4 great tips for getting a home loan online

Settling the entire procedure for obtaining a mortgage online is not yet possible. In all cases, the credit institution will wish to meet the borrower personally. On the other hand, the latter can simulate his credit online and submit his request via the website of a bank branch. You could have your loan validated, provided you follow the following advice.

Properly assemble the online mortgage application

Properly assemble the online mortgage application

Avoid cheating with your personal, professional and financial information! The bank agent who will be responsible for studying your file is not fooled. He will not fail to check with the sources the information you have sent him. So, in case of forgery, you will be penalized or your online mortgage application rejected. It is imperative to provide accurate and up-to-date information! Generally, your file should include: your net income, your debts, your age, your job, your banking information.

Finding the home to buy before applying for a home loan online

Finding the home to buy before applying for a home loan online

You will have to give the contact details of the property to be acquired to your bank before submitting a loan request. The mortgage is an affected loan! However, you don’t have to have a home for sale because most home loan applications are made to finance a first home purchase. Either way, calculate your borrowing capacity before choosing a property to buy. Or better yet, enlist the help of a mortgage broker to assess the home price you can afford.

Quickly subscribe to an attractive mortgage loan offer because it is only valid for a limited time

Quickly subscribe to an attractive mortgage loan offer because it is only valid for a limited time

The mortgage contract which will be offered to you after acceptance of your request will only be valid if:

  • your professional situation remains unchanged or improves
  • mortgage rates have not decreased
  • prices per m² have not fluctuated too much

Thus, it is possible that you will not get a definitive answer to your credit request until several months after having found the house of your dreams. Fortunately, because the seller is in a hurry to sell your home, you could get the house quickly by showing that you have received a loan proposal.

Simulate your credit to speed up the approval process

Simulate your credit to speed up the approval process

To get a home loan as quickly as possible, start by doing online credit simulations. This will allow you to receive a credit offer adapted to your means in less than 5 minutes. If a loan proposal appeals to you, all you have to do is ask to be contacted by a mortgage broker. The latter will hasten to compile your request file and submit it for approval. You must give him supporting documents such as:

  • your pay slips,
  • your tax notices,
  • copies of employment contract,
  • your banking information,
  • documents relating to your marital status, …

By providing all the required documents, you may be able to obtain your mortgage in just 1 month.

Real estate loan at the best rate: which profile to benefit from?

A bank or financial institution always assesses the credit risk it may run. This is why, the analysis of the profile of the applicant remains a crucial phase before the validation or not of the credit. The borrower must have a minimum of financial stability before being able to take out a loan, especially if it is a home loan. Here are some recommendations for having an adequate profile in order to safely take out a mortgage.

The borrower’s age and professional stability

The borrower

To comply with the expectations of the bank or financial institution, you must be young to start taking out a mortgage. If you are between 25 and 35 years old, you can sign up for an immediate money loan. You will be directly classified among first-time buyers. In some situations, personal contributions will not be required. To this are added regular income as well as an unrestricted bank account. The bank still has a minimum to respect. It is important for this that the borrower has an income of 3500 dollars per month.

Choosing young people as a borrower promotes profitability for banks. Also, in most cases, borrowers are not limited to just a home loan. They also seek to benefit from the other credits which are essential to them in their different project.

Self-employed borrowers tops the list

Self-employed borrowers tops the list

The profile qualified as premium with banks is the borrower who practices a liberal profession. In this case, he can apply for a mortgage at a better rate. The most common occupations at this level are: architects, dentists, doctors, lawyers, notaries, etc. Anyone who practices a profession whose targets are large customers have the chance to take out a home loan. As long as she manages her own income, she is indeed the borrower that the bank accepts. A minimum of conditions is however laid down. It is the fact that the professional must have worked in this field for three years. It must also demonstrate the adequacy of its financial resources. Specialized establishments therefore need supporting documents on tax notices and profit declarations, over the three years of the company’s existence.

Medical students, attractive targets for the bank

Medical students, attractive targets for the bank

This profile category is ideal for banking. Indeed, the latter have a profile that can have a stable monthly income that changes over time. The banks thus offer mortgage loans to the latter at better rates. At the same time, they also try to convince the borrower to take out other loans. Their goals is to compensate for this lower rate through the other offers.

Aside from these profiles mentioned above, civil servants are also target customers of the bank. They have stable incomes which could very well repay monthly payments on the mortgage. Faced with this situation, the rest of the world can still enjoy real estate loans. You just need a personal contribution so that the bank can review your situation.

Senior: Tips for getting credit for seniors

A retired person may very well get a loan. Besides, according to the banks, these profiles are much more interesting. As there are different kinds of loans, it should be noted the type of loan available for these seniors. Generally it is the consumer credits that they can benefit from. The mortgage remains a little vague for their situation given that the duration of repayment of this credit is spread over several years. Below are some tips to note in order to have a credit after 60 years.

Simulate the senior loan

Simulate the senior loan

The credit simulation is highly recommended for all individuals who wish to borrow from the bank or financial organizations. The simulator is a tool for comparing credit offers and also a calculator that helps users know their monthly payment and the cost of borrowing. Do not hesitate to see this site to carry out this simulation and obtain a loan with an attractive rate. Aside from the advantage over the rate, also determine all the loan terms if these can suit your situation. The intervention of a credit broker is useful to ensure that the steps are completed as quickly as possible.

Respect the conditions of the loan for seniors

Respect the conditions of the loan for seniors

When the senior contracts a home loan, the repayment duration must not exceed 85 years. This therefore means that if the elderly borrows when he is 60 years old, the duration of the credit does not exceed 25 years. Aside from this condition, the senior must be able to pay 10% of the loan amount. This percentage is equivalent to administration fees, guarantees and transfer rights. Subscribing to borrower insurance is essential before validating your file with the bank. The law does not impose this criterion, but the latter always seeks to amplify the guarantees, hence the need for this form of insurance. Your file will not be validated if this is not resolved. You should also know that if you have medical problems at this age, insurance will not be your ally.

Regarding the personal loan, the conditions remain the same as those with active people. You must have enough income to cover your daily needs. He must also have a stable borrowing capacity to ensure the monthly payments. Moreover, the debt ratio must not exceed 33%. Beyond this ceiling, the bank does not grant the requested credit.

Prepare a convincing case

Prepare a convincing case

A convincing file is a file which proves to the bank that even being a senior, you have no difficulty in repaying your consumer loan on a due date. To do this, give your banker a stable income situation, a bank statement with no trace of overdraft, a guarantee if you have one, etc. Also demonstrate that your previous loans were honored on time and you did not have a problem during the repayment. A solid and complete file is validated quickly then, you have to gather all the documents requested by the bank.