Final Loan Agreement - Which Time?

Sorry guys, I made a typo. Of course, we need €350,000.

@MM: We already had initial appointments before the purchase. Financing is not a problem. Since we already own the land, the conditions are already very good. In the end, it’s about fine-tuning.

: I have now replied. Sorry, I’m really busy at the moment. Mainly following along on my phone.

@Everyone: Okay, many seem to be tapping into their cash assets first. That’s logical at first. The financing providers are, of course, already threatening with rising interest rates...
I’d say this: 0.1% interest means around €10,000 for us over 20 years. Commitment interest in the worst case also €10,000....
By my amateur calculation, I could just sign the loan and put a lid on it.

What interests me most, however, are practical experiences. We can’t drag it out indefinitely anyway, since the builder naturally also wants to see a financing confirmation.

I am mainly interested in empirical values as well.

As I said... I waited. It even saved me interest costs. But that was not my motivation. I rather had the special situation that despite the purchase contract I could not be sure that the previous owner would actually move out. After signing at the notary, he then changed his mind again... :rolleyes:

Mainly read along on the phone.

Yes, most people reply to you via phone ;)

But I am especially interested in experiential values.

There are no experiential values because repetition is not possible. You cannot compare whether your own way was good or whether it can be done better.

Maybe I might be thinking too conservatively, but I wonder, how can one enter into an obligation (purchase price payment of €350,000 plus X) when I don't even have the money for it? For me, the financing must be settled first (whether through equity, debt capital, or a mixture of both) before I sign a house construction or purchase contract.

I see it the same way. I signed the financing first and then the purchase contract. Everything may look very nice and not be a problem at all, financing is a piece of cake. But just look at the purchase contract, what happens if you don't pay. And then let something unexpected happen when the time comes and you finally want to secure the financing. I could no longer sleep peacefully at night without the financing in my pocket, but with a signed purchase contract for a sum I don't possess.

We had a clause in the contract that we could withdraw if we did not get financing. Then we would only have had to pay the costs incurred up to that point, which would have been possible from equity. However, we also did not have to provide a financing confirmation.

I believe we finally completed the financing when the excavation pit was dug and the foundation slab was poured. Until then, the equity capital was sufficient (with a bit of buffer). Therefore, we had no problem with the interest-free commitment period. Of course, this is only possible if the financing is not too tight and you receive 100% of the desired loan amount. However, we were also in constant communication with intermediaries and the house bank. Ultimately, the house bank even advised waiting a bit, as they knew that KFW would adjust the conditions in January at that time. It was also clear that the changes in conditions would be positive, and so waiting then brought us a nice subsidy. But I wouldn't necessarily speculate on that at the moment.