Borrowing 180,000 dollars without contribution in the context of a real estate project is feasible, while benefiting from better loan conditions.
A 180,000 dollars real estate project
Have you found the property of your dreams and are thinking of borrowing the necessary amount, that is to say 180,000 dollars, but you have not made any contributions? This is not a concern since banks now offer mortgage without contribution. You should know that to borrow this amount, you must first perform a calculation of borrowing capacity, a simple method which is based on household income in order to know the different possible durations if the borrowing ‘an amount of one hundred and eighty thousand dollars is possible. In terms of rates, it is possible to find levels similar to those offered for the best profiles, it all starts with an online credit simulation.
It is therefore necessary to define the amount well because if the house is displayed at a price of 180,000 dollars, it is possible that renovation or fitting-out work may be carried out, so a possible envelope must be provided in the mortgage, this consists of include an amount at the time of subscription. It is the same in the context of a new house construction, if the purchase of land + construction project is estimated at 180,000 dollars, it is very likely that expenses will be expected in the development of the house, the constructions are rarely offered turnkey, there is always some work to be done by the owner.
Simulate his loan of 180,000 dollars without personal contribution
When we talk about a real estate project without contribution, banks have pre-designed solutions to allow borrowers to realize their project, this is simply what is called the 110% mortgage. This type of loan makes it possible to finance the purchase of the property but also the various costs which will intervene such as the costs of file, agency, guarantee or even notary. In the context of a home loan of 180,000 dollars on the 110% loan system, the final amount will be 198,000 dollars, that is to say the price of the property announced by the borrower and the 10% of fees estimated by the bank. All of these elements are covered during the simulation, an online process that saves precious time.
The contribution is not an obligation in a real estate project, it is simply an argument of the banking establishments to propose better rates but it is possible to negotiate the best conditions with its borrowing profile, ie by proposing against parties such as the repatriation of bank accounts or even the subscription to borrower insurance. In any case, a simulation is necessary in order to know if the real estate project (purchase of house, construction, purchase of land, renovation, investment) in the amount of 180,000 dollars is possible considering your financial situation. This simulation is free and especially without commitment, a major asset to be able to serenely compare the different proposals.