In reality, it is not you who does your mortgage calculation, but a professional called a mortgage broker. A home loan calculation is not just a rate but takes many other parameters into account.
You are about to buy a property, a real favorite! However, you must ensure that you can buy it and know the monthly payments that you will have to repay (amount, period, interest rate, insurance, etc.).
To calculate your mortgage, you will need to contact a broker and share with him a lot of information such as: the total amount of the loan you need, your personal and professional situation, your income, etc.
Calculating your home loan is the first indicator on your real estate project
Concretely, how do you calculate your mortgage loan calculation?
With Lite Lender, a mortgage broker in the heart of Paris, the calculation of your mortgage is established in two main steps:
- Validation of the financing plan by phone: from the research stage of a property, it is important for you to know if you have the financial capacity necessary for its success (ensure that the property you want does not is not above your maximum borrowing budget).
- You will then have a telephone simulation and your advisor will validate with you the feasibility of your real estate project in 10 minutes. As such, he will tell you the maximum amount that you can borrow and will then determine with you the most suitable financing plan according to your situation.
How are the rates set?
We must be aware today that banks play a real intermediation role. If we wish to acquire property, we must then borrow from a bank. But where does the money from this bank come from? From its own customers!
To summarize simply: the bank finances the loans of some by the savings of the others , and the repayment of loan of the ones makes it possible to preserve the savings of the others.
However, the resources of its own clients are not always sufficient. The bank must then borrow from other banks or even the Agree bank (AB).
It is then subject to rate variations, thus influencing borrower interest rates. In order to best calculate borrower interest rates, the bank takes into account many variables and seeks to make profits.
TO REMEMBER !
- Call on Lite Lender, mortgage expert, to calculate your mortgage
- For the calculation of your home loan you must take different elements into account
- You will be reassured about the feasibility of your project after having made this calculation