The mortgage comparator
Become an owner, invest in real estate, renovate a property or even buy land, there are now a lot of real estate projects that require a significant financial investment for their realization. Most of the time, you will need to borrow some or all of the money you need to make your purchase. Currently, in the real estate market, you will be able to find a lot of financing solutions. Indeed, there are a large number of mortgage loans and finding their way around can become difficult and tedious. To help you in your procedures, banking establishments and funding organizations have set up a tool: the mortgage comparator. By using a mortgage comparator, you will be able to estimate the feasibility of your project but also obtain offers to carry it out. With a mortgage comparator, you will see that the realization of your project will seem simpler, faster and that putting together a mortgage application file is easy thanks to this tool, the mortgage comparator.
What is a mortgage?
Today in United States, to carry out each of your projects, there is one or more credits that can be requested to finalize them. From a consumer credit, to personal loan through auto credit, you will find that each project is associated with a loan. It is therefore not original to find credits that are totally reserved for investment in the real estate market.
Whatever your project, whether it is the purchase of a house, a construction, work or the purchase of a pied-à-terre in the sea or in the mountains, if your financial situation allows it, you be able to claim a credit known as mortgage.
The mortgage is in fact a loan reserved for this type of project (purchase, construction, rental, etc.) when it exceeds the sum of US $ 75,000. Granted by a bank or a specialized loan organization, the mortgage is carried out over a fairly long period ranging from 5 to 35 years on average. It is possible to go up to 50 years old depending on your financial situation, your age and a lot of other criteria. It is important to specify that in the case of a relay loan, namely a loan that allows you to run the sale of a property and the purchase of a new property, you can have a mortgage with a relatively short duration. This type of credit is not without risk. Keep in mind that if you bought a property and you fail to sell the first one, you will end up repaying the 2 credits. It is therefore important to tie up the two projects well so as not to find yourself in a situation where you could not repay your debts.
Like any other credit, the mortgage is associated with an interest rate which can be fixed or revisable (or even variable). However in United States it is currently rare to have mortgage offers with variable rates, most often the offers will be made with fixed rates. Besides the fact that this rate represents the cost of your credit, it is in your best interest to think carefully about the latter. A fixed rate guarantees you fixed monthly payments and therefore a certain security, unlike a revisable rate. So do not neglect this rate and take the time to compare the offers with the mortgage comparator.
A mortgage can cover all or part of your project in the event that you have a personal contribution or another source of financing (an employer loan for example). Let's not hide it from us, it will be easier for you to borrow money if you have a small budget envelope when you apply. Having a contribution reassures the funding organization. With personal financing , you emphasize the fact that you know how to manage your budget, that you are able to save money and therefore repaying a loan is within your capabilities.
Like any credit, the repayment of a mortgage is done by monthly payment. However, when you obtain a mortgage, you are required to take out insurance associated with it. Since the sums are large, the financial institutions ask the borrower to take out insurance to compensate for possible unpaid situations. This insurance will also be paid monthly. Do not forget that you can play the competition, so call on several organizations offering mortgage insurance, use the mortgage comparator to select the most interesting offer for you and your project.
You can therefore see that at first glance, a mortgage is not a loan to be taken lightly. Large sum, substantial repayment period, before embarking on a real estate project, take the time to learn about the different types of real estate loans that exist on the market. Indeed, from the so-called classic real estate loan through a zero rate loan allowing you to increase your budget while benefiting from ease of payment, you have several possibilities to achieve your real estate project. So take the time to carefully study each of the possibilities available to you. As you have seen, to help you, the credit organizations have put in place tools allowing you to facilitate your research, your procedures and therefore your goal. You actually have the option of using a mortgage comparator. This tool will allow you to get the best offer that meets all your expectations. Fast, easy and precise, using a mortgage comparator will save you time and above all money! What could be better when it comes to credit, more real estate credit?
Let's start by taking stock of the different possibilities of mortgage loans ...
Before you start using a mortgage comparator, it is necessary to take stock of the various mortgage loans available to you, in order to consider all eventualities. You may be pleasantly surprised to find that you can qualify for better credit than you thought.
Usually when we speak of mortgage, it is a “classic” mortgage. The so-called classic mortgage is the loan that must be greater than US $ 75,000. The interest rate linked to this type of credit is a fixed or adjustable rate. With this type of credit, you repay the amount borrowed by monthly installment (fixed or variable depending on the interest rate) over an average period of 20 years in United States. This period can go up to 40 or even 50 years depending on the situation. Remember that although the mortgage repayment period is long and the monthly payment is “smaller”, the more you borrow in the long term, the more your credit will cost you money. Indeed, the longer the term of the loan, the higher the interest rate linked to your credit will be. You will therefore repay a smaller portion of the amount borrowed per month. The interest part will be the largest part of your monthly payment.
In addition to the so-called classic mortgage loan, there are other loans that you may be eligible for. Thus, you will be able to subscribe to a credit called "zero rate loan". Be careful, if the classic mortgage is not subject to certain regulations (although it is granted according to your financial situation), it is different for zero interest loans. First of all, you should know that this loan cannot finance your entire purchase. It is, moreover, only accessible as a first-time acquisition. Indeed, you must not be or have been an owner during the last two years. Finally, to benefit from a zero rate loan, you will have to meet income criteria. The geographic area in which you want to make the zero rate loan will also be taken into account in its allocation. The more you are in an area where real estate is expensive, the more money you can borrow. Finally, if this type of loan is generally granted for new housing, you will be able to claim its subscription if the amount of work on the old housing that you wish to acquire is greater than 25% of the total cost of your real estate transaction.
Classic credit and zero-interest loans are not the only two possible means of financing. Other types of mortgage loans are available depending on your financial and socio-professional situation. When you are a beneficiary, you receive social benefits, and you benefit for example from personalized housing assistance, otherwise called APL, you are in the situation where you can claim a mortgage loan from the State. Although it is allocated according to your social situation (and not according to your financial situation), this loan is an interest loan (with therefore an interest rate like the classic mortgage) repayable over a period of from 5 to 35 years old. Unlike the zero rate loan, it can finance all of your work or the total purchase of your home (new or old). Other types of credit can still finance these projects when you are in more modest circumstances. This is the case of the social home loan, repayable over a period ranging from 5 to 25 years. Contact specialized organizations (such as the Red Cross or the Secours Populaire), a social worker can also provide you with information and guide you on the various possibilities available to you. Each situation being different, it is impossible to generalize the conditions for obtaining this type of mortgage.
Finally, when you take out a mortgage, do not lose sight of the fact that your file will have a better chance of being accepted if you have a personal contribution. There are also specialized formulas offered by funding organizations and banking institutions for investing in real estate. A Housing Savings Plan (PEL) or even a Housing Savings Account (CEL) can be the solution to save while earning money. If the two savings plans are similar, some differences persist. The PEL is a so-called blocked savings: you save for a period ranging from 4 to 10 years, without being able to use this money. Nevertheless, you have the possibility of enjoying the sum saved by closing this PEL. You can also choose to extend it. In any case, having a PEL will allow you to increase your chances of having more favorable interest rates when you apply for a mortgage.
If the PEL allows you to request better interest rates for your mortgage, with a CEL you will have to meet additional conditions to obtain this credit. Check with your banking institution to find out which solution will be best suited to your situation. When you have a real estate project, you have to consider all the possibilities to be able to obtain the best offers in total adequacy with your project and your means. So do not neglect any track, any possibility, everything is good to take!
Why use a mortgage comparator?
Becoming an owner, investing, carrying out work in your house or even your apartment generally requires having a large reserve of money, to have funds to carry out your project. The solution, besides having savings to finance this investment, is to take out a mortgage. However, as we have seen, there are a multitude of possibilities for carrying out a mortgage as well as a significant number of establishments allowing you to finance this project. In order to allow you to choose the best offer, to make the process easier and to make all the possibilities accessible to you, credit institutions and banking organizations have put in place tools allowing you to select and find the offer that corresponds to the better than your expectations. The mortgage comparator is this tool. Easy and fast to use, a mortgage comparator is nothing other than a catalog bringing together mortgage offers from partner organizations on the site that offers this mortgage comparator. Each mortgage comparator will therefore be different depending on the organizations it lists in its catalog. Do not forget to perform different simulations with another mortgage comparator. The offers will be different and may vary dramatically depending on the site on which you use the mortgage comparator.
In a few clicks, the mortgage comparator will therefore select mortgage offers that resemble you, match your situation and allow you to finance your real estate project.
How to use a mortgage comparator?
The use of the mortgage comparator is quite simple. It looks like using an ordinary credit comparator except that in our case, you will have to enter information about the project you want to carry out. Thus, before using a mortgage comparator, find out about your borrowing capacities but also about your project and the budget necessary for its realization. Once you have gathered all the necessary information, you can use the mortgage comparator to target your loan offer.
Some calculations to do before using the mortgage comparator.
Debt ratio and remains to be lived
When you take out a mortgage, in addition to the budget that you can allocate to it, you will have to take into account your debt ratio. This rate corresponds to the part of your budget that you grant monthly to the repayments of your various debts (consumer credit, revolving credit, car loan etc.). Although there is no law defining this rate, it is customary to consider a maximum debt ratio of 33%. This therefore means that you should not have more than a third of your budget devoted to repaying your credits. This rate is given as an indication because it can be reassessed according to your income and your "remainder to live". The "remainder to live" is the amount you have left after paying off your debts and removing fixed costs. This sum must not be less than the amount of the RSA, namely 535.17 US dollars as of September 1, 2016. This sum is reassessed by 50% for a couple.
Monthly payment of your credit
Once you have estimated your debt ratio, you can get an idea of the amount you can allocate to your project. Nothing could be simpler, you just have to take stock of your monthly income, multiply them by your debt ratio and remove all the fixed charges that you have to pay. You will thus have obtained the maximum monthly payment, insurance included, for your next project. This sum is a maximum sum. You are not immune to the unexpected. It is therefore preferable not to devote all this sum to repaying your credit and to leave yourself a "margin" of labor in case of money worries.
When you go to carry out a real estate transaction, you will have to pay notary fees and as much tell you: the amount can be significant so do not forget to add them to the amount you want to borrow for your project. Only to take them into account you have to be able to estimate them and to find your way in the notarial jargon, which is sometimes laborious.
So let us explain to you what the notary fees you are going to pay correspond to. As you can imagine, they correspond to the amount that you will have to pay to the notary during a real estate transaction. However, what you may not know is that this amount does not correspond only to the remuneration of the notary as such. Indeed, under the term "notary fees" or "notarial fees" you will find:
-the fee, namely the sum received by the notary in return for his service. In other words, it is the actual remuneration of the notary. You should know that this compensation is highly regulated. So regardless of the notary and your financial situation, for the same transaction, his fees will have the same amount. The only thing that causes the amount of this sum to vary is the act you perform. You will then have a fixed or proportional fee.
-the disbursed costs (or even disbursements) which are the costs that were incurred by the notary on your behalf for the completion of the transaction. This makes it possible to remunerate the various providers, the costs of copies, etc.
-the fees, namely the part which returns to the notary and which is not regulated like the emoluments. The notary can therefore set his fees as he sees fit. Nevertheless, he is obliged to inform you of the amount of the costs at the start of the transaction. This gives you the possibility to refuse them (which is however very rarely done).
-the duties and taxes which are the part which returns to the State and to the territorial collectivities. By paying these fees, you will pay registration fees, among other things. The notary is responsible for repaying this part.
Now that you know a little more about notary fees, all you have to do is estimate them. This estimate is quite simple if you base it on the fact that the notary fees correspond to a part between 8 and 10% of the total amount of the transaction. But rest assured, in most cases, the mortgage comparator, which you are going to use, will allow you to calculate the cost of its notary fees.
Mortgage and interest rate comparator
A loan is always linked to an interest rate. This rate makes it possible to calculate the part of the capital that you will have to repay in addition to your lending institution. This interest rate therefore makes it possible to calculate the remuneration of your lender. The higher the rate, the more money the credit will bring back and make you lose it. From a mortgage comparator, you will therefore be able to perform simulations with different interest rates and compare the offers. You will be able to quickly find which establishment offers you the best interest rate. This rate varies depending on your financial situation. The more you are in debt, the more the banking establishment takes a risk to lend you money. To mitigate this risk, the banking establishment will increase the interest rate in order to anticipate a possible undue charge.
Average interest rate found in January at the national level
The rates presented in the table are presented to you for information only. These are average rates found on the market in January 2017. These rates may vary depending on each person's personal situation. Indeed, the geographical area in which you are located can cause these rates to move up as well as down. So remember to find out about the rates in effect when you are going to use the mortgage comparator, this will allow you to eliminate more quickly or to select the best offers faster.
But which rate to choose? fixed, variable or revisable, it all depends on the risk you want to take….
An important parameter in the realization of your mortgage project is therefore the rate of your credit. Indeed it can be fixed, variable or capped. The choice of your credit rate is important because it will have consequences on your monthly payments by varying them.
If you opt for a fixed rate: no surprise, your monthly payments will be the same throughout your entire loan. If you take the option of having a variable rate, anything can happen. Indeed, it varies according to a reference rate (the Euribor rate) which is reassessed every 3 and 12 months. Finally, the last option is the “revisable” rate. Like the variable rate, this rate changes over time with the only difference being that it can only vary within a fixed interval. This rate is also called a capped rate, between a ceiling and a floor.
The choice therefore depends on your ability to take risks. A fixed rate loan will have larger monthly payments but you know what you have to pay off in advance. You should therefore always be able to repay (except change in financial situation where applicable). If you choose a variable rate, the interest rate will be more interesting at the start, the monthly payments will be lower but anything can happen. Finally, the capped rates are the intermediate situation. Be aware that in United States, the majority of mortgage loans will be offered with a fixed interest rate.
Credit simulation from a mortgage comparator?
Thanks to a mortgage comparator, you will be able to perform different operations depending on your project. It is therefore important to clearly define your expectations in order to use the mortgage comparator optimally.
So depending on your project, you can perform different simulations from the same mortgage comparator. In general, the mortgage comparator will therefore offer you different types of project. You can choose to acquire a property. Whether it is a new or old property, the credit comparator will ask you to specify whether this purchase concerns a main or secondary residence or a rental investment. Depending on your project, the mortgage comparator will choose the most suitable organizations. Indeed, if you choose to finance a second home, you are already owners, so you have an asset because you benefit from savings which in the event of non-payment can be reviewed as a source of financing by mortgaging your first property.
As the real estate market is in constant flux, interest rates are constantly changing. Going up or down, interest rates may be different. The mortgage comparator allows you to stay informed about the rates in effect at a given time. Thanks to the mortgage comparator, you will be able to carry out credit simulations and renegotiate more advantageous rates with your banker on the mortgage that you made several years previously. The mortgage comparator in this case will allow you to save money or to overcome a complicated financial situation. You can indeed review your amortization table by extending the term of your credit or simply reduce the cost of your credit operation.
Becoming an owner can of course involve the purchase of a property, but it can also involve the construction of this property. The mortgage comparator will therefore allow you to perform simulations depending on your construction project. According to the mortgage comparator, you can choose to expand your house (with work of more or less 20m2), you can also choose to select construction on land that is already in your possession, construction on land that you buy or even just purchase this land. When you want to carry out work, the mortgage comparator can offer you different choices: you have already signed an estimate, you have made an estimate, you have a project without a quote ... so many situations that can be simulated from a comparator mortgage.
Once you have entered the information concerning your project, you will have to indicate the amount of credit you wish to carry out as well as the duration over which you would like to borrow or, if applicable, the monthly payment you wish to grant to your next loan. This implies that you have made before using the mortgage comparator, a calculation of your borrowing capacity or the amount of the monthly payment that you are able to repay per month. It is possible that the mortgage comparator offers you to calculate the amount of your borrowing capacity. In all cases, this capacity takes into account your debt ratio, namely the percentage of your monthly income that you allocate to the repayments of your credits. To determine it, you will need to provide various information such as your income, your possible annual premiums, rental income. You will have to inform the requested establishment of the various credits that you currently have, of the amount of the monthly payments (the outstanding capital, namely the sum that you still have to repay at the time of your application for mortgage).
Finally, the mortgage comparator will ask you for information on your personal situation (are you single? Pacsé? Married? Divorced?), Socio-professional (are you on a fixed-term contract? Indefinite? Executive? Employee? Civil servant? Etc. .) and financial. You will have to be attentive and inform the mortgage comparator well. If this is not done, you simply risk seeing your offer refused by the funding institutions.
You will therefore have to enter the amount of your income in the mortgage comparator, possibly the amount of the co-borrower's income. You will have to specify the various credits in progress that you must repay.
Once you have registered everything, the credit comparator will look for the best offers and establishments that meet your expectations and are likely to respond favorably to your file. So at the end of the simulation, the mortgage comparator will offer you a list of establishments. All you have to do is select the establishment (s) and send your request. We advise you to put the odds in your favor by selecting three establishments. This not only increases your chances of obtaining credit but also allows you not to waste your time making multiple requests that could turn out to be negative.
Why inform your request well about a mortgage comparator?
When you carry out a simulation from a mortgage comparator, you will get mortgage offers which must correspond to your expectations. The use of the mortgage comparator therefore makes it possible to carry out a study of your project, of its feasibility. By not filling out the mortgage comparator with the right information, you risk not obtaining credit offers corresponding to your request. Using the mortgage comparator properly is therefore essential to fully develop all the possibilities available to you to carry out your project. This will allow you to claim real estate loans in line with your situation.
How to choose the best offer from a mortgage comparator?
Once the mortgage comparator has made the various requests, you will end up with a number of offers in your possession. So how do you find your way around this multitude of proposals, each more attractive than the last.
First, ask yourself the right questions, for example: do you prefer to have a physical link with the organization that finances your project or do you not see the inconvenience of doing everything remotely (whether by internet or telephone) ? This can be a first selection criterion in the offers of your mortgage comparator. Indeed, some will prefer to be able to interact with a person to talk and negotiate, others will tend to prefer the fact of not needing to move. No choice is bad on this point, it depends on everyone's expectations.
There are other ways to choose the best credit offer from the results of the mortgage comparator. For example, you can use a real estate broker to complete the results of the mortgage comparator.
Certainly the mortgage comparator will allow you to obtain offers corresponding to you. Nevertheless, the broker will allow you to have an outside opinion. The latter can on the one hand do research on possible mortgage loans and on the other hand validate the offers you have selected following the use of the mortgage comparator. Le comparateur crédit immobilier est par ailleurs un outil vous permettant de comparer différentes offres de crédit. Cependant, le courtier vous aidera à mieux comprendre votre offre, vous aidera dans les démarches à suivre et pourra négocier des taux plus intéressants ainsi que les assurances liées à votre prochain crédit.
Si vous choisissez de réaliser seul le choix de votre offre de crédit à partir des différentes simulations du comparateur crédit immobilier, retenez trois offres. Renseignez-vous bien sur les critères en vigueur dans l'établissement choisi. En effet, bien que les revenus soient un facteur primordial lorsque vous effectuez une demande de crédit, d'autres critères comme l'âge peuvent être pris en considération. Selon votre âge votre demande de crédit immobilier peut être refusée. Lorsque vous réalisez une simulation à partir d'un comparateur crédit immobilier, veuillez donc à bien renseigner ce dernier, ainsi que celui de votre conjoint dans le cas où vous seriez marié. Le comparateur crédit immobilier vous proposera alors des offres de crédit immobilier correspondant à votre situation et donc votre âge. Si vous avez une situation stable, à savoir des revenus fixes et une situation vous permettant de prétendre à un crédit immobilier, et si vous êtes âgé de plus de 25 ans, rares seront les établissements qui vous refuseront votre crédit immobilier. En revanche, si vous êtes âgées, et là malheureusement tout dépendra de l'établissement, vous pourriez vous voir refuser votre demande de crédit immobilier à cause de votre âge. En effet, en vous prêtant de l'argent, les établissements de crédits prennent des risques supplémentaires. Dans certains cas, soit votre offre sera simplement refusée soit l'établissement vous proposera un crédit immobilier avec un taux d'intérêt plus élevé et des assurances plus importantes pour palier au risque de non remboursement.
Il est donc important de bien cibler les organismes en fonction de votre situation. Le comparateur crédit immobilier doit prendre en compte un maximum de ses critères mais il est préférable d'aller vérifier sur les sites des organismes si toutes les conditions sont remplies pour effectuer ce crédit immobilier.
Comparateur crédit immobilier et assurances
Depuis la loi Lagarde, vous avez la possibilité de choisir votre assurance pour votre crédit immobilier. En effet, bien souvent l'organisme auquel vous faites appel vous proposera une assurance avec votre demande de crédit. Cette offre peut ne pas être la plus intéressante pour vous. La loi vous permet de faire jouer la concurrence et de solliciter d'autres organismes pour votre assurance. Ainsi, outre l'offre de votre crédit immobilier, le comparateur crédit immobilier peut vous permettre de faire des comparaisons d'offres d'assurance. L'assurance est le deuxième poste de dépenses lorsque vous faites un crédit immobilier. Prendre le temps d'utiliser un comparateur crédit immobilier pour choisir la meilleure offre semble donc important. N'oubliez pas que lors de votre première année de crédit, suite à la réforme de la loi Hamon, vous avez la possibilité de changer votre assurance de votre crédit immobilier. N'hésitez donc pas à vous informer et à prendre contact avec votre banquier pour faire réévaluer son coût.
Une rentrée d'argent imprévue, et si vous souhaitiez faire un remboursement anticipé?
Lorsque vous effectuez un crédit immobilier, il est évident que vous avez un besoin d'argent. Cependant, il se peut qu'à un instant donné, vous touchiez une somme d'argent vous permettant de rembourser ce prêt. Bien que cela semble simple, cela peut être très compliqué in fine. En effet, certains contrats ne vous permettront pas d'effectuer un remboursement anticipé. Veuillez donc dans un premier temps à vérifier que la mention est bien présente dans le contrat de crédit que vous êtes sur le point de signer. SI ce n'est pas le cas, faites-la rajouter ou alors changez d'établissement de crédit.
Dans le cas où cette option est possible et que vous êtes en possession de la somme que vous devez rembourser, le comparateur crédit immobilier vous permettra d'effectuer des simulations pour savoir si vous allez gagner ou perdre de l'argent en effectuant ce type de remboursement.
Ce remboursement est encadré par le code de consommation (articles L.313-37 et R313-25). Les conditions sont donc les suivantes: l'indemnité à rembourser ne doit pas être supérieure à 6 mois d'intérêts des sommes remboursées au taux moyen du prêt et l'indemnité ne peut pas dépasser 3% du capital restant dû avant le remboursement par anticipation. Ainsi seule une indemnité maximale est fixée par la loi. Généralement, le remboursement anticipé ne peut pas être inférieur ou égal à 10% de la somme emprunté initialement.
Encore une fois, le comparateur crédit immobilier vous permettra de bien analyser votre situation et donc savoir si le remboursement anticipé est possible ou non. Ne vous précipitez pas donc lors de la signature de votre contrat, prenez le temps de bien lire les différentes clauses afin de ne pas vous retrouver dans une situation qui pourrait à terme vous faire perdre de l'argent.
Le comparateur crédit immobilier en bref…
Devenir propriétaire, investir dans un logement neuf ou locatif, faire construire une maison, tant de projets qui demandent un investissement que ce soit en terme de temps et d'argent. Pour vous faciliter les démarches, vous pouvez demander l'aide d'un courtier mais il existe aujourd'hui de nouveaux outils vous permettant de faire une sélection des offres de crédits vous correspondant. Les établissements financeurs ont donc mis au point un outil devenu indispensable aujourd'hui lorsqu'on se lance dans la folle aventure de l'immobilier: le comparateur crédit immobilier. Grâce à un comparateur crédit immobilier vous allez pouvoir effectuer différentes simulations de crédit en fonction de vos besoins, de vos attentes et de vos ressources. Simple et rapide d'utilisation, le comparateur crédit immobilier va cibler pour vous les meilleures offres présentes sur le marché au moment où vous l'utiliserez. Pour cela il vous faudra simplement rentrer des informations sur votre projet, votre situation personnelle, professionnelle etc. afin que le comparateur crédit immobilier cible les offres vous correspondant. Il ne vous restera plus qu'à choisir les offres que vous souhaitez garder et effectuer des demandes de crédit. Un dernier conseil: ne retenez pas toutes les offres, prenez trois établissements et faites des dossiers. Bien que votre dossier semble corroborer les attentes de l'établissement financeur, vous pouvez vous voir refuser votre demande. Seul l'établissement est apte à accepter ou non votre attente.