Discover our 5 tips and tricks so that your bank accepts for sure your mortgage application!
Before embarking on the process of obtaining a mortgage loan, there are some good practices to apply in order not to have your loan application refused. We give you 5 tips and advice so that your loan takes place in the best conditions!
Tip # 1. Attention to account management
Make sure the accounts are in order, no overdraft during the three months, see the six months before applying for a loan at the bank. In the case of a small gap in the budget, it is better to shift the loan request to the next month in order to show the bank a positive image, that of a serious borrower, who will keep his budget and repay his loan. time and time.
Tip # 2. The 33% debt rule
This rule varies from bank to bank, but in general, one-third of the monthly net income should not be more than a loan repayment. If you have outstanding credits when applying for a home loan, the bank will likely reject your application. If the borrower has the opportunity to repay them upstream, it’s better! Sometimes the location or the general condition of the real estate can play a role in the bank’s decision. To secure a purchase, it is necessary to have your borrowing capacity assessed by a bank or broker before signing a sales agreement.
Tip # 3. A good contribution
Ideally, it is better to have a personal contribution corresponding to 10% of the sum borrowed. This personal contribution is used to pay the notary fees, warranty fees and handling fees (here, offered by Loan for Loan). Having a contribution greatly facilitates the loan application. However, there is always the possibility to make a loan at 110%, that is to say that the bank finances the 10% that the borrower does not have in addition to the 100% of the loan. However, fewer and fewer banks offer this type of mortgage. And, in general, the rate is much higher than a conventional loan.
Tip # 4. Have a stable job
Having a steady job is a determining factor in obtaining a home loan. Justifying regular monthly income secures the bank on your repayment ability. For young workers at the beginning of their careers, it is important to emphasize future professional opportunities and future developments that involve salary increases.
Tip # 5. Call a broker
Going through a mortgage broker makes it much easier to get credit. The broker guides the borrower in his research, accompanies him in the assembly of an irreproachable file, advises him on the optimization of his financing plan and negotiates for him the best conditions of financing: credit rate, delegation of insurance, choice of guarantee, exemption from bank fees and with Loan for Loan, 0 € brokerage fees.
Your ability to manage your accounts, save and repay will help you get a mortgage.