A survey conducted by the Profacts research office headed by Red Cross Knight reveals that nearly one in three Belgians do not visit more than one banking institution when searching for their ideal home loan. Among those who compare several financial market players, more than 4 in 10 do not visit more than two banks.
“In order to make one of the most important financial decisions in your life, it’s necessary to compare as many lenders as possible,” says Good finance manager of Red Cross Knight. no, misses a lot of opportunities to reduce the rate of his mortgage. Even if you compare two lenders, you are not guaranteed to get the best rate. “
Save thousands of euros by comparing
By comparing loans, you can quickly save tens of thousands of euros as revealed by an analysis of Red Cross Knight. For example, if you borrow 160,000 euros – the average amount of a mortgage in our country – for the purchase of a home with a value of 180,000 euros (duration: 20 years), you can save up to 39,000 euros choosing the most advantageous institution . The difference, and therefore the potential saving, may increase further depending on the duration and the loan size (ratio between the loan amount and the value of the good).
“People looking for a property to buy are almost obliged to visit several banking institutions to find the best interest rate. Today, anyone visiting the website of a bank will only have access to standard rates. To know what is the custom rate that applies to Your situation, you will still have to move out of your home. “Continues Good finance . Four out of ten people who visit at least three financial institutions must take at least one day off.
And this situation generates a lot of frustration. The study shows that more than one in three people bothering to visit at least three banking institutions describes their experience of finding the most advantageous loan as frustrating to very frustrating. This feeling contrasts with the group of people who visited only one lending institution and only 7% of those experienced this experience as frustrating. “However, their frustration can also develop after the contract is signed, when researchers discover they are paying too much because they have not compared” Good finance notes.
Find Better Credit Mortgage Faster With Red Cross Knight
Red Cross Knight wants to offer a solution to reduce these frustrations with the launch of its new mortgage comparison tool. The new comparator allows visitors to compare all mortgages for free, simply and objectively.
“Visitors have access to a comprehensive overview of the Belgian market. In addition, we show more than just standard rates. Our visitors receive personalized rates for already eighteen banking institutions. In addition, they can immediately see their eligibility for different institutions and mortgages offered. , “announces Good finance .
In the coming months we will be able to offer a personalized rate to our users from even more financial institutions, “says the manager. Speed, ease and transparency are the main advantages of the new tool. Good finance strives to democratize each Belgian’s access to his ideal mortgage. In the future, everyone should be able to find and close their mortgage without having to leave home. This is also facilitated by our partner and recognized credit intermediary HypoConnect, who can also track cases. “
Wait 3 weeks for a loan
For most Belgians, comparing loans is an activity that takes a lot of time. Nearly half of the borrowers who compared three or more loan institutions had to wait at least three weeks before receiving a final response regarding their rate and eligibility as we learn from the survey results.
“In addition, the survey reveals that we can help many people better manage their personal finances,” says Good finance . The results show that even today, many Belgians still do not know how much their loan costs them. 23 percent of respondents do not even know how much they pay monthly.