A healthy financial situation conditions access to a mortgage and an attractive interest rate. At the time of the study of your file, the bank will sift your borrowing capacity. In particular, it will analyze your bank statements over several months, even if only the statements of the last three months are generally requested. It is strongly recommended to avoid payment incidents, excessive expenses or overdrafts. In parallel, you must be able to certify that you can provide a refund of monthly payments. The rule imposes a debt ratio of less than 33%. Clearly, the cost of monthly payments must not exceed one third of your income. Of course, if you have high incomes, the bank can tolerate a debt ratio higher than this 33%. A visit to https://www.nationaltransaction.com/ makes things perfect now.
There are tips for getting the best rate in your credit or credit redemption project. Here is a non-exhaustive list.
Soliciting a banking intermediary
The bank intermediary is a financial institution that lies between the bank (or credit institution) and the client. He works through mandates (broker, agent) and receives remuneration only in case of financing the file (percentage of the total amount). If the primary need of the borrower is to benefit from the best rate, the intermediary will make every effort to obtain the offer of credit or repurchase credit at the best rate, thus meeting his needs.
Look after your borrower profile
The borrower profile is a criterion to be taken into account when applying for credit or loan redemption. This profile is noticeable with regard to the application for funding. The instruction of the file requires bank accounts, income, credit vouchers, etc. The presence of negative signals such as rejects, late payments or overdrafts can alter the image of the borrower profile, it is possible to improve by regularizing the situation and by providing “clean” bank accounts. Simply wait several months for the bank accounts to no longer show overdrafts or unpaid, an additional condition to obtain a better rate.
The personal contribution
- As part of a mortgage, the personal contribution or via an ELP (home savings plan) is a key element to obtain very interesting conditions (amount, rate).
The larger the contribution, the shorter the repayment period and the better rates in effect. Note that the domiciliation of income can play at some banks, for credit institutions it is not necessarily necessary. In the purchase of credits, the contribution is not taken into account and is not necessarily useful.
Play on the duration
The repayment term has a direct influence on the rate, the shorter the duration, the lower the rate. Conversely, this is for the longer the repayment period, the higher the rate. If the capacity of the borrower allows it, it is better to leave on a shorter duration that will get better rates. This duration must of course take into account the applicant’s need for financing and repayment capacity, the consultant in charge of the study must ensure, through his duty of advice that the credit granted will not impact on the financial equilibrium of the household.