely many years after conclusion of the contract. “In the case of false revocable instruction, the period of usually 14 days does not begin, which makes the withdrawal from the loan agreement understandable for us,” says Christian Schmid-Burgk, mortgage lender of the Hamburg consumer center. Of course, a wrong revocation statement could also be used to negotiate more favorable terms with the former financial institution.
This benefits everyone who has had to pay an early repayment penalty after the end of their real estate loan. “He does not have to dissolve the loan agreement, but can easily dissolve it and thus save the European average overpayment in Germany,” advises Schmid-Burgk. It may therefore be particularly agreeable to those who, in 2002 and later, have taken out a real estate loan and wish to convert it into a more advantageous loan given the low interest rates.
According to a study by the Institute for Financial Services (iff) in Hamburg, the preponderance in Germany is often up to three times higher than the average in other European countries. However, credit institutions do not demand the unresisting termination of their contracts by the Hamburg consumer center. For 60 EUR, consumer advice in Hamburg can check whether the revocable instructions in your own real estate loan agreement are wrong.