Follow-up financing is due - any recommendations?

As mentioned occasionally in my previous posts, due to partly self-inflicted higher construction costs than expected, we cannot repay our construction loan as planned after five years through various life insurance policies. Unfortunately, we now need a follow-up financing.

Fixed interest agreement ends on 01.10.2024
Previous nominal interest rate: 0.660%
Previous monthly installment/annuity: 400 euros including interest
Outstanding debt: 116,000
Note: A paid-off house is not particularly important to us.

How should we proceed to obtain a favorable follow-up financing?
Do you have recent/current experiences with follow-up financing?
Should we wait to see if the FED/EZB (?) will lower interest rates a bit more and simply continue to run the loan with monthly changing interest rates for the time being?
What interest rate do we currently have to expect at least?
Is it realistic to hope for an interest rate of 2,xx or should we be grateful for over 3,xx?

Thank you for your answers.

Addendum: Can someone of you please ask ChatGPT for the currently lowest interest rate? I would have to register first and do not want to give out my phone number.

Thanks for this as well.

How should we proceed to obtain a favorable follow-up financing?

Ask the current bank and at the same time approach the usual intermediaries.

Do you have recent/current experience with follow-up financings?

What do you want to know? It’s financing like any other, but with a very limited term remaining. Every bank wants such financing.

Should we wait to see if the FED/ECB (?) lowers the interest rates a bit more and just let the loan continue with monthly changing interest rates for now?

No. All expectations are already priced into the current interest rates.

What interest rate should we currently expect at a minimum?

A low one! Seriously. How should I say it? Loan-to-value ratio?

Is it realistic to hope for an interest rate of 2,xx or should we be glad with over 3,xx?

Those are the rates at which banks currently refinance themselves, assuming they refinance properly (without margin, risk costs, unit costs, equity requirements, etc.). Banks that work with deposits can offer differently. But if you go to a bank that gives you 3% for 5 years on the investment side, you should expect to pay 3,XX% on the loan side.
Below 3% could work, for example, with a full amortization loan over 5-7 years at a direct bank/savings bank.

Addendum: Could someone please ask ChatGPT about the currently lowest interest rate?

Forget such nonsense with ChatGPT. What term, fixed interest period, loan-to-value ratio should be assumed? Who bears the costs for the assignment of the land charge or new registration during the refinancing?

When do the life insurance policies mature? and what is their interest rate?
depending on the value of the property, the new interest rate will be 3.5%

When do the life insurance policies mature? and what is their interest rate?

Unfortunately, everything has already been spent on the building cost increase.

sorry but a typical example that one was warned about. Chosen too short and minimum repayment.

The AF probably doesn't hurt you. however, it should have been managed differently