These Tips can help you get a French mortgage:
One
In France size is not always important, consistency is.
French Banks prefer French real estate investors with a good sized deposit.
But if your deposit is small we have learned French banks also pay attention to the way you save . Banks particularly like the consistent saver. So even if you don’t have a huge down payment if you have demonstrated by your savings that you put money aside regularly, the banks look more positively in your favor when you ask to borrow money.
Two
Know your Buying Ability
Before you go to your French bank take a very precise look at your monthly financials. Take into account how much you spend including expenses like transport, food, clothing, child care etc and make a conservative estimate on how much you could pay for a property per month. Remember you cannot have a credit that is more than 33 percent of your monthly revenue.
Three
Play the Competition, everyone needs to do it.
You have been with your bank for years so you get your mortgage there. May not be such a good idea.Your French bank may be ideal for savings and convenience but it may not have a competitive mortgage rate available at another bank. So investigate other French banks to see what they offer you in terms of a mortgage rate.
Four
Use the Power of a Broker
Consider using a mortgage broker to help you find the best deal. The mortgage broker’s job is to shop for you and find the best rate. Contact us if you want to speak with an English speaking French mortgage broker.
Five
Check out the Zero French Government Aid.
In France, you can assess a loan with a zero interest rate depending on where you live and what you are buying.
Six
Compare the Types of Rate
Explore the benefits of fixed or variable interest rates on the long term cost of your borrowing.
Seven
Calculate the cost of French Mortgage Insurance and More
As well as the cost of the mortgage rate when you buy in France you will have a fee for the creation of your file, you will have to pay for mortgage insurance and more. Make sure you know all the fees involved in the purchase with a bank before you decide the loan is right for you
Important: If you do not live in France and you wish to borrow money from a French bank you need to speak to an international banking specialist. Contact us today and let us know where you live and we will help you find someone who specializes in getting financing for a French property purchase for people from your Country.
If you would like to speak with an English speaking French Mortgage Broker to get a sense of how you can get the best loan for you in France. Contact us here.
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