translated from Spanish: May mortgage Ranking: Credit difference can exceed $21 million between the most expensive and the cheapest

In its monthly report of May 2019, www.mimejortasa.cl’s ranking shows that Scotiabank is still in the lead and for the second consecutive month ranks # 1 in the ranking, with a final cost of UF + 3,68% per year for a 3,000 UF home buying mortgage loan, with 20% standing, at 25 years.
At the same time, the last place of the ranking-for the eighth consecutive month-was obtained by Banco Falabella, with a final cost of UF + 4,64% per annum.
According to the ranking of www.mimejortasa.cl, for all cases, the CAE calculated by the bank underestimates the true final cost to the customer. This difference could result in paying a lower dividend or lowering a significant portion of the initial expenses.
On the other hand, the difference between the most expensive and the cheapest of the sample is 96 basis points in the final cost rate. Simple difference? The difference in the whole period between the most expensive bank and the cheapest is $9,741,393. For the most expensive bank in the ranking to have the same final cost as the cheapest bank, it should return the customer TODAY $6,401,658.
In this edition there are also another 3 ranking, where the banks Bice and Scotiabank fight first place, while the Banco Falabella is last in the list in all the exercises.
It is also appreciated that the difference between the cheapest and the most expensive depends on the parameters of the credit: for example, the report notes that for a credit of UF 6,000, 20% standing, at 20 years, the difference between the most expensive bank and the cheapest is $15,201,366; And in the case of a credit of UF 6,000, 20% standing, at 25 years, that difference is $21,445,379. Hence the importance of quoting, the study concludes, because the top 1 does not necessarily remain in other exercises of amount and time periods consulted.

Original source in Spanish