What salary to borrow 350 000 USD for a real estate purchase?


You wish to concretize your project of real estate purchase? Find out what is the salary needed to borrow 350,000 USD.

Before granting a home loan, the bank examines the risk profile that the applicant will represent during the life of the loan. The institution begins by studying the account history before looking at the solvency of the borrower and the existence of other credit outstanding in particular. What salary does it take to borrow 350,000 USD? Answers.

A debt ratio of 33% of disposable income

A debt ratio of 33% of disposable income

Before making a decision, the bank assesses the creditworthiness of the borrower by consulting his income, that is to say, all the net wages of the household, the land income, pensions and pensions received as well as certain social benefits. The banking institution deducts from this total the applicant’s debts, which may be monthly repayments related to one or more outstanding credits or pensions.

The debt ratio should generally not exceed 33% of disposable income in order to prevent future buyers from being in a situation of over-indebtedness. However, this rate can be adjusted according to the amount of the initial contribution and the income received by the borrower. For some households with substantial income or substantial guarantees, the debt ratio can rise to 40%.

What salary to get a mortgage of 350 000 USD?

What salary to get a mortgage of 350 000 USD?

The amount of salary required for borrower 350 000 USD from the bank depends on the duration of the loan:

Duration of the mortgage

Monthly salary required

15 years

$ 6,400

20 years

USD 4,800

25 years

$ 3,900

30 years

USD 3,200

35 years

2,800 USD

Thus, the shorter the loan term, the higher the monthly payment. On the other hand, the longer the loan period, the higher the rate will be. The balance between the debt ratio based on salary and the cost of credit, which is mainly linked to the duration of the loan, should be balanced.

Why use a real estate credit comparator?

Why use a real estate credit comparator?

If you want to borrow 350,000 USD to finance your real estate purchase, you have every interest to use a loan comparator online. Indeed, given the large number of institutions offering real estate credit offers, it may be difficult to identify those with the best rate and favorable repayment terms. This tool searches for the best loan offers and only displays those that match your expectations.

To use a comparator mortgage online, you just need to complete a quick form with some information about your personal and professional situation and fill in the characteristics of the desired credit (nature of the loan, amount, duration…). In a few seconds, you will be able to access the proposals made by the institutions and contact them directly for more information. Thanks to the simulator, you will also get the amount of your future monthly payment allowing you to anticipate the cost of your project.

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