a a loan

[yoongf 11]

Have u tried finance companies like hong leong finance or sing investment?

 

anyway diff banks hv different methods of GDV valuation. See can ask what the bank want to see that can increase the GDV. Maybe a basement or a pool etc.

Edited December 25, 2019 by yoongf
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[snoozee 98]

very simple

mortgage loan is up to 80% of purchase price

so if your purchase price is 2.7m, you can take up to 2.16m of loan

construction loan is up to 75% of construction price. whether to include GST or not depends on how you negotiate with the banker. assuming the bank allows you to include GST.

your construction cost including GST is 500k. bank can loan you up to 375k as construction loan.

however, both loans are subject to TDSR. so as long as your TDSR is below 60% of your income (or combined loaners income), you will be fine. else the bank can only loan you up to the TDSR limit based on your income and monthly repayment amounts to be paid for both loans.

[yoongf 11]

If purchase price is 2.7mil, and construction is 500k, total is 3.2mil. 

But if valuation of new similar  hse in that area is 3mil, and loan is capped at 75%, the max loan u can get is 2.25mil. 

U might get 80% of the land purchase price,  2.16mil but that means loan for construction is capped at 90k, ie.. 18%. 

 

[peachpeach 2]

Yes correct yoongf illustration was what was presented by the banker.

[Muller21QQQF 0]

3 reasons not to borrow

1. To pay your monthly bills

If you have to borrow money to pay your monthly bills, you can spend more than you earn. By sticking to a budget, you can pay your bills without having to borrow money.
2. To cover casual expenses

Try to plan and save on occasional expenses, such as a new TV or vacation. If you cover these expenses with a credit card and don't pay them immediately, you may end up paying a significant amount of interest.
3. When you can't afford these payments

If you are struggling to repay a debt you already have, borrowing won't solve the problem. You will only fall further behind on your payments, which will damage your credit rating.

Total debt service ratio (TDSR)

Your TDSR is a percentage of your gross monthly income that you use for housing and other outstanding loans and debts. Most financial institutions will not give you a loan if your TDSR exceeds 40%.

3 risks of borrowing too much
1. It can become a habit

It may be easier to place large purchases or occasional expenses on your credit card. But if you don't pay off your credit card immediately, your debt will grow every month.
2. This takes money away from other important needs

When you borrow money, you must pay interest. This is money that you could put into savings or spend on other things.
3. It may damage your credit rating if you don't pay your bills

If you are behind on your bills, you will not be able to borrow more money when you need it, or you will have to pay a higher rate.

[bessiebeardsley 1]

My friend had a similar problem, banks gave him different estimates. He didn't know much about mortgages and it was hard to trust any bank because of that. He found https://www.maplemortgage.ca and used the tools they provide on their website. He was able to calculate his mortgage affordability and find better mortgages. They provide you with several options and tools you need for your mortgage. You can trust their website, and try it before you make a decision. They will get you the best deal and you will be able to save money with the options you get.

 

[JustinDavidson 0]

Well, money doesn't cost the same everywhere. In Michigan, where I live, we pay starting from 7% the interest rate, while in the Europe is somewhere around 1-2%, if I'm not mistaken. But, as we all know, this depends on a lot of economic factors, mainly by the average salary. If you don't make it returning the loaned money, applying for a refinancing gets you out of trouble. The best part is that on the companies, which give the payday loans in AL, your request is sent to multiple banks simultaneously, so you get multiple offers, so you can choose the one, you like.

[Olivoil 0]

No, I haven't tried this certain company. I used my local bank to get a loan, I can't remember what method of GDV valuation that bank had, but it was comfortable for me to pay the loan bank. You better ask this question for a company that can help you with that. For example, when I have misunderstood about loans I ask for help Mortgage Broker Lincoln. I don't think that someone in this forum has enough knowledge to help you with your problem, and I am serious right now. No offense guys. I wish you a nice day.

[Shadeoffen 0]

Hello. I think a lot depends on the appraisers and on the banks themselves. Although it's hard to find a good bank now. My friend took out a bank loan to buy a property. What was his disappointment when he did not consult, took out a loan and got into high interest rates. He was unable to pay on time and his debt was getting bigger every month. He did not find a better solution than to go online and take out another loan. He was very lucky that he got to this site https://www.edullinenlaina.com/5000e-laina/ which provided a list of banks that provided a loan for your requests.

[Kalamont 0]

I am not a professional in this domain, but I can tell you what I was told. I bought a place for my house four years ago. But I had to also build it but didn't have enough money. So I took a mortgage from Mortgage Broker Cambridge.They told me bank valuation differs from bank to bank, broker to broker. That's why you should always learn it before talking to the bank about it. Also, I was told that the price is set according to a settlement between the loaner and customers for the BSD. That is all I know.

[bessiebeardsley 1]

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[Fasqwer 0]

Hey man, congrats on buying a new house! Considering the valuation numbers you mentioned in your posts, it seems that you've done pretty well for yourself! Considering the incredibly difficult crisis we've been going through in the last couple of years, you should be very proud of your achievement. Regarding your questions, I think you should contact a professional mortgage advisor to get the best piece of advice. While purchasing my little place, I was assisted by Mortgage Broker Bristol. Its staff is quite professional and helpful, so you can be sure you'll manage to find the right solution. Cheers!

[acapaloga 0]

 Hi all! Where can I find companies that handle wills for real estate?

[sabrinahathaway 0]

I agree with the commenter above. I wouldn't say I like the bank's different lending and mortgage offers. No matter how many times I mess with it, I'm still at a loss. But it's impossible to turn it down. There are situations where the need for a loan or mortgage is maximized. In such cases, I work through a mortgage broker. In any area that has to do with money or the law, I am used to turning to specialists. I recently contacted https://swpdxlaw.com/services/estate-planning to have them help me draft a will. This way, I can keep my children from court in the future.

[acapaloga 0]

Thank you all for the useful information! But what is the best way to get a loan?