As soon as you are over 18 and looking to finance a real estate purchase, you can request a mortgage credit simulation.
Review by the lender of your financial situation
- Your level of income
- Your personal situation: to estimate your expenses
- Your debts
Assessing your creditworthiness is required by law. It allows your bank or intermediary to limit the risks they take by lending you money. And it is also important for you:it allows you to avoid committing to a repayment beyond your means.
The law imposes on the lender and the intermediary the obligation to warn the consumer that, if he does not provide the information or the elements of verification necessary for the evaluation of his solvency, the credit will not be granted.
Use the European Standardized Information Sheets ( ESIS ) that potential lenders are obliged to provide to you in order to compare the conditions offered to you by different lenders and make an informed decision
Can you take out a loan with several people?
Do you want to borrow with your partner, a friend or a member of your family? A mortgage loan can be subscribed to several. In the event of repayment problems, the banker may turn indifferently to one or the other of the co-borrowers, even for the totality of what still remains to be paid on the credit.\
Guarantees
If you borrow a large amount, the bank will certainly ask for guarantees. In addition to the mortgage on your home, you will certainly need to take out home insurance (often called fire insurance) and outstanding balance . The bank will also have to have the property appraised before granting you a mortgage loan. The amount lent will be calculated based on the appraisal value.
