As soon as an offer to purchase has been signed, your advisor will then send you by email the list of documents required to compile your loan file.
The first step of your investment project is the loan simulation
It is at this point that your advisor will take special care to explain all the components of a loan to you, not only being limited to the interest rate but also to all the other additional conditions (insurance rate, prepayment penalties, etc.).
After the constitution, the file verification stage
Once the simulation and the financing plan have been validated, your advisor will then check that your paper file is complete to send it to the banks.
It will therefore put several partner banks into competition, negotiate and defend your real estate project in order to obtain the best financing offer on the market.
The simulation of the loan before the constitution of the file
Upstream of all these steps, you can also get a quick idea of the calculation of your home loan. You just have to make a loan simulation, which you will find on many websites but in particular on the Lite Lender website.
A simulation which will only take you two minutes and will allow you to have an approximate idea of the monthly payments to be reimbursed. You just need to enter:
- The overall amount you wish to borrow
- The interest rate selected via an updated proposal of the rates currently offered on the market
- The loan period you want (15, 20, 25 years, etc.)
However, this simulator does not allow you to check the real feasibility of your project and will only give you an approximate idea. Following this simulation, it is therefore essential to contact your mortgage broker to refine your search and obtain a precise result.
You will understand, you cannot do your mortgage calculation alone without having a real knowledge and expertise of the needs. Do not hesitate to turn to a professional and let yourself be supported throughout this process!
TO REMEMBER !
- First of all you must make a loan simulation of your project
- Have your project checked by a broker
- As soon as your project is financable, have your loan file assembled by a broker