Obtain a home loan of 100,000 dollars: rates and durations
Find out how and what salary you need to borrow 100,000 dollars from the bank for a real estate project.
Borrowing a sum of money from a bank as part of a property purchase requires applying for a mortgage, this loan, the minimum amount of which is 75,000 dollars, will require a feasibility study. During the feasibility study of a loan request up to 100,000 dollars, the bank advisor will ensure that the borrower’s capacity is sufficient to ensure the repayment of the sums due.
What salary to borrow 100,000 dollars?
We will then calculate the borrower’s debt and simulate a maximum monthly payment that he can support given his financial situation. The charges and the income are thus taken into account in the evaluation of the repayment capacity, here below is an estimate of the salary to be had according to the repayment durations for an amount of 100,000 dollars.
- Over 5 years: duration of 60 months, minimum monthly income of 5500 dollars.
- Over 7 years: duration of 84 months, minimum monthly income of 3,929 dollars.
- Over 10 years: duration of 120 months, minimum monthly income of 2750 dollars.
- Over 15 years: duration of 180 months, minimum monthly income of 1833 dollars.
- Over 20 years: duration of 240 months, minimum monthly income of 1375 dollars (the duration of 20 years is one of the durations most requested by borrowers in the context of a mortgage).
- Over 25 years: duration of 300 months, minimum monthly income of 1100 dollars. (duration of 25 years among the most requested by borrowers in the context of a home loan).
- Over 30 years: duration of 360 months, minimum monthly income of 917 dollars (few establishments offer durations of 30 years, it is therefore necessary to use simulation to obtain an offer from these specialized organizations or through partner brokers).
Which bank to borrow 100,000 dollars?
Depending on the borrower’s situation and the duration of the loan, certain banks will be more or less well positioned, each applying different business strategies. Borrowing 100,000 dollars over 15 years or 20 years is totally different than borrowing the same amount over a period of 25 or 30 years, the cost of credit being higher and the repayment of amounts due being longer, some establishments prefer short-term loans while others specialize in long-term financing. Thus, the rates offered by the various establishments may vary and a borrower applying to a bank specializing in long-term loans for a loan of 100,000 over 10 years will have a good chance of not finding financing.
It is therefore strongly advised to carry out a simulation of real estate loan online, this makes it possible to request several credit institutions that can meet the borrower’s needs and compare the offers to establish his choice.