Construction financing - What is possible regarding credit limits?

  • Erstellt am 2019-07-18 21:35:39

derdietmar

2019-07-19 23:14:13
  • #1
Ah, very good! I have been waiting for such an answer - seriously meant. Can you please explain why you consider that nonsense and what better alternatives might be? You are probably referring to the remaining debt.

We actually do not want to sell the house anymore, but that is of course our current wish. Many things can change within the next 20 years.
 

Lumpi_LE

2019-07-19 23:18:25
  • #2
From my perspective: I live now and not in 20 years. With a 20-year full repayment, a house would not have been affordable for us, or we simply wouldn’t have gone on vacations anymore, no leisure activities, and wouldn’t have spent any other money either. After 20 years you simply refinance, the remaining debt has a much lower value compared to today, the house a much higher one. Except for war, [4. Reich], etc...
 

derdietmar

2019-07-19 23:22:25
  • #3
There is certainly some truth to that. However, our calculation still has some room (variable salary components). When I look at our current cost structure, we can live with the specified maximum rate and actually don’t need to change or save anything, and we haven't even touched the variable buffer yet.

In 20 years we will be around 60 years old. Then there won’t be much time left until retirement. By then, everything must be paid off at the latest.
 

ivenh0

2019-07-19 23:43:15
  • #4
The framework conditions are certainly very good. However, a 4k monthly rate is quite brutal. Our income is in a similar range, but the monthly rate is not even half... Are you sure that all ongoing costs are taken into account? It is well known that with increasing income, the demands also increase.
 

derdietmar

2019-07-19 23:52:28
  • #5
I have not calculated the cash flow down to the last cent; our current living expenses including rent, kindergarten, vehicle leasing, etc. are included. Vacations and other one-time expenses are not taken into account, for that there are the variable salary components. Our standard of living is comparatively frugal, so currently a lot of money is left over and just sitting idle in the accounts...

Here in the topic I have deliberately given the limits. Less burden is always better, but I want to know what is fundamentally possible.
 

Tassimat

2019-07-21 09:01:43
  • #6
A solid option I would also consider is 20 years fixed interest with little repayment and then possibly special repayments with leftover money. All mentioned options are basically possible and completely okay. What is best depends on your personal preference or on your ability to actually make special repayments.
 

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