Applying for a mortgage is much more than just signing a paper with the bank. Often, it’s a 20 or 30-year commitment that can deeply affect your finances. Even so, many people make the same mistakes when they first approach a bank.
At Eix Financer, we’ve seen hundreds of cases. Here we explain the 5 most common mistakes… and how to avoid them.
Mistake 1: Accepting the First Offer without Comparing
It’s like buying a car at the first dealership without looking at anything else. Each bank has different conditions: interest rates, commissions, ties, profile requirements… If you don’t compare, you could be paying thousands of euros more over the years.
Solution: Always ask for several offers and compare them in detail or with professional help.
Mistake 2: Thinking the Bank Will Give You its Best Offer
Banks are not impartial advisors. They offer you the product that benefits them, not necessarily what’s best for you. Furthermore, they often link conditions to the contracting of additional products (insurance, pension plans, cards…).
Solution: Negotiate every condition and don’t take anything for granted. You are contracting a service, not accepting a favor.
Mistake 3: not Knowing your Own Financial Profile
Many people go to the bank without a clear understanding of their real income level, their debt capacity, or the impact of recurring expenses. This weakens your negotiating power and can lead to a more expensive offer or a denial.
Solution: Analyze your financial situation beforehand and prepare the appropriate documentation.
Mistake 4: not Calculating the Total Costs of the Operation
A mortgage is not just the monthly payment. There are appraisal, notary, registration, management, and insurance costs… and sometimes also opening fees or linked products with added costs.
Solution: Calculate the total cost of the operation and ask for a clear estimate before signing anything.
Mistake 5: not Seeking Independent Advice
Many think that going to a broker or mortgage advisor means an extra cost. But the reality is that, in many cases, advice is free for the client and allows access to much better conditions than those offered directly by the bank.
Solution: Get well-informed before taking the plunge. Good advice can save you time, money, and headaches.
Conclusion
A mortgage is too important a decision to improvise. Avoiding these mistakes will allow you to negotiate better, save money, and choose wisely.
At Eix Financer, we accompany you throughout the process: we study your case, compare options, and negotiate for you with financial institutions.