according to the publication of the monthly ranking prepared by my best rate, in the month of July, Scotiabank was positioned as the Bank with the final cost low for a mortgage, while Security is the most expensive.
For all cases, the CAE calculated by the Bank underestimated the true final cost for the customer. This difference could translate into pay a lower dividend or reduce significant part of initial expenses.
The difference between the most expensive and the cheapest of the sample is 110 points based on the rate of final cost. Simple difference? So the more expensive Bank of the ranking had the same final cost the Bank more cheap, this should today give the customer $7.360.569.
The report highlights the case of Scotiabank as the one with the lowest final cost for this credit with UF+3, 94% annual; and the Bank as the most expensive with UF+5 Security, 04% per year. “On average, for this credit consulted, the final cost is UF+4, 50% yearly, with a final dividend of UF 12.96 (including insurance) and initial expenses of UF 45,81”, points out.
In the previous report of the mortgage, my best rate said that “we have noticed a serious situation affecting the Bank Security.” Situation which will be duly informed to the SBIF”, explaining that the problem with Bank Security simulations is not – only – to give one final cost greater than the conventional Maxima rate, but that it is own slate of Bank Security rate which exceeds – input – the rate and, consequently, also the own falls that he computes the same bank.
Check out the full report here.
