It is necessary to have a minimum wage of 1,400 dollars net to be able to borrow the sum of 170,000 dollars from banks. Under certain conditions.
Obtaining a mortgage requires filing an application with a bank directly or through a bank intermediary such as the broker. A study will be carried out to determine if the applicant has the corresponding financial situation with the requirements of credit institutions, this will, therefore, start with the borrowing capacity.
Borrowing capacity for a mortgage
It is a question of defining the maximum sum that a borrower can obtain according to its incomes and its expenses, it is for this reason that the simulators systematically require to inform the number of people at home, the wages, and the various charges.
This estimate will help guide the borrower in his search for real estate, whether related to the purchase of an old house, an apartment or a construction project. For a mortgage amount of 170,000 dollars, you need a minimum salary of 1,400 dollars net.
This is estimated to take into account the maximum loan duration which is 30 years, but some banks can lend over 35 years and the maximum debt of 33%. It is therefore imperative to take into account the situation of the applicant, if the latter already has credits in progress, he will have to revise his project downward.
Get a mortgage of 170,000 dollars
To finance an acquisition and possibly work at the same time, it is important to compare the offers of banks to obtain the most attractive financing. In the context of a loan of 170,000 dollars, the borrower will have to meet the requirements of the banks and this will naturally go through the presence of a contract.
Fixed income and account statements must also be available without too many irregularities. Note that if the borrower already has credits in the process of repayment, it will be necessary to take into account the current debt to ensure that the new monthly payment is in agreement with the repayment capacities. Other elements will be checked like the rest to live.
If the capacity to borrow is important, it is also necessary to take into account the loan conditions of the banks with the rates charged, the proposed repayment terms and the various costs involved.
The higher the rate, the more the loan amount will be reduced, so you have to find the right proposal to make your real estate purchase a reality with suitable repayment terms. It is also strongly recommended to use a mortgage loan simulator to estimate the amount of the loan with its current situation.
Simulate a mortgage of 170,000 dollars
The rates vary according to the duration of repayment and the desired amount, they will also vary according to the offers of banks and all these reasons justify the interest of using a simulator.
This online tool allows you to enter the amount of your real estate project and provide all the information regarding your financial situation. In a few clicks, you quickly get several proposals allowing you to compare and project faster. It is a free service with no obligation.