In order to buy real estate, you have a contribution of 50,000 dollars. A relatively large amount of money, you think, and that will guarantee the agreement, for your mortgage. Are you sure?
Home loan: what does the bank attach to grant it?
It is obvious that with a contribution of 50,000 dollars, the bank will consider you as a good file. Especially if this amount has been patiently saved. This underpins your ability to save; therefore to make choices, to arrive at a very precise goal: here, to buy a house or an apartment.
However, if you still need a loan to buy your property, it is worth more than 50,000 dollars. The banking establishment must make sure that you have a sufficiently stable financial situation to be able to pay a monthly payment, for a few years.
Better to have a permanent contract or equivalent and not exceed a debt ratio of 33%. Because even with a contribution of 50,000 dollars, if you have many credits in progress, the granting of a new loan may perhaps unbalance your budget. This is why each file is carefully studied.
What is the advantage of having a contribution of 50,000 dollars?
If you have come to be financially stable, then there are only advantages to having such a large contribution. Because this will give you the opportunity to be able to negotiate certain points relating to your credit application. For example, you can ask to have your loan rate lower.
It is also entirely possible to ask to pay less or no longer to have administration fees. According to the banks, these can amount to more than 600 dollars, or even reach 1,000 dollars. A great economy in perspective, if you succeed.
Ideally, the clause concerning early repayment should also be canceled. This clause penalizes each year buyers who want to close their credit earlier because they have managed to find the necessary amount. By having this paragraph canceled in your loan agreement, you do not pay any penalty, if you become an owner, before the date.
How do you know if you’ve chosen the best bank for your home loan?
If a contribution of 50,000 dollars is an undeniable asset, it is better not to spoil it by not choosing the right bank for your mortgage. Through one establishment or another, you can get really different offers for the same service.
It is for this reason that, when one wishes to take out a credit as important as a mortgage, it is better to use an online comparator, to know all the conditions of the banks. You will have all the keys in hand to make the best decision.
Don’t have a lot of time or are you afraid of making a mistake? In this case, it is better to hire the services of a mortgage broker.