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Good day,
Is there any way I can get a good mortgage consultation in Switzerland free of charge? Where can I find such a service?
Kind regards
Greetings,
It is important to remember that everyone involved in the mortgage industry is in it for the money.
Lenders:
Lenders like banks or insurance companies often provide "free" consultation services, in the sense that you aren't billed for consultation. Instead, the cost of consultation is made up for many times over by the cost of your mortgage - if you sign up. Because of this, it is highly unlikely that a lender will provide unbiased mortgage consultation with your best interests in mind. This consultation is primarily useful if you have already settled on a lender to work with, and simply need consultation to find the best solution from that one lender.
Brokers:
Some mortgage brokers offer free consultation. They are compensated by the commissions they receive from lenders when you sign up for a mortgage through them. Commissions can be as high as several thousand francs for each new mortgage customer. Mortgage brokers often sell mortgage contracts from many different lenders, so they are in a position to provide a broader perspective. But although many broker claim to be unbiased, some will naturally try to sell you on the mortgages which yield the highest commissions for them.
Important: Some brokers charge you a consultation fee if you decide not to mortgage your home through them. This is because they do not receive a commission if you do not sign up, but they still need to be compensated for their services. Make sure to find out whether this is the case before requesting consultation.
Consultants:
Some mortgage consultants work on an honorary basis. In this setup, you as the client pay the consultant a consultation fee to compensate them for their services. If the lender pays out a commission for the closing of a contract, this commission is passed on to you as the client. The only money which an honorary consultant receives is the money you pay in consultation fees. Although fees can be high, you receive unbiased consultation with your best interest in mind. However, fully honorary consultation is not widely practiced in Switzerland.
Even if you plan to receive consultation, it is important that you compare mortgages ahead of consultation to get a basic picture of going rates. You should also obtain several quotes from different lenders before settling on an offer.
The interactive mortgage comparison gives you a clear overview of Swiss mortgage loans and interest rates.
Best regards from Moneyguru
