Why do a mortgage loan simulation?
Simulating your real estate loan will allow you to better know all the essential information in order to the acquisition of your new home. The advantage of an online mortgage simulation is that you have access to all this data in just a few minutes and on one page.
The mortgage simulation will allow you to know:
- Your borrowing capacity and debt capacity: that is the maximum price of the property that you can buy according to your personal situation, your income, and your personal contribution;
- The number of your monthly payments: that is to say the amount that you will have to pay every month to the lending institution, calculated according to your debt ratio, the duration of your mortgage but also your income, thanks to our mortgage calculator;
- The duration of the credit: expressed in months or years;
- Notary fees: that is, property acquisition costs depending on the amount of the property, calculated also through a calculator of notary fees.
- The type of mortgage offers that will suit you best: tiered loan, bridge loan, loan repayable loan, zero rate loan, loan in fine …;
- The rate of mortgage (interest rate) or APR that may apply depending on your profile and your need;
- Real estate credit insurance: the rate of this insurance is unique and fixed for the duration of the loan and its amount is proportional to the amount borrowed.
Note that the total cost of the home loan is the total amount of interest, plus the mortgage insurance and ancillary costs such as fees for example.
How to perform a mortgage loan simulation?
From the real estate mortgage simulator, you will have access to a multitude of different choices depending on your project.
Enter information about your project
Several pieces of information you have asked to offer you according to your project:
- Your project: an acquisition, a renegotiation of real estate credit, a construction, works or redemption of balance;
- The nature of your project: the purchase of a house or apartment, old or new;
- The situation of your project: you have already signed a sales agreement or not, you have only made a visit or you are looking for a property …;
- The use of real estate: principal residence, second home or rental investment;
- The price of the property, the cost of any work and potentially your personal contribution;
- The duration of the desired immo credit or the monthly payments desired;
Enter your profile information
In addition, other personal information will be required to find the mortgage for your profile:
- A borrower and/or a co-borrower;
- Owner or tenant;
- Your income and your employment situation;
- Your other credits in progress (consumer loan), revolving credit, personal credit …);
- Your current bank
- Your identity.
In the majority of cases, you will need to send supporting documents to certify the information provided during the application.
You will then have access to a results page based on the information provided. The real estate solution is an estimate of your home loan. You can then be put in touch with the credit agency to finalize your mortgage application.
The benefits of real estate mortgage simulation
Using a mortgage loan simulator is a simple, fast and efficient solution.Thanks to the online mortgage simulation, it is possible to compare two credit formulas, for example, a long-term loan and a short-term loan, while remaining attentive to the amortization schedule.
Comparing these two formulas with the same amount borrowed results in a difference of several thousand euros in the cost of a loan. It should be noted that the monthly installments applicable for a loan over a period of 10 years are greater than for a period of 20 years. On the other hand, the cost of credit is lower.
The goal is to find the best mortgage offer based on your project and your profile. This comparator of real estate credit will allow you to see more clearly within the loan offers and to make the right choice with full knowledge of the facts.