Online mortgage comparator
By definition, real estate credit is a credit which aims to finance the purchase of housing such as a house or an apartment, the acquisition of land intended for construction, or expenses related to repair, l 'improvement, construction, maintenance of a building. The amount of such a mortgage must be greater than € 75,000. There are unregulated and regulated mortgage loans where you will find different types of loans. So to navigate among this multitude of mortgage loans, it is welcome to contact online mortgage comparators to find the mortgage suited to your situation.
Real estate credit: a multiple choice
Unregulated mortgage loans are granted for individuals and businesses. They are therefore not regulated and allow the purchase of housing, land or even work. Not being regulated, the duration of such a credit is very variable, it can range from 20 to 35 years. Same thing for the rate, it can be of different type namely a fixed, progressive or flexible rate. Usually, the lender will study your income to come up with an offer. Insurance may be chosen by the lender, in particular to cover risks related to death, disability or even job loss.
- Depreciable real estate loan: This is the loan most often used for individuals. The depreciable credit can be at a fixed rate or at an adjustable rate and its term can be up to 30 years. As a borrower, if you take out a depreciable mortgage, you repay through your monthly payments a part of borrowed capital and a part of interest. Gradually during your repayments, the part of the capital increases while the part of interest decreases and that proportionately. Indeed, the interests of such a credit being calculated on the capital remaining to be repaid, they will therefore decrease as and when your repayments are made.
- Real estate loan in fine: If you take out such a loan, your monthly payments will only be intended to cover the interest and you will have to repay the totality of the borrowed capital when the loan matures. The advantage of real estate credit in fine is above all to benefit from tax deductions. This credit is mainly intended for people who are already heavily taxed. The capital due at term is financed by monthly savings which is represented by an investment advised by the lender. Most often this investment takes the form of life insurance. The rate applied for a mortgage in fine can be fixed or variable.
- Bridge credit: This credit is a short-term credit intended to finance a transition period between the sale and the purchase of real estate. It is therefore intended for borrowers who are already owners and who wish to sell their property and buy a new property. This credit is therefore a form of advance made by the lender. The maximum duration of the loan is 24 months. The borrower will reimburse the entire bridging loan only when the sale of his property has taken place. In the meantime, the borrower will reimburse the interest on the borrowed capital via monthly installments.
These regulated credits can be related to state aid which allows you to borrow on better terms. Namely, the banking organization or the financial institution with which you take out such a mortgage must have signed an agreement with the State. Depending on the type of mortgage, it can finance all or part of the cost of your operation. However, as its name suggests, regulated loans are granted under certain conditions.
- Zero-rate credit or PTZ: This interest-free credit is intended to finance the acquisition of a first good for households. It can be interpreted as state aid for home ownership. It is mainly used for the purchase of a new property but can be used in rarer cases for the acquisition of an old property. This mortgage cannot finance all of your credit, it must be supplemented by other loans. This zero-rate credit is highly regulated, the granting conditions are numerous. The level of income and the personal situation of the borrower, the geographical location and condition of the property, the energy performance of the property, the number of people likely to live in this property are all criteria that will allow you to know if you are eligible for such a credit.
- The social home loan or PAS: This credit is granted for low-income or middle-income households wishing to acquire new or old real estate as their main residence. Unlike the PTZ, it generates interest and can finance the entire cost of your real estate project. Again, this credit will be granted under certain conditions. Indeed, your income must not exceed a certain ceiling depending on the place of residence chosen. The repayment period of the PAS can range from 5 to 25 years and this period will determine the fixed or variable rate applied.
- The mortgage loan agreement: This loan makes it possible to finance the purchase of a new or old property or of works. It can finance the entire cost and is granted without means test. The repayment term for such a loan can range from 5 to 35 years. The rates for this loan agreement can be fixed or variable and depend on the income of the borrower. The main advantage of this credit is that it opens the right to Personalized Housing Assistance (APL). This APL will allow you to reduce the amount of your monthly loan payments. The amount paid for APL is determined according to your place of residence as well as the number of your household. It can be granted without or with a personal contribution.
- Home savings loan: This loan is primarily granted to people with a home savings plan (PEL) which has reached its term, namely 4 years. This type of credit gives the right to an advantageous rate and a state premium. This bonus is capped at $ 1,525. Namely, it is the opening date of your home savings plan that will determine the rate and the amount of the premium to which you can claim. Generally, you must take out this loan from the banking establishment that manages your home savings plan, but it is not an obligation. The maximum amount of such a loan is $ 92,000 and its maximum term is 15 years. It is the interest that you have acquired during your savings that will condition the amount and this duration.
This multitude of real estate loans makes it difficult to choose the credit to which you can subscribe to finance your real estate transaction. It is therefore necessary to consult an online mortgage comparator to make your choice.
Mortgage comparator: a simplified choice
As seen above, the multitude of mortgage loans complicates your choice. Calling on the online mortgage comparator therefore allows you to more easily choose the mortgage suited to your situation. The purpose of the comparator will be to guide you on what type of mortgage to choose and in a second step will allow you to compare the offers for the same loan.
The determination of mortgage
To subscribe to a mortgage that corresponds to your situation, a mortgage comparator will first and foremost ask you for information on your personal situation.
To begin with, the comparator will ask you to define your real estate project, namely the amount, the desired loan period, whether you have a contribution or not, the type of property you wish to acquire, the location of the property of residence, if this well is intended to be your primary residence or otherwise.
Then, your personal situation will be studied, the comparator will ask you your family situation, the number of people who make up your household, your monthly income, the banking establishment to which you are attached, if you have a loan already in progress, your sector of activity, your profession, the nature of your employment contract, if you are currently a tenant or owner.
This is not an exhaustive list of the elements requested by the different comparators but it will guide you on the information to prepare for your project.
Once the information has been completed, the comparator will submit several offers to you and will target the nature (s) of the mortgage loans to which you can claim. Indeed, some mortgage loans can be complementary to finance the overall cost of your project. For example, the zero rate loan can only finance part of your project and must therefore be accompanied by another type of mortgage. Namely also regulated credits are granted only if you meet the conditions defined by the State itself, the comparator therefore has the role of directing you or not towards these regulated credits which are generally the most advantageous for you.
The phase of determining the mortgages corresponding to your situation being finished, the comparator will submit to you various offers. The difference between the offers can be made on the very nature of the mortgage but also for the same type of credit on tangible elements between financial institutions such as rates. It is up to you, once the various offers in hand, to make your choice. The comparator guides you but you remain the decision maker as to the final choice. Generally, you go for offers that will reduce the overall cost of your mortgage as much as possible, but you can also make your choice based on certain guarantees such as insurance, etc.
All the offers offered by the comparator also direct you to the financial institution to which you contact. This comparison is useful to simplify your steps when you want to acquire a property. Beforehand, however, it is advisable to find out about the commitments of the mortgage offered before accepting a particular offer suggested by the comparator.