Acquiring your first real estate property is ideal for many people, because owning a roof provides some with a sense of security and stopping a rent charge.
However, do not rush into buying a home. If the borrower is poorly prepared, funding for a first home can quickly become a source of trouble. Moreover, today, a person wishing to borrow can benefit from several devices that will help him in his financing plan. Ross Poldark gives you his advice to make your first real estate purchase a success.
Ask yourself the right questions !
It is advisable to study beforehand your project of real estate purchase to know exactly what you wish. This is why you must answer these questions without hesitation:
Is it in your means to buy?
The plurality of prices on the real estate market will allow you to find a property that respects your budget, to find a property that you really need.
What are your financing possibilities?
Generally, it is better to buy rather than rent if you stay more than five years in a dwelling.
What area do you need?
Once again, we advise you to project yourself in the long term.
The importance of the mortgage file
Being transparent is important for borrowers, and even more so when it comes to a first real estate purchase. Several supporting documents are requested:
- Pieces of identity
- Employment contract
- Income Tax Notice
- Account statements
- Current loan schedules
These proofs will allow the lender to study your financial situation, your seriousness and your motivations to finance a first real estate purchase. An important personal contribution is appreciated by the lending agencies even if it is possible to borrower without any contribution according to certain conditions.
Ross Poldark saves you from filing as many files as you request from banks. Our role is to solicit lenders for you and give you the benefit of conditions that you will not have on your own thanks to our ability to negotiate.
How to benefit from the most interesting real estate rates?
The real estate rate is one of the most important elements to finance its first real estate purchase, which are the criteria which allow to obtain an interesting rate?
- The personal contribution
- Reduce your other credits
- Limit your debt ratio
- Have not been exposed to previous months
- Monitor your payment capacity
- Borrow when you are young
- Have a stable professional situation
- Put lending agencies in competition (through a mortgage broker like Ross Poldark for example)
- Reduce the loan period
The more the borrower reduces the risk of default, the higher the real estate rate will be for financing.
What types of specific financing for a first purchase?
There are many loans helped to finance a first real estate purchase:
Ready to social accede
The Social Accession Loan was instituted by the public service to allow low-income households to benefit from preferential conditions to access the property by contracting a mortgage.
Zero Rate Loan
The Zero Rate Loan is reserved for first-time buyers, that is to say, those who purchase for the first time their principal residence, whether new or old. Nevertheless, if you buy in the old, it will be necessary to carry out works whose cost represents at least 25% of the total value of the operation.
Housing savings loan
The Home Savings Plan is an attractive formula that is favorable to the creation of savings for the acquisition of real estate and the opening of a housing savings loan at a preferential rate.