The loan offer issued by a bank is determined by several criteria, which can significantly influence the total cost of the mortgage. Not to mention that this cost can be very variable, from one organization to another. This is why it is important to call on a credit broker, to compare them well and choose the most appropriate solution.
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Beyond the nature of the purchase itself, the criteria studied, to make a loan offer, are as follows:
– The study of income: the bank studies the “remainder to live”, namely the part of the income which remains once the costs of the loan have been deducted. Some organizations also look at the household’s family quotient and future expenses.
– The profile of the borrower: through a “scoring”, the bank establishes the level of risk it represents. To do this, it studies several criteria, such as personal contribution, professional situation, loan duration, family situation, age, etc. Each organization has its own evaluation grid.
At the same time, the bank is studying data that is difficult to quantify, which will nevertheless have an impact on this “scoring”. For example, with the last 3 current account statements, it knows about possible payment incidents, but also the borrower’s ability to save …
The notion of instant T in an offer
Regardless of these criteria, a bank’s loan offer is determined by the bank’s commercial policy and the rate applied when it is issued. For example, is it in a rather “aggressive” phase, with a willingness to get credits on a particular profile? In which case, she will tend to make beautiful proposals.
Particularly at the rate level. You should know that the rate is built on the basis of an instant T. For example, in the current context of rising rates, a borrower will pay his mortgage more expensive in February (average rate at 1.49%) than in January (average rate at 1.38%).
Not to mention that the rate remains different from one region to another. A spread that could greatly influence the total cost of credit.
The need to compare: Why use a broker?
Using a credit broker allows you to get into debt for the next X years in the best conditions – whether in terms of rate or guarantees. Its role is to support you until the signing of a loan offer negotiated in the best terms.
For this, he carefully studies your file, determining its strengths and weaknesses. Then it contacts the banks most likely to follow you. When the proposals are issued, it can help you compare them well, because the rate alone is not enough to determine the best one. Insurance conditions should be looked at more closely, the cost of which greatly influences the total cost of credit. These criteria explain why there can be very large differences between two offers.