A third of Belgians looking for a housing loan are limited to a visit to their own bank. As a result, there is a good chance that they will pay too much for a loan for thousands of dollars. This is taught by a calculation from Lenders Bank , the comparison site for banking products, based on a survey by more than 1,000 respondents from the research firm Profacts. Lenders Bank is therefore the first to introduce a digital mortgage comparator that helps to save time and money.
A study by the Profacts research agency commissioned by Lenders Bank shows that almost one in three Belgians consults only one lender to find the right housing loan. Of the group that compares several banks, almost four in ten visit at more than two banks. A very small group of borrowers (3%) makes use of a broker.
“For one of the most important financial decisions in your life, you should compare as many lenders as possible,” notes William Vandeen, co-founder and manager at Lenders Bank . “If you don’t compare, you will miss out on a lot of opportunities to lower the rate of your home loan. Even those who visit two lenders are not yet doing their utmost. “
Save thousands of dollars by comparing
By comparing loans you can quickly save tens of thousands of dollars, a calculation from Lenders Bank shows. For example, those who borrow 160,000 dollars – the average loan amount in our country – for the purchase of a home worth 180,000 dollars can save up to 39,000 dollars by choosing the cheapest player. The difference can further increase depending on the amount, the duration and the quota.
That leads to the necessary frustrations. The research shows that more than one in three people who make the effort to visit at least three lenders, experience the search for the cheapest loan as frustrating to very frustrating. This is in contrast to the group that visits only 1 lender and of which only 7 percent experienced that experience as frustrating. “The frustration may come afterwards if they discover that they pay too much by not comparing,” William notes.
Find a better home loan faster thanks to Lenders Bank
With the launch of a new home loan comparator, Lenders Bank wants to offer an answer to these frustrations. The new comparator allows visitors to compare home loans in a simple and transparent way for free.
“The visitors get an overview of the entire market. Moreover, we display more than the posted rates. Our visitors receive personalized rates for eighteen lenders. Moreover, they can immediately see whether they are eligible for a housing loan, “says William.
Three weeks waiting for a loan
This is in stark contrast to the time that people still have to set aside for a good comparison. Nearly half of borrowers who compare three or more lenders have to wait at least three weeks before they receive a final answer, the numbers learn.
“Moreover, the research shows that we can help a lot of people with a more conscious management of their finances,” said the manager of Lenders Bank . For example, many fellow countrymen do not know how much their loan costs. 23 percent of respondents do not even know how much they pay each month. Less than half know exactly how much they pay each month for their home loan.