Browse Forums Building A New House Re: Construction loan pre-approval expiry 4Nov 01, 2018 7:45 am Current State: Slab/Frame/Bricklayer/Lockup/Lining/Stairs/Kitchen/Wet flooring/Painted/PCI/Got the Keys My Thread: Building Windsor 40 with Eden Brae (Caddens) Re: Construction loan pre-approval expiry 5Nov 01, 2018 11:57 am Customer in glare of headlights: "OK, I'll sign that car sales contract and then we can talk with the bling-person about adding the auto, and the sun-roof, and the bonnet protector, and the paint-protection next week. Lovely, I'm so happy with the deal...." Re: Construction loan pre-approval expiry 6Nov 01, 2018 1:31 pm Thanks for your replies everyone. Yes you are all correct, the bank wants the final contract price. They said if the pre-approval expires before we get the final contract price, we will have to re-submit all the documentation again eg. payslips, bank statements etc. to extend the expiry. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19096 The fastest thing a builder will do is bank your cheque, those systems work perfectly with lightning speed, everything else is slow burn. Just the way it is. 1 8706 1 2987 |