Conversion of an existing loan

  • Erstellt am 2016-01-14 09:59:48

Modde

2016-01-14 09:59:48
  • #1
Following situation:

House was purchased 5 years ago and a bank loan with a 25-year fixed interest rate was taken out. We want to sell the property again for various reasons and purchase another used property. I do not want to talk to the bank directly yet. But would it generally be possible with the banks to basically convert the existing loan and use it for the purchase of the other property?
 

lastdrop

2016-01-14 10:08:23
  • #2
In the case of real estate loans, an object exchange can usually take place. The bank is not necessarily obliged to do so. It is easiest if you finance the new property with the existing bank as well, meaning an additional loan is taken out.
 

Modde

2016-01-14 10:38:49
  • #3
Ok, conversion is basically possible. But how do you bridge the time if the sale of the old property takes longer and you already want to buy the other property?
 

nordanney

2016-01-14 10:51:15
  • #4
Only through a bridge loan. So first talk to your bank.
 

ypg

2016-01-14 13:14:28
  • #5


I asked this question to my bank. They pointed to the term property exchange, as mentioned above. When I asked how and what to do, I received the statement "sell first - then we'll talk further"
 

Modde

2016-01-14 13:20:52
  • #6
The problem is, I have to live somewhere in the meantime...
 
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