Refinance existing loans with a construction loan

2020-08-08 15:07:49

Your strategy is also wrong. Sorry to say so.

1) What banks would give you at most should not be fully utilized. Buffer and security and so on.

2) 40 years is no longer a good timeframe for you. Consider 25 years instead.

3) From 1) and 2) it follows that the amount you have in mind is simply too high.

From 3) it follows that the house would have to be slimmed down.

From all points follows the following strategy: Ask banks what you can get at most. Deduct 15% - 20% from this amount. With the result, see how big a house you can get for that.

Do not finance over 40 years!

If the installments then come out to something you cannot manage: Then it simply does not work.

2020-08-08 15:09:57

Pretty sure, even. Honestly, I'm sorry that your dream can't be realized that way. But I don't quite understand you. You have received so many hints about what is holding you back. From people who partly make their money with mortgage financing. And still you didn't let yourself be deterred because it absolutely had to be your financial plan and absolutely had to be ING.

But: nothing is broken yet. Lick your wounds, adjust your little crown, and start over. Take the hints here seriously and see what you can actually finance. Fee-based advisors advise on a fee basis and INDEPENDENTLY.

2020-08-08 15:12:40

1. we have not exhausted
2. I know. But if the financial advisor who has been in the business for 35 years suggests that, you should be able to rely on it, right?
The instruction does not come from me!

The rate would be 1098 if they had agreed to that.
So actually quite manageable as a retiree, I think.

2020-08-08 15:16:12

Pensioner is one thing. Recently, I read in a post something about 47 and 41 years, is that correct? If I look at the mortality tables as a bank, I would not necessarily assume more than lively pensioners.

2020-08-08 15:17:25

Pretty sure, even. Honestly, I'm sorry that your dream can't come true like that. But I don't quite understand you. You've received so many hints about what's causing the problem. From people who partly earn their money with mortgage financing. And yet you didn't let yourself be deterred, because it absolutely had to be your financial plan and absolutely ING.

But: nothing is broken yet. Lick your wounds, straighten your crown, and start again. Take the hints here seriously and see what you can actually finance. Fee-based advisors advise on a fee basis and INDEPENDENT.

I only gave one instruction to the financial advisor: as small installments as possible but it still has to remain realistic. Nothing more!!! If someone told me that, for example, 40 years is not possible and we have to increase the repayment rate, that would be no problem either. But that was not said! My financial advisor is independent. We are not tied to any bank or anything like that. If that is what you mean by that. Then he earns from the commission. I'm not resisting the many opinions here. Nevertheless, forums should always be taken with caution. You all know that too well. So one remains skeptical for the time being. Which is not meant negatively.

2020-08-08 15:18:28

Being retired is one thing. Recently I read in a post something about 47 and 41 years, is that correct? When I, as a bank, look at the mortality tables, I wouldn't necessarily assume more than very lively retirees.

Refinance existing loans with a construction loan

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