Optimize Your Home Loan File: Key Strategies to Convince Your Bank
Assessment of the viability of the real estate project
The first crucial step in putting together your mortgage file is to assess the viability of your project. This involves calculating the maximum amount you can reasonably borrow based on your current expenses and income. In 2024, the general rule of thumb is that loan repayments should not exceed 35% of your monthly income. This is a key measure to avoid over-indebtedness and to present a solid case to the bank.
Importance of personal contribution
A substantial down payment significantly increases your chances of obtaining a mortgage. Gabriel France's data suggests that an average intake of about 30% is needed. A high personal contribution testifies to your ability to save and manage money, thus reassuring banks about your ability to manage a loan. It can also allow you to negotiate cheaper interest rates.
Consolidation of the Accounts
It is essential to present a sound and responsible management of your personal finances. This means avoiding bank overdrafts and paying off any outstanding consumer credit. Banks also take a dim view of spending that is deemed risky or reckless, such as online gambling and investments in volatile assets such as cryptocurrencies. Prudent and thoughtful management of your finances is a sign of confidence for lenders.
Valuing professional stability
Your professional situation is a determining factor in the evaluation of your file by banks. If you are on a permanent contract, highlight the stability of your job. For self-employed workers, it is important to demonstrate the good financial health of your business over the last three years. If you are applying for a loan as a couple, the combination of two incomes can be an additional asset, thus increasing the chances of your application being accepted.
To go further in your real estate project, do not hesitate to contact your Gabriel France agency for personalized advice and tailor-made support.
Posted on 03/01/2024 by
Cyril POTTIER
Loan broker, entrepreneur and founder of the GABRIEL FRANCE agency, my career began in the field of accounting, but my passion for real estate led me to this captivating adventure. With GABRIEL FRANCE, we bring our expertise to every stage of real estate, from purchase to sale, including rental management. Through every transaction, our goal is simple: to ensure your satisfaction.
