Mortgage remains the preferred way to finance the purchase of a house. What are the eligibility criteria?
Respect a debt threshold
The amount of the loan granted by a credit organization depends on your debt capacity. This is the estimate of your monthly repayment capacity, interest rate included. In general, the debt capacity cannot exceed 33% of your income, the remaining 67% covering your miscellaneous expenses. To find out about mortgages, you just need to perform a simulation on the sites as the best rate. This approach allows you to assess your borrowing capacity as well as the monthly payments to be paid according to the loan contracted. It should be noted that the interest rate influences the total amount to be paid. It varies according to the request and the criteria imposed by the credit organization, hence the need to carry out several simulations.
Have a stable professional situation
The mortgage is granted under conditions, given the risks incurred by the financial institution. An applicant with a stable situation is therefore likely to obtain a loan more easily. Indeed, the bank relies on your personal contribution, generally estimated around 10% of the total amount borrowed. In addition, be aware that the interest rate decreases as the amount of the loan increases. In addition to your ability to provide a personal contribution, the bank also takes into account your professional situation. A permanent position with a salary average constitutes a real advantage in your file. Having enough savings also works in your favor.
Not be a risky profile
In addition to the income conditions, the bank also bases itself on your personal profile, namely your age and your state of health. Banks easily grant a loan to a first-time buyer, ie people in an age group of 30 to 40 years. Being in full active life, this type of profile is more likely to finalize the repayment of the loan. Furthermore, this class of claimants is likely to benefit from an increase in income. Like age, health status affects repayment capacity. To prevent risks, you will therefore be asked to take out a borrower insurance. You have the choice between the offer proposed by the bank itself or the one that you have personally selected. However, it should be noted that the AERAS agreement was put in place to facilitate the granting of a mortgage to people in poor health.
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