You want to become a homeowner and to do this, you want to build your house. For this, you must certainly apply for a mortgage. But what happens if the prime contractor does not offer you GFIC?
What is a GFIC and in which cases is it compulsory?
This is the Individual House Construction Contract. This contract was put in place, in a legislative framework, in 1990. It is compulsory in many cases.
The following examples can be cited. If a manufacturer offers standard or personalized plans that he has drawn up himself. If he builds a building for residential use that will not contain more than two dwellings or a builder who has asked you to contact an architect.
The GFIC offers a delivery guarantee, either, but at the price and on the date initially planned. This GFIC also includes decennial insurance. But also of good functioning, for elements of equipment which can be removed, without damaging the shell.
So we are thinking of a heating system, for example. If all the points addressed in this legal document tend to reassure the future owner, what about the bank?
Do you have to have a GFIC to obtain a mortgage?
It can be difficult to have a positive response for a mortgage without having a Single House Construction Contract. It should be understood that the banking establishment grants a loan for a house which must be finished and therefore habitable.
You may be able to find banks that will lend you without this important document, but most will deny you credit. It should be noted that in any case, you will need to provide the certificate of damage insurance (which should normally also be found in the GFIC). How to do, then if you do not have this document?
Using a broker: a possible solution, in the absence of GFIC:
As we have seen, sometimes some banks do not require GFIC to grant a mortgage, but they are not legion. How do you know which one will give you a positive response?
It is precisely in this type of situation that you should turn to a real estate broker. As a financial expert, he has an extensive network and necessarily knows the banks which are less fussy on this kind of the point.
But be aware that the real estate broker is versatile. He can; better than an internet comparator would do, direct you to the bank that would be likely to present you with the best offer for your mortgage. This can be related to the rate of the loan, but also to the duration of repayment.
Indeed, all banks are not equal, in terms of offers and services. Taking the time to assess each possibility can be energy-intensive. The broker, from his experience, will know where to guide you. Better still, he may know of the help that can be offered to you, in light of your situation, to have your house built.