The loan offer issued by a bank is determined by several criteria, which can significantly influence the total cost of the home loan. Not to mention that this cost can be very variable, from one organization to another. That’s why it’s important to use a credit broker to compare them and choose the most appropriate solution.
What conditions a loan offer from the bank?
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 “rest to live”, namely the share of income that remains once the borrowing costs deducted. Some organizations also look at the family’s household quotient and future expenses.
– The profile of the borrower : through a “scoring”, the bank establishes the level of risk that it represents. For this, she studies several criteria, such as personal contribution, work situation, loan duration, family situation, age … Each organization has its own evaluation grid.
At the same time, the bank is studying data that are difficult to quantify, which will nevertheless have an impact on this scoring. For example, with the last 3 statements of current account, she knows the possible incidents of payment, but also the capacity of the borrower to save …
The notion of instant T in an offer
Regardless of these criteria, a bank’s lending offer is determined by the bank’s commercial policy and the rate applied at the time of issue. For example, is it in a rather “aggressive” phase, with a stated desire to earn credits on a particular profile? In which case, she will tend to make beautiful proposals …
Especially at the rate level. You should know that the rate is built on the basis of a moment 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%) that in January (average rate at 1.38%).
Not to mention that the rate remains different from one region to another. A gap that could have a significant impact on the total cost of credit.
The need to compare: Why call a broker?
The use of a credit broker can put you into debt over the next X years in the best conditions – whether in terms of the rate or guarantees. Its role is to accompany you until the signing of a negotiated loan offer in the best terms.
For this, he carefully studies your file, determining its strengths and weaknesses. Then, he contacts the banks most likely to follow you. When issuing proposals, it can help you compare them, because the rate alone is not enough to determine the best. It is important to take a closer look at insurance conditions, the cost of which greatly affects the total cost of credit. All these criteria explain why there can be very large gaps between two offers.