Anyone planning a construction project is faced with an abundance of offers for construction loans, which are difficult to understand at first. The question then arises whether you are looking for the way to a building loan via online portals or whether you are using the financial advisor who provides personal advice on site. One thing is clear in any case: the financial advisor cannot do his job for free, the online comparison and conclusion is usually cheaper. There are also a lot of portals and forums that offer a really comprehensive overview of the topic.
What do online portals offer?
An online portal or a home loan forum offers extensive information and enables the comparison between hundreds of banks, building societies, financing intermediaries and other lenders for the home loan. KfW funding is taken into account, as are the offers from building societies.
The future builder already gets a first overview of current mortgage interest rates through the interest charts and the comparisons of fixed interest periods. Mortgage lending calculators on the portals help with the exact calculation of interest and repayment rates, the inclusion of special repayment options and feasibility studies. It should be noted here that in the end each builder can receive his personal interest – depending on the creditworthiness and property. If you therefore need an individual and concrete offer for your building finance, it is best to contact one of the banks online or to the comparison portal itself, which will filter out the most suitable from the available offers.
Home loan – this is to be considered!
Many aspects come together when a building project is planned. When purchasing a finished property, complex aspects must also be taken into account, including the choice of the repayment rate, the fixed interest period and, of course, the most favorable interest terms.
First of all, you have to decide in what form a loan should be taken out at all, because there are many different options here, from the home loan contract to the classic annuity loan, the loan with repayment suspension to the foreign currency loan.
However, secondary conditions such as the handling of financing are also crucial. Particular attention is paid to the payment conditions. The price for the entire project is mainly due in partial amounts according to the construction stages, in rare cases only after completion. First, the property is paid for, then the builder makes payments according to construction progress, eg basement / floor slab, shell, roof and key handover. The loan amounts must be available at the desired time. When comparing construction loans, such aspects must also be taken into account in order to avoid later unpleasant surprises.