Find out how to effectively compare multiple home loan proposals to make the right choice.
Get multiple home loan offers
Difficult to miss comparison services and now it is a reality, financial authorities recommend that borrowers engage in a comparison of mortgage loan offers before signing a credit agreement. The formulation of an offer to purchase or the signing of a promise to sell will often commit the borrower to obtain a home loan in the shortest possible time, implying for the candidate to quickly turn to the first establishment come. So take the time to study the different mortgage loan comparison services and then get a minimum of three financing offers.
You should know that the borrower can himself canvass three different banks to obtain three contract proposals, this requires time and above all to carry out three separate procedures, which can be rather restrictive. The best solution is to entrust this mission to a broker specializing in mortgage, he will be responsible for mounting the credit file and especially to select the best placed credit institutions. By using a broker, the borrower saves precious time in studying mortgage loan offers, which allows him to choose the best proposal, even when the promise to sell contract imposes a short deadline.
Don’t focus on the rate
The biggest mistake borrowers have made so far is to focus on the borrowing rate expressed through the APR. A low rate does not mean that the mortgage offer will be attractive, it is above all the total cost of credit that allows to assess the value of one mortgage offer compared to another. A very attractive APR can hide more restrictive subscription methods: higher application fees, less advantageous guarantee, more expensive borrower insurance. We must therefore assess a mortgage offer taking into account all the elements in the contract, and this is thetotal cost of the loan that will allow you to make your choice.
The domiciliation of accounts is no longer an obligation, except when a bank undertakes to offer preferential conditions. It is therefore a solid argument to make when a borrower has several proposals in hand. It will therefore be necessary to dwell on the terms of the new bank account that will be set up (account fees, payment limits, overdraft, etc.) in order to adjust the needs.
We offer a mortgage loan simulator which allows you to obtain a first feasibility opinion but also several financing proposals from credit institutions. As an experienced brokerage center, We are able to support you in your financing project and find you the best housing loan offer, whether your project involves the construction of a house, a purchase of old house, apartment or even a rental investment.