Real estate and construction financing in rostock
The way to your dream property is in most cases accompanied by financing. Whether it's a new build or an existing property – with the right real estate financing, you can make your dream of home ownership possible. We advise you on your individual real estate financing in rostock and accompany you on the way to your own home – from the property search and up to the construction financing.
You would like to submit the documents for your construction financing or check the status of your construction financing? Then use our customer login. There you can view and upload your documents or get information about your construction financing.
Purchase with real estate financing in rostock, is it worth it?
If you are looking for real estate in rostock and the surrounding area, you will quickly realize that buying a house is not a cheap affair. Especially in popular locations, the market is highly competitive and prices for real estate and land are very high.
These are the reasons why many people opt for real estate financing. Residential customers and clients especially benefit from well-planned financing and credit. The current situation regarding debit interest rates make financing with fixed interest rates not only easily possible, but even sensible. We are happy to offer you a detailed financing consultation. During this consultation, we as real estate agents talk to you about follow-up financing, fixed interest rates and all the advantages that come with real estate financing.
Construction financing: you ask, we answer!
A real minimum income for a construction financing does not exist. The only important thing is that your income is regular and reliable. As a general rule, the loan installment for a construction loan should not exceed 35% of your salary, otherwise the viability of the loan cannot be guaranteed.
Basically, it is important to banks and credit institutions that the borrowing party has a fixed and high income. Nevertheless, it is possible to obtain construction financing even with a low income. However, you must be able to offer your bank another form of security. Possible securities are:
- Second:r borrower:in
- Contribution of personal contributions
- Debt-free ownership
- Life insurance
Unfortunately, there is no simple answer to this question, each construction financing is individual and depends on various factors. In addition to income, the amount of equity you bring into a financing arrangement also plays an important role. There are various tools that can be used to roughly determine how much you can afford to spend. For this you need various information:
- Equity
- Possible rate
- Debit interest rate
- Debit interest per year
- Repayment in percent
Equity is understood as any amount of money that is not provided through the bank or credit institution. In short, these are savings that you want to use for construction financing. However, this does not just mean the money in your savings account. Equity can come from a variety of investments:
- Savings in accounts
- Cash assets
- Building society credit
- Life insurance policies
- Shares and securities
- Real estate
- Building plots
A report to schufa is only made after successful completion of financing. When you submit a request for construction financing, no entry is made in schufa. However, data from schufa is queried in order to determine the conditions of your construction financing.
As soon as you have a firm interest in a property or start planning a new build. Many construction loans contain subsidies that require some lead time before they can be disbursed. Therefore, it is advisable to take out a construction loan a little earlier so that you do not fall behind on any bills.
How and when a construction loan is disbursed after it is completed depends on your lending institution. Depending on the agreement, you can have the whole sum paid out or also partial amounts again and again. As a rule, complete disbursements are made within 15 working days or sooner.
This depends on your priorities and preferences. Depending on your preference, financing can be taken out with more repayment options or with additional collateral in the event of a payment default. This means that you need to be sure in advance what type of person you are and what characteristics you attach greater importance to in a construction loan.
Real estate financing
Real estate financing is always dependent on many different factors. Not every financing is feasible or realistic. With our financing calculator you can get a first rough overview of the feasibility of your financing request.
Your options at a glance
The goal of owning real estate is fixed for many people. Only very few people have the opportunity to own a multi-family house, house or apartment without the associated financing. So that the dream of owning your own home is not only possible for a few people, there are all kinds of different financing possibilities.
Annuity loan
In most cases, the annuity loan is used for construction financing. This is a loan that is paid out to you either in full or in instalments, as you wish. The annuity loan is repaid in monthly installments and has a debit interest rate that is fixed at the beginning of the loan for a certain period of time. In addition to the monthly installments, unscheduled repayments can also be made to a certain extent to shorten the repayment period. This saves you money, since less interest is charged. The amount of unscheduled repayment options is also stipulated in the loan agreement.
Term loans
In the case of bullet loans, two different contracts are concluded at the same time. One is the actual loan agreement that pays you the money you need and one is a savings agreement. With a bullet loan, the loan amount remains until the end of an agreed period of time. The sum is then drawn from the money you have paid into the savings contract over the years to pay off the loan in one go. The advantage to this type of loan is that you pay only the interest that accrues during the term of the loan, putting less strain on your income. However, you should be aware that at the end of the term you will have to pay the full amount. In addition, you pay more interest overall, even with a lower monthly burden, because the loan amount does not decrease.
Building loan contracts
Building savings contracts are a mixture of savings contract and loan. As a rule, you agree with your bank on a certain loan amount. Part of this sum you pay into the building savings contract itself as a credit over several years. In return, you will receive interest, the amount of which will be determined at the beginning of the contract. If you have paid a certain amount usually 40% of the agreed amount, you will receive the rest as a loan disbursed. The advantage of building savings contracts is that in the deposit phase you already determine the interest rate at which you will later receive the loan. Unlike the traditional construction loan, there is no fixed term on repayment. So you are very flexible in the repayment phase.
