To be able to borrow, it is necessary to have a sufficient capacity, in particular when the mortgage loan is of an amount of 300 000 USD. It is thus necessary to know quickly the amount of the minimum wage to have to be able to project in an acquisition of house or flat.
Real estate loan of 300,000 USD, the minimum wage
To be able to borrow such a sum, one must have a contribution and on this point, the principle is relatively simple: one can not devote more than 33% of its monthly income to the refund of one or more credits. As a result, a borrower with no outstanding credits can allocate one-third of his income to the repayment of his home loan, so the amount of the salary will depend on the duration.
A mortgage can be subscribed for a minimum period of 60 months, or 5 years but it can also extend for a maximum of 420 months, or 35 years. It is essentially banks specializing in mortgages that offer these loans. Thus, based on a mortgage loan of 300,000 USD and a duration of 35 years, it is necessary to count at least on a salary of 2500 USD. For a period of 25 years, it will require at least 3500 USD of income, and 4300 USD over 20 years.
Calculate your ability to borrow to define your real estate project
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The best solution for realizing a real estate acquisition is simply to define its ability to borrow, this allows to obtain the amount that can be used to repay a monthly loan. It is important not to end up with a maximum debt of 33%, simply because in case of hard knocks or simply lower income, the situation may switch to over-indebtedness, which is difficult to rebalance.
It is therefore necessary to be aware of its indebtedness but also to set a clear limit in the amount of the monthly payment, thus, the borrower will be able to play for the duration to obtain his mortgage of an amount of 300 000 USD. It should be noted that the personal contribution can play an important role in obtaining a loan but also in the capacity to borrow because this available amount makes it possible to borrow less and thus to adjust the indebtedness of the household to avoid a situation difficult.
Simulate your mortgage of 300 000 USD
Before you can borrow as part of a mortgage, it is important to know the rates because too high a rate will reduce the ability to borrow while a low rate will make it easier to get his loan of 300,000 USD. It is therefore advisable to use a loan simulation to quickly obtain online financing estimates, this allows you to obtain more information on loan conditions: amount, duration, rate, monthly payment, guarantee. The comparison of home loan offers also makes it possible to choose the best credit proposal and direct its demand towards the right credit institution.