You want to buy a house or an apartment, to settle your family there. But in the household, there is only one salary. Is this a brake for a mortgage application?
Can you apply for a mortgage with only one salary?
When applying for a mortgage, the banking establishment which you will approach will study different criteria. First your age, your family composition. But what will especially have its importance, to validate or invalidate the request, it is your financial situation.
The stability of a contract then plays its role. A single salary, but with stable and regular income can work in your favor. Your bank history too. Financial services need to check if you are overdrawn often, if you have short credit. What the bank will control, beyond that, is your debt level. For this, it takes into account the amount of your income, your expenses and the amount of this hypothetical loan. If it does not exceed 33%, there is a strong possibility that the credit will be granted to you.
One salary and credits in progress: can you qualify for a mortgage?
Holder of a permanent contract, you have several consumer credits in progress. You nevertheless wish to take out a mortgage, to finally be a homeowner. Again, it is necessary; by calculating this new credit; that financial health is not impacted. To be certain, the bank must calculate your debt ratio, including mortgage. If the project is feasible, you will soon become the owner.
A simulation on the Internet, before going to see the banker, can already give you a fairly clear indication of the feasibility of this project. It is a question of informing all the financial and personal elements relating to your resources, expenses, and your various credits. One should, of course, not forget to take into account the amount of this potential loan. Want to put the odds in your favor? How about contacting a mortgage broker?
What is a real estate broker for?
Hiring a mortgage broker can be a good idea in such a situation. First, depending on the information you provide, he can immediately tell you if this project can have a favorable outcome. But it can also refer you to a banking establishment which will make you an adapted offer. In terms of credit, offers differ from one bank to another. This can be on the duration of the loan, on the rate, but also on the age of the borrower.
The broker can offer you personalized support to find the best bank, negotiate your credit rate and help you establish a coherent financing plan. As for his remuneration, it will be made on the amount of your real estate and will pass in the financing plan. It is a partner of choice, when we ask questions, when becoming a property owner.