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Mortgage with ING?
I'm shopping for mortgages. ING seems to offer the best rate for now. But I've heard there are some hidden costs/conditions (eg need to take insurance) which in the end can make the mortgage more expensive.
In you experience, what are the hidden costs/conditions of ING mortgage? Are there any other banks/brokers with good rates and better conditions?
Forget what you heard, what does the contract with ING say? Don't trust any of them, they will all smile while doing their best to relieve you of as much cash as possible.
Check every word of the contract, work out the total cost, consider the implications of wanting to get out of the deal in the future and try to find a good independent advisor. And don't trust him, either.
We had a spreadsheet of al the so call costs...they are not hidden because they are in the contract. Is just that people don't read their contracts nor do they take the time to understand them.
Also, you will need to go to different banks to shop around rates. We went to different ones, and the one our friend recommended, had the highest rate, but for my friend, the rate was a better deal as they had a bigger loan, longer term.
Also, as you go to other banks, some will ask if you have an offer or you can bring it up by saying, that another bank gave you such and such offer.
You have to shop around and not just stick to one place. Also, we got some good tips from the bankers themselves. I would ask them, if you were going to buy your own place, what would you look for in a loan. And some would give you great details as to what to avoid, what to look for while others obviously had nothing to say.
Thus, go to different banks and keep track of all the fees. They are in the contract. We had a spreadsheet and that's how we kept track, but we also read all the details and as we had questions, we asked. So i can't say there were hidden fees, but definitely, some banks had more fees than others.
don't hesitate to check smaller banks as well. I got my mortgage several years ago with Crelan, which had the best rate at the time by far.
You should consider mainly the rate, the life insurance, the property insurance (you'll be asked mandatory to take those with the bank) and the cost for the inscription of the hypotheque (mandate or full hypotheque).
At the moment I've found the best rates at BBVA, ING and Crelan (in this order). Three months ago Fortis was best, Crelan second, BBVA turned me down. So you can see, the market changes.
ING now also gives very good rates for re-financing from other banks.
Fees ARE often hidden.
Banker folk have made an industry out of hiding their own cut and the idea that it's all crystal clear as long as you read the contract is laughable. You need a specialist accountant combined with a Lawyer to be clear on some of these deals.
You can find examples of hidden charges, sometimes HUGE charges all over the financial services industry. Mortgages, pensions, funds...All of them are riddled with charges that are not immediately obvious.
For instance, a nice fund with a dependable 6 percent return. 5 percent initial entry fee and only 1.6 percent annual charge.
Looks like no-brainer and it's all up front, right?
After ten years, nearly one third of what you might think you are making goes directly to the bank. Was that obvious? No way.....
Mike lives in his Mum's spare room so I think basically ignore anything he says about this area.
Check out http://www.hypotheekwinkel.be/
They actually compare the rates of more than 25 banks for you and they provide you independant advice. This is quite a common used service by Belgians when deciding who they'll go with. I have mine with KBC and the service, advice, were excellent.
All the best.
And it's free! What more could you ask for. :-)
