Having your own home is a dream dear to everyone. However, the path to realizing this dream is not easy for everyone. The most advanced reason is the lack of financing for the type of house one wants to buy. But did you know that almost everyone can benefit from a mortgage to finance the purchase of their home? In the following lines, discover or rediscover the essentials to know to obtain this financing.
Lenders will agree to finance the purchase of your home if and only if you present them with a solid file. A solid mortgage application file proves your good borrowing capacity. Your borrowing capacity is the total amount you can afford to borrow without throwing your finances out of balance. A very good real estate loan simulation tool like the La Banque Postale simulator allows you to easily present your file.
On the one hand, you must know and properly inform all the income taken into account for a mortgage. These include in particular:
On the other side, you must fill in all your charges (rent paid, alimony paid, etc.). In addition to the amount of the loan, you can use the mortgage loan simulator to estimate notary fees and your monthly payments. Don’t forget to include the amount of borrower’s insurance when determining the total cost of your home loan!
To finance the purchase of a home, there is a mortgage adapted to each borrower profile. Whether you are a young worker, an employee, an independent professional or a retiree, you can obtain a mortgage to finance the purchase of a home.
This is the best known home loan. The borrowed capital generates interest. You must pay your monthly payments over the entire term of the loan. The monthly payments include the monthly interest generated and an amortization corresponding to part of the capital to be repaid.
In terms of home loans, young people are a very pampered clientele of credit institutions. They can borrow over a long period and their income is likely to increase during their professional careers. If you are young, take advantage of this windfall to better negotiate the conditions of your mortgage.
To finance the purchase of a home, you can accumulate mortgages of different durations and rates. It can be a classic mortgage and a young credit for example. Smoothing then allows you to benefit from a single monthly payment amount and repayment period.
A few tips will allow you to benefit from a mortgage to finance housing without an initial contribution. If it is a rental housing, the lenders are less demanding, assured that the future rents will be used to pay the monthly payments. A plus would be for the real estate project to be carried out by a young person without debt, with a stable professional status (on a permanent contract for example), justifying high income.
There are several real estate loans subsidized by private companies and public authorities (State and local authorities). These are, among others, the: