Subscription to a mortgage represents a very important commitment that takes place over a long period. Thus, getting the best rate is important. First of all, it is necessary to have a good record, which is the key to obtaining the best rate since the lender first assesses the personal and professional situation of the borrower in order to estimate his capacity. reimbursement. The more favorable it is, the more the lender will be inclined to offer a better rate. The proposed rate thus often changes according to the risk of non-reimbursement incurred by the lender. As a result, you must first ensure that you have a balanced family and work situation. If you have a stable job (for a long-term contract for example) and have been for several years and your salary is high enough to cover all your fixed monthly expenses while leaving you a considerable amount of money to live, this will clearly work in your favor and offer you more chances of getting the best rate for your home loan.
You must also make sure that your debt ratio does not exceed 33% because if it were the case, get a home loan will be almost impossible. Very few banks or other credit institutions could accept a credit application if the debt ratio is higher than this percentage. In addition, make sure you are not registered with the FICP (Personal Credit Payment Incident File) and do not have a bank history that would work against you because once again, it would make your credit application very unattractive to lenders.
Eligible for zero rate loan
Which would allow you to borrow a portion of the money you need to buy your property, without paying for it. ‘interests. The Zero Rate Loan is a state-assisted loan for the purchase of housing to individuals who have not owned their principal residence for the last two years, depending on their resources. The amount of the zero-rate loan that can be granted depends on where the individual wishes to purchase their home. It is a credit that does not fully fund the purchase but only part of it. The borrower must thus supplement it with a personal contribution, or by one or more credits.
Moreover, even if you can not benefit from the PTZ (zero rate loan) a personal contribution can be very useful if you want to get the best rate. By financing part of the purchase of your home yourself, you will reduce the risk taken by the lender granting you the mortgage, which will make him more inclined to offer you a better rate.
Get the best rate for the loan
It is also important not to have too many credits in hand if you want to get the best rate because an accumulation of loans increases your debt ratio and thus the risk of non-repayment incurred by the lender. This way, you will be more likely to get the best rate if you are not already in a debt situation. Likewise, having a large living room (after deducting your fixed monthly expenses from your income) will greatly increase the possibility of getting a better rate.
A stable financial situation is one of the most important assets when you want to obtain a mortgage at the best rate. So, be careful not to have been uncovered the few months before your loan application. A lender will more easily give you a better rate if he judges that you are able to manage your finances without falling into the red.
Remember to go early enough to apply for home loans
Indeed, it is better that the repayment of your credit is done before your retirement. Thus, if you are young and able to work for a long time, it will be easier to get a better rate.
Play the competition! There are many offers of real estate credit, whether from banks or other institutions. Thus, comparing the different proposals of the market can allow you to get the best rate for your loan.
Try to call a broker
This will generate some additional costs, of course, but it can be a good solution to find the best rate.
Finally, keep in mind that if you reduce the term of your credit agreement, it will reduce the total cost of the loan and allow you to get a better rate. As a result, if you are able to pay higher monthly payments, do not hesitate to reduce this repayment period.
It should be noted that these tips can equally well apply to other types of credit, including consumer credit for which you can use these same tips in order to get the best rate.