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Prepayment penalties were indeed paid there, but the bank reduced them by 50% because the new loan was taken out with the same bank.
Sure! New loan, prepayment penalty on the paid-off old loan.
With a property change, which is not just a term but has a meaning for the banks, there is no new loan. You still have the old one but change the property.
In the case of an object change, which is not just a term but has a meaning for the banks, there is no new loan. You still have the old one, but change the object
Regards, Yvonne
Exactly, I wrote that an object change is the cheaper alternative. However, the TE would have to make the change. During the construction phase, he would have a double burden (bridge financing until the house is sold).
A proper financing plan is needed and an assessment of what the current house will bring in the market.
A sale also poses a risk for the current bank if the expected sales proceeds do not materialize.
Put your house online just for fun and see if anyone responds to your asking price. Then you'll already have a reference point for what you might get. Even if people keep coming to check out the place, you can stay relaxed. If no one contacts you, it gets trickier.
Just put your house on the internet for fun and see if anyone responds to your asking price. Then you already have a rough idea of what you could get. If people keep coming to the house, you can stay relaxed. If no one responds, it gets trickier.
I’ve thought about that too... but then the whispering in the neighborhood will probably start very quickly... stuff like that spreads fast. I would be interested anyway, regardless of whether we sell or not. We thought it over again yesterday and I don’t think we will sell. We actually decided against it because of the expected stress.
: I would generally talk to your bank. You won’t get around that anyway if you want it to be cost-effective. Some have also connected their own realtor. He can also give a good estimate of how much the place can be sold for.