To obtain a mortgage from a bank, it is better to present the most attractive file possible. On what criteria do banks assess your situation? How to put all the chances on your side? Focus.
On what criteria do banks grant mortgages?
How to put the odds on your side to obtain a mortgage easily?
Faced with a refusal of a mortgage application, are there solutions?
For a bank, granting a loan means assessing a risk. Thus, the more stable and reassuring your situation, the more likely you will be to obtain your mortgage.
Here are the criteria banks use to assess your situation:
Managing your current account .
To obtain a mortgage easily, you will then have to put the odds on your side. And it starts with choosing a property that meets your means, especially during a first real estate acquisition .
If your debt ratio exceeds 33% or your remaining living remains too low because you have positioned yourself on a house or apartment that is too expensive, you will reduce your chances of obtaining your loan.
In the same idea, your charge jump (the difference between your current rent and your future monthly payment to be repaid) should not be too large. Do a real estate loan simulation to study all of these parameters.
Good management of your money is also essential. Repeated overdrafts like an accumulation of consumer loans will scare off any banker.
To determine your debt ratio, use our simulator:
All your income combined (net wages before withholding tax, bonuses, rents received, etc.).
Your expenses (monthly cost of your credits, persistent rents after your real estate transaction, etc.).
How to put the odds on your side to obtain a mortgage easily?
Have a good job
By “good professional situation” we mean both stable and regular income allowing you to cover your expenses but also a job that does not present too many risks for a bank.
If the CDI remains the Grail, know that it is possible to borrow in CDD or in interim.
As a general rule, banks appreciate a personal contribution equivalent to 10% of the amount borrowed .
If this sum remains too large for you, be aware that they require at least the borrowers to bear the notary fees .
Manage your budget well
For banks, managing your budget well means both not being overdrawn too often (and not using consumer credit too often) but also being able to show your bank that you know how to save .
Some banks will prefer the file of a buyer with a low salary but a good savings capacity to that of a borrower with high incomes, but also large overdrafts.
Choose your property well
Your personal situation will be the most studied by your banker, but know that the place and the type of accommodation to which you are destined also comes into play. The bank thus seeks to assess your chances of resale and therefore of capital gain. The larger these are, the more attractive your file will be.
What rate for your loan?
A real estate broker can help you strengthen your borrowing profile by refining it and increase your chances of obtaining mortgage. The mortgage broker is an expert and intermediary with banks. He will thus be able to file your loan application simultaneously with several banks and bring competition into play. A real estate loan broker will thus save you time on the delays in obtaining the loan offer, save money on the cost of credit and the conditions of the loan offer. You also gain in serenity if you have an administrative phobia because the mortgage broker assists you on this part.
By postponing your real estate purchase project for a few months, you allow yourself time to clean up your finances and present green accounts to a lending organization.
This can also give you the opportunity, if the blockage comes from too little left to live, to turn to real estate that will put you in less financial distress .
Finally, it will also be an opportunity to increase your intake .
Present your file to another bank
If your bank has refused to grant you a mortgage , know that it is better to expand your file to present it to other banking establishments rather than insisting with the first one.
If you obtain a mortgage from a bank other than your own, you will be required to open a current account there and pay your income into it. So it’s more or less like changing banks.
You can turn to generalist establishments (conventional deposit banks), which having strong financial power, can be flexible according to their commercial strategy of the moment.
By contacting a bank specializing in personal credit, you will face organizations that are used to adapting to the situations of each borrower. You will not have to open a checking account with them.
