Know about Real estate loan comparison

Becoming an owner is not a choice that is made lightly. Committed over 15 or even 25 years, you must be informed about the terms of your credit. How to be considered a good record? What type of loan to choose? What should you watch out for? Online sites help you to guide how to take registration loans in Phoenix.

Is your file solid? What your bank will study before granting you a mortgage

• What is the existing accession aid? How to benefit?
• What types of credit rates can you be offered?
• What should you watch before signing?
• What additional costs should I anticipate?

Is your file solid? What your bank will study before granting you a mortgage

To be able to take out a mortgage, you must show the bank that finances you that you are a reliable borrower. A stable situation and a reasonable management of your resources are therefore essential. Here is what a bank looks at when it studies your file:

• Your professional situation: you must be on permanent contract. Few banks will lend you without the famous CDI.
• Your financial situation: Have you been exposed, even minimal, in the last few months? If so, your financial situation will be considered fragile.
• Your debt capacity: this is your maximum monthly repayment capacity. This must not exceed one third of your income. To calculate it, your bank will ask you what your current or future consumer credits are.

Your personal contribution:

It is the self - financed part of your project. It shows the bank that you are able to capitalize and manage your money well. The contribution can come from your personal savings or assisted loans, like the 1% housing or the zero rate loan. The more important your contribution, the more you can negotiate your loan with your bank: you can borrow more or at more advantageous rates. Generally, it is considered that a contribution must represent at least 10% of the purchase price of your property.

What is the existing accession aid? How to benefit?

Social Accession Loan or PAS loan: To benefit from it, your resources must not exceed a certain ceiling . Only banks that have an agreement with the state can offer it. It finances the purchase as well as the construction (with or without works) of a dwelling. It can support part of the overall cost of the mortgage as a whole. The amount allocated will depend on your income and the geographic area in which you wish to purchase. Know that you will pay interest calculated according to the loan duration and the type of rate 

The zero-rate loan or PTZ: It is a registration loans assisted by the state. He cannot fully finance your home, but only part of it. This dwelling must be new or old with work. The maximum amount of the PTZ cannot exceed 40% of the cost of the operation. You will not pay interest.