To get a mortgage in 2023, you will have to put on the costume of the “model borrower”. Here are some tips to help you properly prepare your loan file.
Accurately estimate your borrowing capacity
Above all, it is essential that you estimate your financial capacities as accurately as possible. This is to determine how much you can repay each month to establish the amount you can then request from a bank. Your borrowing capacity depends on several factors: your income, your expenses (your debt ratio must not exceed 35%), your contribution and credit rates. However, for the past year, these have been evolving rapidly, on the rise. Some banks even readjust them every two weeks. Between the launch of your real estate project and its realization, it can take several weeks or months.
Do not hesitate to request several financing simulations from your bank or broker, with different levels of credit rates. If you plan to buy a dwelling to renovate classified F or G under the energy performance diagnosis (DPE), plan to release an envelope dedicated to the work.
Finally, keep your borrower file up to date, in order to be as responsive as possible and to provide all the necessary supporting documents when the time comes (for example, your last three payslips).
Preserve your savings
Buying without contribution is no longer possible (except for the best files). Bringing the equivalent of 10% of the acquisition amount is the minimum required. This makes it possible to finance the costs associated with the purchase, while minimizing the risk of the bank which will not want to lend more than the value of the property.
The other parameter to take into account is the precautionary savings after the operation. Banks appreciate borrowers who maintain a cushion of safety. This must be equivalent to at least three months' salary.
Demonstrate your stability
Banks always prefer borrower profiles who have professional and financial stability, with the potential for visibility over the next 10 years. This means that the CDI is more than ever a condition for obtaining a mortgage.
Account statements without overdraft are expected. Some banking establishments also ask for "expense statements" to investigate a file: this is a document issued by your usual bank listing all the intervention commissions invoiced during the year (agios, etc.). The more there are, the more your file will be considered at risk.
Banks are also attentive to another indicator, the "load jump". Thus, if you are a tenant, the gap between your current rent and the monthly loan payment that you will repay should not be too large. Indeed, becoming a homeowner should not deteriorate your financial situation. You must be able to repay your debts.
Play the competition Banks have different business policies depending on their goals. Credit rates therefore vary from one institution to another. Ask several banks or use a broker to get an overview.
Don't wait to buy
Even if certain periods have proven to be more profitable than others, investing in real estate remains a safe bet.
It is nevertheless tempting to wait for a drop in real estate prices, mentioned in the coming months by many players in the sector, what is more after their soaring all over France. But you have to take into account the credit rates. To compensate for a 1 point rise in rates (expected by this summer), a price drop of around 10% would be needed, which is unlikely. And even if the negotiations will be more open in 2023, avoid waiting too long if your financing plan allows you to buy now. (translation made with Google Transalate)
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