Currently a tenant, you are wondering about the possibility of making your first real estate purchase: do you have sufficient financial capacities to consider it serenely? What would be the monthly payments to honor? Ask for the help of a free broker, to help you assess your financial situation and define your life plan .
What is your borrowing capacity?
Your ability to borrow is to evaluate the monthly amount, which could be allocated to the repayment of a home loan.
To determine it, it is necessary to establish, on the one hand, the amount of your monthly net income (professional and wealth), and on the other hand, the amount of all of your expenses : food expenses, taxes on the income, insurance, housing tax, electricity, transportation, monthly payments of other loans in progress, etc.
From this information, you will know your borrowing capacity. Note that the debt ratio should not exceed 33% of your income . The remaining two thirds being “the rest to live on”, a sum intended to allow the borrower to live decently.
At this point, do not hesitate to compare the effects of an acquisition or lease of a property, to take the measure of these decisions on your property.
How to evaluate your future monthly payments?
Now that you know the optimal monthly payment that you can claim, you must now define your life project : is it a house, an apartment, a house in town, on the outskirts or in the countryside, new or old housing, etc. . ?
Then know that your real estate project is built on the basis of your purchasing power . A calculation based on your personal contribution and your borrowing capacity.
The level of contribution is currently an important parameter for banks: the more important it is, the less risk you represent for these organizations. Traditionally, it oscillates between 10 to 20% of the price of the good . It consists of your savings products, real estate assets or even your equity portfolios.
From this information, you can use free online simulators, to easily obtain the approximate value of the property you can buy, depending on the duration of the loan. Note that the longer the duration, the lower the interest rate is attractive.
Depreciable loan: constant maturity? Degressive maturity dates?
Depreciation is the fact of gradually repaying your loan each month . The latter being constituted by the amount of interest, calculated on the capital remaining due and the amortization of the capital borrowed.
There are several possible depreciation methods:
– A progressive depreciation, with constant annuities : the financial expenses are higher, but the weight of the credit remains identical throughout the loan.
– Constant amortization, with declining annuities : at the beginning of repayment, the maturities are more important, but they are reduced over the years.
– A depreciation à la carte : if this requires a significant follow-up, it allows to adapt the refund to the capacities of the moment.
A broker, to accompany you …
At this point, all these data are indicative . In our opinion, the assistance of a real estate broker is a valuable benefit. He will intervene to refine and personalize your project according to the elements and parts that you have communicated to him.
He will use all his skills to produce a personalized financial package and certainly more advantageous than the first simulations carried out online .
Not to mention that first-time buyers sometimes receive financial assistance to support their homeownership.
In addition, depending on your profile, this professional will immediately know which banks to contact, in priority, to obtain the most interesting loan offers . It will be left to you to study, with him, the different proposals received, to retain the most adapted to your situation.