Taking out a mortgage is one of the most important steps in the process of becoming a homeowner. What are the requirements for financing a property and how do you go about it? Here are some tips to help you deal with financial and public institutions.

Taking care of your borrowing profile

The aim here is to present a reassuring history of your financial situation. The bank will analyse your situation over a period of time that can range from 2 to 5 years. It will take into account the following elements:
- Timely repayment of your outstanding debts as well as the possibility of clearing your personal loans before taking out a bank loan
- Personal accounts funded
- Amount of your savings...
- Employment status (permanent)
- ...

Provide a personal contribution

To grant you a mortgage, the bank will ask you for a personal contribution of 20 to 30 % of the amount you wish to borrow. This contribution will be used to finance the bank's fees, the agency's fees, the notary's fees, etc.

Calculate your debt capacity

In general, the monthly payments cannot exceed 33 % of your income. This limit is in place so that people who have taken out a mortgage can continue to meet their personal expenses.

Find out about state aid

The State offers several aids for future homeowners:
- Capital assistance: for a single-family detached house, it varies between €250 and €9,700 depending on the family situation and household income. A bonus of 15 % is applied to semi-detached houses. For a condominium or a "row" house, the premium will be increased by 30 %.
- Construction aid: only for first-time occupants. It is paid if the building in question still requires major work and the amount of this work exceeds 50 % of the purchase price.
- The construction or acquisition premium: A one-off premium paid directly to the lender.
- Communal capital allowance: linked to the state capital allowance, it is paid by the communes. It is advisable to contact the commune where the property is located.

Deciphering loan offers

Don't just contact one bank. Make an appointment with several of them and compare their offers. Compare the related variants:
- At the interest rate
- To the duration of the monthly payments
- To life insurance
- Loan formulas: fixed-rate loan, variable-rate loan, adjustable-rate loan, etc.

Another solution is to use the services of a broker. The broker will contact the various financial institutions and negotiate the terms and conditions for you. Accustomed to this type of practice and often benefiting from a large network, he or she will be able to find the offer that best meets your criteria and your ability to repay.

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