You wish to subscribe a credit to concretize your real estate project? Find out how much you can borrow with net income of 6,000 USD per month.
To find out how much you can borrow from your income, you need to calculate your debt ratio. Banks usually accept 33% of debt which means that a third of your income will be spent on repayment of the credit. Explanations.
Real estate credit: what are the criteria studied by the bank?
If the debt ratio is an element taken into account by the bank to accept or not an application for mortgage credit, it is not the only one. Indeed, other parameters are also important.
The load jump
If you buy a principal residence, the credit institution will want to know the load jump that corresponds to the difference between the current amount paid for your main home and your future monthly payment. If your current rent is 800 USD and your monthly installment is close to 800 USD, the bank will tend to accept a debt ratio higher than 33%.
Presence of savings and banking behavior
The presence of savings shows that you are able to support a recurring charge and reassures the bank. The existence of bank overdrafts, authorized or not, can however strongly penalize the demand and cause the refusal of the file.
The rest to live
The remaining amount corresponds to the remaining income after having paid monthly mortgage payments and current expenses. For example, for income of 6,000 USD per month, a debt ratio of 40% implies a remaining amount of 3,600 USD. If the borrower is single and has no dependent children, the bank will consider that it is entirely possible to repay a large monthly payment.
The profile of the borrower
The profile of the borrower is one of the main criteria studied by the bank. His age and his professional activity can impact the debt ratio.
How much can you borrow with 6,000 USD in monthly net income?
This table presents the maximum amount that can be borrowed with a monthly net salary of $ 6,000. The amounts shown take into account additional costs such as the loan rate and borrower insurance.
|10 years||224 900 USD|
|15 years||EUR 321,700|
|20 years||406 400 USD|
|25 years||$ 475,800|
Thus, a borrower who receives 6,000 USD in net income per month can hope to obtain a loan of 224,900 USD over 10 years, 406,400 USD over 20 years or 475,800 USD over 25 years. These amounts may vary depending on the presence or absence of a personal contribution.
Why simulate your mortgage online?
If you want more specific information on the amount and cost of your mortgage, you can use an online simulator. Many elements come into play when applying for credit. This tool analyzes them and puts you in touch with credit professionals.
Going through a broker can save you money. This professional finds for you the best credit offer and accompanies you throughout the subscription phase.