Which organization should be favored for its real estate loan?
June 30, 2019
Since the cost of a home loan varies from one bank to another, from one lending company to another, the choice of lending institution can seem rather complicated. Not to mention that ancillary costs and the cost of credit insurance can weigh heavily in the balance. The Lynx takes stock of the criteria to be studied by the first-time buyer before choosing the lender.
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- Application for home equity loan
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- Real estate lending institutions: the specifics
- Compare the cost of real estate loans
- Find a real estate credit agency thanks to the comparator
- Call a specialist
Real estate lending institutions: the specifics
The different institutions that offer home loans are:
- National banks: they can be interesting in terms of interest, but their fees are sometimes quite high.
- Regional banks: some are cheaper than others, but – for convenience – it is rare for a borrower to go to a bank outside his region.
- Online banks: they are gaining ground because their often free services are available 24/7. In addition, they offer competitive credit rates because of stiff competition.
- Specialized organizations: they only offer home loans. Their fees are high, credit opening procedures are long, and the early repayment of a home loan entails incompressible compensation.
- Insurance groups , which at the same time have banking services and distribute all types of loans, including mortgage loans: in some cases, the credit insurance they offer can be interesting.
Compare the cost of real estate loans
It is above all the cost of credit that can make the difference because each company applies its own rates. And a few tenths can, over 20 or 30 years, represent a huge sum. Ditto for ancillary costs inherent in the constitution of a loan file or for credit insurance, the cost of which varies, again, from one institution to another.
Before choosing a mortgage lender, it is therefore wise to study different credit offers to have all the criteria for comparison.
Note that borrowing conditions vary by region, period and society. The criteria that determine the profile of the borrower are also specific to each bank.
Find a real estate credit agency thanks to the comparator
The comparison of a home loan via the Internet is a quick and effective solution that allows the interested party to study several scenarios. From the desired capital, the real estate credit calculator allows him to evaluate the cost of the loan in relation to a loan duration or pre-defined monthly payments.
The Internet user accessing the property can therefore evaluate several solutions. The comparator then tells him which credit companies and banks to favor, that is to say those that offer the cheapest mortgage.
Call a specialist
If, despite everything, the choice still seems difficult, there is one last solution: to call on a mortgage broker. This professional has all the cards in hand to negotiate the best rates, get the lowest side costs of the market and a credit insurance quite affordable. After the various proposals received, the interested party has only to compare the loan offers made to him by the companies to those of the broker.
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