ᐅ House Building Planning Process! When Should You Schedule an Appointment with the Bank?
Created on: 27 Aug 2019 20:20
Z
zipfelklatsch
Hello,
we are also planning to build a house. We already have a plot of land and have had an appointment with the builder. We have designed the floor plan. It will take about 2-3 weeks until we receive the finished floor plan plus 3D visualization. Then we will get the offer.
Now I forgot to ask the architect how the process with the bank works.
Can you help me with this? When can I go to the bank to discuss the terms and get a loan offer? Is it probably only after the builder’s offer has been prepared?
we are also planning to build a house. We already have a plot of land and have had an appointment with the builder. We have designed the floor plan. It will take about 2-3 weeks until we receive the finished floor plan plus 3D visualization. Then we will get the offer.
Now I forgot to ask the architect how the process with the bank works.
Can you help me with this? When can I go to the bank to discuss the terms and get a loan offer? Is it probably only after the builder’s offer has been prepared?
Z
zipfelklatsch28 Aug 2019 07:32Maria16 schrieb:
Why plan a house if you don’t know whether you will get a loan for it?
Go to the bank, find out your potential financing limit, and then plan your budget based on that. It doesn’t make sense to plan your dream home first and then find out you’re short by $50,000 in financing.
(by the way: is it just me, or does the summer lull always bring a lot of strange finance-related questions?) I don’t find the question odd at all. It’s completely valid. If we already own a plot of land, why wouldn’t we want to consider it?
But you probably don’t understand that.
Z
zipfelklatsch28 Aug 2019 07:38If the bank approves the offer from the developer and there is still some flexibility, is it better to take out a slightly larger loan?
However, we believe that with enough equity, it should work out. We are still planning how to use the money. There is no rush, and we shouldn’t put too much pressure on ourselves.
It’s just a new situation since we suddenly received a plot of land as a gift.
However, we believe that with enough equity, it should work out. We are still planning how to use the money. There is no rush, and we shouldn’t put too much pressure on ourselves.
It’s just a new situation since we suddenly received a plot of land as a gift.
How do you plan to justify it? Do you really think the bank will just approve a loan of 20,000 Euro without asking for a reason why? Those days are over.
You’ve probably already heard several times to go to the bank and explore your possible credit limit. Anything else is unnecessary for now, especially since it sounds like you don’t have much money.
You’ve probably already heard several times to go to the bank and explore your possible credit limit. Anything else is unnecessary for now, especially since it sounds like you don’t have much money.
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boxandroof28 Aug 2019 07:55zipfelklatsch schrieb:
If the bank approves the developer’s offer and there is still room left, is it better to take out a slightly larger loan? Make sure to carefully plan the total construction costs, including additional expenses, landscaping, and furnishings. It’s almost always necessary to have a buffer of around 20,000 to 50,000 (currency) for unexpected costs. It’s generally better to use more rather than less of your own equity to improve your equity ratio with the bank. Avoid the need for additional financing later on.
With your current approach, you should have a substantial amount of savings or start planning in more detail before signing any contracts.
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zipfelklatsch28 Aug 2019 07:57tomtom79 schrieb:
How do you plan to justify it? Do you really think the bank will just give you 20,000 euros without asking why or for what purpose? Those days are over.
You’ve probably already heard a few times to go to the bank and explore your possible credit limit.
Anything else is unnecessary for now, especially since it sounds like you don’t have much money. I think you are misunderstanding me. Who said anything about going to the bank and needing that much money? Unbelievable!
I believe we have much more money and just don’t know exactly how to invest it.
But well, that’s your subjective perception!
zipfelklatsch schrieb:
Better to take out a bit more loan?But you yourself wrote that you are going to the bank and want to borrow more money.