Delayed Turnover with approved Bank Financing. What are my options to not pay amortization yet?
I already signed with a Bank to finance my unit from Suntrust (as they advised). Suntrust can't and won't give me a timeline or even an estimated date of turnover. However, the bank is already pressuring me to proceed with the take-out as the interest rates will change in the next months.
Currently, we are renting a house so paying amortization at the same time would be difficult. So I might need to wait for turnover, even it means ill be getting a higher rate..
Pero just want to ask is it normal to pay amortization kahit wala pang turnover ng unit, or better talaga i-wait muna yung turnover? Also, wala ba tayong security as consumers in this type of situation?
For additional background, I reserved the unit in Nov 2021, finished the equity in June 2024. They only began construction in late 2025.
PS: Don't get from Suntrust if you don't want headache.
(EDIT: Spelling)