You may have a bank account in one or even several banks. Start by getting information from them. And then consult other lenders or mortgage credit intermediaries. You can then compete.
Instructions for use: prospectus, simulations, ESIS sheet, … what's the difference?
Lenders offering mortgage loans must make available to consumers a document called " prospectus". This document, standard, free, makes it possible to compare the different mortgage loans. It includes in particular:
- A description of the different types of mortgage loans offered
- The interest rates applicable to them
- If applicable, the terms of variation of these rates
- The rates of costs and indemnities likely to be claimed by the lender
- Etc.
However, this document does not take your personal situation into account.
A simulation allows a more precise comparison.
You can easily do simulations via Wikifin's real estate simulator . It takes into account the amount you want to borrow , the duration of the loan and the type of rate chosen (fixed or variable). Do not hesitate to make several simulations, by varying these parameters.
You can also request simulations from your potential lender.
At the time of your application for mortgage credit, lenders or credit intermediaries are required to provide you with an information sheet containing all the relevant information of the bank's mortgage credit offer and which is adapted to your situation. personal. This sheet is called an “ ESIS sheet” (European Standardized Information Sheet) or “FISE sheet” (European standardized information sheet) and contains a certain number of standard data imposed by the EU, which are identical for all lenders and intermediaries. credit.
This document makes it easier to compare offers from different lenders.
Note that this obligation to provide the 'ESIS file' only applies in the situation of a submission of an offer. As long as you only request a free simulation, the lender or credit intermediary is not obliged to provide you with an ESIS sheet.
Good to know
A simulation is not an offer. If you request an offer, you will be
charged administration fees. On the other hand, no costs can be
claimed from you if you request a simulation.
APR
The most interesting information on this sheet called ESIS is the annual percentage rate of charge or APR. This is a percentage that gives you at a glance the real cost of your home loan.
Good to know
The APR allows you to compare apples to apples since it takes the
same information from one lender to another and allows you to
represent the total cost of credit on an annual basis.
The APR includes the interest rate of your credit but also the costs (with the exception of notary fees) such as administrative costs, commissions or costs related to the expert report. The cost of outstanding balance and home insurance is also accounted for in the APR.
This is why the APR is higher than the "simple" interest rate charged by lenders. Also note that the APR must be calculated on the conditions granted to you by the lender, and not on its "official" rates.
Attention ! However, some costs are not included in the APR. Think in particular of notary fees or registration fees.
To get a good overview of the total cost of your real estate project, check out Wikifin's Real Estate Simulator .
Negotiate Before Committing
Analyze the simulations you requested. Then the time for negotiation came. Often, establishments will try to adapt according to the conditions offered by their competitors.
