German Mortgages Explained

What does the complete process look like?

Our experts will be able to guide you through the entire process, ensuring that it is completed quickly, cost-efficiently and securely. Here is a brief summary:

  1. You will want to start with reviewing how much house you can afford and how much house makes sense, which you can do online.

  2. The second step is to double check, in case your employment and residency status is unusual, if you can change it to your benefit (see our on-line information). Also review your SCHUFA credit information if there are errors or scope for simple improvements--pay your credit card balances etc.

  3. If you have special issues about your affordability do check in with our mortgage advisors. This can be about your residency/employment status or how much of your assets to devote to your house etc. 

  4. Using our "right mortgage" funnel you can obtain advice and a report suggesting the best mortgage for you, in terms of cost and financial security. It provides you a good indication of the interest rate you may be working with. You may want to redo your affordability calculation with the outcome. 

  5. Once you have identified a property the next step is a consultation (video or in person) with one of our advisors. They will verify your personal details and documents, verify that you qualify, and review with you the right mortgage product. They will explain the key decisions that are part of the right mortgage product, so you can come to a clear conclusion, and search among hundreds of lenders the best rates.

  6. Ideally you reserve the property following your consultation, so that you are not confronted with nasty surprises.

  7. Based on the personal and property documents, your expert will process your loan application, which takes approximately one week for basic cases

  8. After the loan is accepted, and the purchase documents are drafted by the notary, you will meet the seller at the notary to sign the purchase contract. The payment will then be released to the former property owner. And you should arrange for the transfer of the keys (and walk through).

  9. In the weeks following the purchase you will have to pay the transfer tax and land register fee.

  10. Upon payment and the registration in the Land Register, including details of the property, you will be the new official owner.

  11. More details can be found in the tips section of our website.