Tips to maximize your chances of getting a home loan

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Buying real estate at current prices is not always the easiest thing to do. So, to put all the chances on your side, below are all our tips for obtaining the best real estate loan.

Have a personal contribution to successfully complete your real estate project

Before getting to the heart of the matter, let’s remember that a banking institution relies on several criteria to grant you a loan. Personal contribution is one of these parameters.

The question of the contribution plays a major role, when we are talking about a loan to finance the purchase of real estate. If having a contribution is not obligatory, it is, nevertheless, a determining factor in benefiting from improved conditions.

When you buy real estate, you will surely be asked for fees related to this purchase. This could be notary fees, for example. Reason why a bank prefers to finance all or part of a home, but will systematically refuse the deed costs. This is why a personal contribution for these costs is essential.

Have a good professional situation to obtain a real estate loan

By good professional situation, we mean here by stable and regular income. These should allow you to cover the costs relating to the purchase of your property in Saint-Jean-de-Luz or in France.

Note: your job must not present too much getting a home loan risk for a bank. If the CDI is very popular with banking organizations, it is also possible to borrow even if you are on a fixed-term contract. It should be noted that banks generally prefer to finance households with low incomes, but with real employment stability.

This is the percentage designating the total of your monthly loan payments in relation to the income you have. Generally, a debt ratio of 33 to 35% serves as a threshold. This means that your accumulated credits, including your home loan, must not represent more than a third of your disposable income.

Note that from 33 to 35%, banks estimate that the risk of repayment default is high. So, to succeed in your real estate project, review the amount of your monthly payment, spreading the credit over a new period.

Build a relevant and impactful file to obtain a real estate loan

To obtain financing for your real estate project, you must prepare a convincing file. Be aware that many individuals see their projects fall through due to irrelevant files.

In some cases, these simply do not meet the advisors’ expectations. To put all the chances on your side, use a real estate loan broker to draft your file.

Since this professional knows bank policies perfectly well, he would be able to highlight your file. For information, in order to obtain financing for your project, you must present yourself with the supporting documents that the bank requires.

In addition to reassuring and convincing the banks, do not lie about your income. The same goes for your professional and personal situation.

Be aware that not being completely transparent about your financial situation can have serious consequences. Starting with the nullity of your contract. If, for example, your income varies, do not hesitate to inform the bank in question of this. Do the same if your income is subject to factors that you cannot control.

If in the past you have had to finance a wedding, do not forget to tell this structure. Keep in mind that banking institutions are looking for borrowers who know how to plan for the future.

Go through a real estate loan broker to get better offers

To obtain credit on advantageous terms, do not hesitate to contact a real estate loan broker . Hiring this professional will save you money.

Thanks to his knowledge of the banks, the broker is able to negotiate attractive rates. This will, of course, only be possible if the client’s profile is reassuring. The intervention of a broker can lead to considerable reductions.

The intention of using this professional is not only to obtain credit as such. It also aims to get you a discount on the price of an insurance product backed by the loan. In addition to this, the administrative fees offered, cancellation of early repayment compensation, etc. are all advantages that can be had with this broker.

Tips to maximize your chances of getting a home loan

Have a personal contribution to successfully complete your real estate project

Have a good professional situation to obtain a real estate loan

Build a relevant and impactful file to obtain a real estate loan

Go through a real estate loan broker to get better offers

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Tips to maximize your chances of getting a home loan

Have a personal contribution to successfully complete your real estate project

Have a good professional situation to obtain a real estate loan

Build a relevant and impactful file to obtain a real estate loan

Go through a real estate loan broker to get better offers

By admin

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