You dream, like 84% of French renters, to become owner of your home. But whether it is an apartment or a house, you are wondering about its financing plan via a mortgage. How to finance this purchase according to your situation? By what means ? We will answer your questions.
Above all, whatever your situation, you will need to evaluate the overall cost of your project. This includes ancillary costs such as notary fees . They are not negligible because they represent, according to whether the housing is new or old, from 2% to 8% of the purchase value. It is important to take them into account in your funding study.
Finance your primary residence as first-time buyer
First, it is necessary to define the term first-time buyer. You are a first-time buyer if you buy a home when you have not been a homeowner for the last two years. This status allows you to benefit from several financial aid. They come mainly from the state, regions or departments.
One of the first aid, in the form of a loan, is the SSP or ready for social accession . It is exclusively intended to buy your main residence or to undertake work there. Its particularity comes from the fact that the applied rates are lower than a conventional conventional loan . Like the loan agreement to which you also have access as a first-time buyer, the SSP can include all the funding.
The loan agreement , meanwhile, is a loan granted by financial institutions, without means test. This is achievable thanks to an agreement with the state. Its advantage is that it can, under certain conditions, open the right to the APL (Allowances Personalized Housing). We also find the housing savings loan or PEL .
Next come the complementary loans. As the name implies, they can only finance part of the purchase. These loans include, among others, the Zero or PTZ Loan . It is subject to income ceilings and can be considered as a personal contribution by banking institutions.
The housing equity loan , which is often referred to as the 1% employer or the 1% housing, is another complementary loan. It is intended for employees. The condition is that your company participates in the construction effort by allocating part of its payroll.
Other financial aid
To complete all these offers, you can also benefit from local aid through organizations. The two main ones are ANIL (National Agency for Information on Housing) and ADIL (Departmental Housing Information Agencies). You can contact the agencies in your department.
Finance your principal residence as a second-time homeowner
You are a second-time home buyer if you want to buy a home by reselling your current principal residence, before or after your new purchase. There are two situations that arise.
Resale before buying your home
This is the ideal case. If you have already sold your old main home, you normally have capital. You can then reinstate him to finance totally or partially your new home.
You can also supplement it through classic depreciable credits. To motivate your choice, you just need to compare the different loan offers, applied credit rates and terms of each financial institution. Let’s see now the second case.
Resale after buying your home
If you find yourself in this situation, you will be required to take out a bridge loan . This loan is characterized as a financial advance by banks, waiting to sell your old home. It is therefore a repayable bank loan only when your property is sold. You study with the financial institution the repayment methods that are adapted to your situation.
Finance your principal residence
Now that you know everything about financing your principal residence, your real estate project should come to fruition. Did you know that by going through a mortgage broker rather than your bank you could borrow on advantageous terms? It negotiates for you loan insurance and a lower mortgage rate.
Want to get the best loan offer and the best credit rate? Consult our experts and estimate your borrowing capacity by applying for a loan.