Find out how to get a home loan to buy a house without any down payment, while taking advantage of the best rates at the moment.
The contribution is a sum of money saved or recovered following an event, it is a reason for accepting credit from certain credit institutions for a house project.
Obtain a home loan without a contribution
Whether it is to buy or to build, the bank will often ask for a sum of money available in order to offer advantageous conditions and above all to grant financing. Simply, not everyone has the will and the capacity to place money, it does not mean that dreams of buying a house should be called into question, so you have to find the right bank capable to respond favorably to demand and above all to offer attractive rates.
You should know that the contribution is initially intended to cover the costs of setting up the financing, there are necessarily the bank fees, the notary fees to perform the deed but also the warranty fees (mortgage or deposit) or agency fees when going through a real estate agency.
These amounts will have to be settled and when the borrower has no contribution to make, the bank will simply offer him the mortgage at 110%. It is a home loan, the amount of which will consist of the price of the house that will be purchased and the various costs that will occur, or 10% of the price of the property. Thus, if the house is in the amount of 200,000 dollars, the bank will offer a 110% loan in the amount of 220,000 dollars. Thus, the borrower reimburses a single monthly payment including everything.
How to buy your home without having contributed?
The most difficult thing in a house purchase project without having to contribute is simply to find the bank which will accept firstly to finance the project in the form of a loan at 110% but also secondly to offer the most attractive rates. Different banks and credit institutions are positioning themselves on the mortgage market without contribution, so there are indeed solutions that exist and that can allow borrowers in this situation to carry out their home purchase project.
The first solution is therefore legitimate to use an online simulator allowing to compare the different proposals of the banks, without having to fix an appointment in the agencies. This first step allows you to select the bank or banks capable of financing the home purchase.
The borrowers can then proceed to the stage of the constitution
Of the file allowing them to obtain the validation of the mortgage. To know that the borrower insurance can represent a significant part of the total cost of the financing, it is obviously necessary to think of the rate of the mortgage but not to forget that of the insurance.
It is also useful to know that you can use an insurance delegation, ie go through a broker or a company to insure your loan. Finally, the simulation is offered to you free of charge and without any commitment.