Getting a mortgage is not always easy, especially in an emergency. Fortunately, there are solutions to maximize the chances of obtaining financing but also to negotiate the best housing loan conditions.
Real estate loan in emergency: a delicate situation
The mortgage is the financing to buy a property or to carry out work provided that the amount is greater than 75 000 USD. The implementation of this financing is often longer than for a consumer loan because a thorough study of the borrower is necessary, especially since the debts will spread over particularly long durations, that is to say say 15 years, 20 years, 25 years or even 30 years in some cases.
In addition to the financing file, there is the need to guarantee the loan, that is to say that the bank or the credit institution will ask for a guarantee in return for the loan. a mortgage on the property concerned or a bond by a company offering sureties. This approach adds an additional delay in obtaining, which can go against the sense of urgency. Simply, a step by a comparator can quickly save time in his efforts.
Mortgage Brokers: A Second Chance?
Brokers often refer to real estate loans as they are paid only if the file is financed, so they have the opportunity and the will to quickly find a financing offer corresponding to the borrower’s research. The notion of urgency can be quickly taken into account by these structures and they have the capacity with their partners to unblock a situation.
Brokers simply add a line of expenses in the total cost of setting up a housing credit agreement, their remuneration is on the order of 1% of the amount financed, but sometimes it is the price to pay to obtain satisfaction and access to the property.
The comparator for real estate loans in emergencies
The comparator mortgage remains the best alternative so far to quickly obtain several offers of financing institutions interested but also to negotiate the best terms of home loan. Comparators rely on the profile of the borrower to direct it to the organizations likely to offer the best offers, so there is a step of research and canvassing save for the borrower. The comparator will also and above all offer at the same time to credit institutions the request for simulation of the borrower wanting an emergency treatment, which will push these organizations to offer the best conditions to win the bet.
Thus, in an emergency situation, that is to say in the event of having already signed a deed of sale or having reserved land for a construction, it is possible to remain a priority and obtain quickly its financing to access the property or invest in the rental.