The strategy for obtaining a mortgage does not have one proven method of operation. Each loan is granted individually, and banks take into account many dependencies. Below we present how the next stages of the mortgage look:
How to take a mortgage step by step?
1. Meeting with an expert – a mortgage specialist.
Thanks to the specialist’s experience, we will save time and money. After obtaining all necessary information, the expert will look for suitable loan proposals that will be tailored to the client. The expert will also provide information on what documents will be necessary to obtain a loan.
2. Selection of the offer and completing the most necessary documents.
From the offers presented to us by the Expert, we choose the most favorable for us, then we complete everything needed for a mortgage, i.e. the necessary documents such as: a preliminary purchase agreement, a certificate of non-arrears in administration fees, or property valuation. After completing all attachments, launching a mortgage will become only a formality.
3. Submission of loan applications at the banks of your choice.
When buying an apartment for a loan, step by step you should go through the banking procedure for granting mortgage loans. Submitting a loan application is not tantamount to granting a loan. Therefore, it is worth submitting the application to several banks.
4. Supplement or other additional requests that the analyst may request.
During the verification of documents and the application, it may happen that something needs to be corrected or supplemented. In such a situation, we should immediately provide the documents for which we will be asked.
5. Credit decision
The credit decision is a verdict issued by the bank. A positive credit decision is related to the fact that the loan will be granted to us. The credit decision is influenced by many variables such as: credibility, creditworthiness, timely repayments.
6. Selection of the bank’s best offer
From the offers we have received, we choose the one that is most favorable to us. It is worth considering the amount of repaid installments, the amount of the margin, interest and the total amount to be repaid. Some banks offer promotions – it’s worth paying attention to.
7. Signature of the loan agreement
If we have chosen the offer that best meets our expectations, there is nothing else but to sign a loan agreement. It is important to carefully review and read the document, and if something is unclear – ask about it.
8. Loan payment
The loan is paid out when all previous points have been met. However, knowing what stages are ahead of us to get a mortgage step by step, you can properly prepare for this process.