To buy your apartment or the house of your dreams, obtaining a mortgage is almost compulsory. But applying for a mortgage is a preparation and requires several steps.
Summary
First stage : define your project well before starting
To start your search for real estate, you have to start by defining your project and the budget that will be devoted to it. A real estate purchase should never be taken lightly. You have to ask yourself several questions: will the research focus on a house, an apartment, new or old housing … Will work be required before moving in? Then, you have to define the desired minimum area, the number of rooms, the location of the property … In short, you have to ask yourself all these questions before embarking on a real estate project.
The Vousfinancer site allows you to know with precision the amount of your loan according to the monthly payment that you can devote to this real estate project. This site helps to know its debt capacity, that is to say how much of its current budget can be allocated to the future project. This will determine the maximum loan amount. By indicating the amount of his personal contribution and his income, this simulator determines the total amount of the loan that can be granted. It is always better to know your financial means before meeting a bank advisor to apply for a mortgage. This is a way of quickly realizing whether the desired purchase is possible or whether you will have to review your expectations.
Contact a bank ready to accept a loan
Once the promise or the sales agreement is signed, you have to go through the doors of a banking establishment to begin the search for financing. On the pre-sales contract, the time limit for obtaining the mortgage must be indicated (in general this period is at least 45 days). In the event of a negative response, the sale can be canceled within the time limit due to the condition precedent.
The best is to go directly to your financial advisor. He will have a general point of view on the file and will be able to advise the future buyer. If the answer is not satisfactory, it is possible to turn to other banking establishments. Making use of competition often makes it possible to obtain advantageous rates and optimal financing conditions. A loan application can be filed in several banks. Even if it means having to change banks, the main thing is to take advantage of the lowest rates. Using a broker can be advantageous. In this case, the preparation of the loan file will be done directly with the broker, even before having met the banker. He is a professional specializing in financial negotiations. He can even guide the buyer to obtain purchasing aid, an advantageous insurance offer, or a zero-interest loan.
Read also: How to negotiate a mortgage?
Prepare well for your meeting with the banker
To put all the odds on your side and get your mortgage, you have to prepare your meeting with the banker. For those who have not gone through a broker, this is when the file will be assembled. To save time, the purchaser must ensure that his file is complete and favorable (no debts or regular overdrafts). This interview with the banker will make it possible to define several parameters such as the repayment period, the amount of monthly payments, the interest rate, etc.
Once the file is assembled, the financial advisor transmits it to his supervisor. It is he who will give his agreement or not. The criteria are specific to each establishment. It is for this reason that a bank can refuse a file and not another and that it is important to multiply the meetings within bank branches.
The bank’s agreement in principle
Once the file has been deposited in the bank, all that remains is to wait for the response. It usually arrives within ten days. When it gives its agreement in principle, this means that the purchaser has obtained his financing and that he will be able to finalize his purchase. Sometimes the bank gives its agreement in principle, but with certain conditions. If these are not respected, the loan can be refused. The loan offer is sent to the buyer by registered mail. A ten-day cooling-off period must be observed before signing. Once this period has passed, the signed loan offer can be returned.
Last step : the release of funds
Once all these steps have been successfully completed, all that remains is to request the call for funds from the bank to sign the deed of sale in front of the notary. The money, paid into a bank account, will be available as soon as the purchase is finalized and the notary can thus transmit the total sum to the seller’s meter.
Read also: Real estate credit: rates continue to fall
