From rates to guarantees, including insurance and bank conditions, we have analyzed the 12 pieces of information you need to know in order to obtain the best possible credit and thus finance your new home to the best of your interests.
A mortgage is a whole
Beyond the interest rate, it includes guarantees, insurance, monthly payments and it is established over a certain period. There are points that count in terms of cost, but also of operation. With adjustable monthly payments upwards or downwards, for example, you can adapt your repayments to changes in your financial situation. A visit to www.mlcalc.com will help you as you will be able to use the loan calculator.
Know the conditions of banks. Another important point: to obtain your financing, you must build a good file and meet the criteria of the banks. These relate to the nature of your project and that of your mortgage, but also your borrower profile. Our advice and solutions to maximize your chances of obtaining an economical, secure real estate loan, adapted to your construction project and to the evolution of your situation.
Learn about mortgage loans
Your priority: to be well informed on all aspects of mortgage credit. Fortunately, today you have many sources. Start by browsing our sites, they contain a great deal of information on rates, guarantees, insurance, additional costs, bank criteria, etc.
Loan: sites for information. You can also consult the website of the National Housing Information Agency, the website of the Banking Federation. If the information circulating on the forums is often useful, some of it can be approximate or even false. Don’t hesitate to check them out.
Note: if you do not understand certain points, do not hesitate to have them explained to you, several times if necessary, by the bank, the broker or the constructor.
Take care of your borrower profile
To grant you your credit, the banks will sift your file to see if you meet their criteria for granting loans. Place a minimum of 10% of personal contribution in your financing plan (in the new, certain aids like the PTZ are considered as contribution). Your monthly loan payment must not exceed one third of your income net of charges (the bank takes into account your consumer loans in particular).
Note: banks can grant real estate loans to those who have no contribution if their file is healthy and solid. Some even offer so-called 110% loans. They finance the land, the house and ancillary costs. These funds are difficult to obtain. In particular, you must have a very good profile (stable job, very well managed bank accounts, etc.).
Your personal financial situation
It must be healthy (no overdraft accounts, few consumer loans). Your jump in charges (difference between your current housing expenses and your future loan maturity) as well as your remaining living (what remains once the monthly payment has been paid) must remain reasonable. Better to borrow as a couple (two incomes are more secured than one). One of the members of the couple must have a permanent contract.
Note: be transparent with the bank and give it all the necessary information. If you’ve been overdrawn, take the time to clean up your accounts.