Finding your dream home is not easy. The search often lasts a long time, in the end, we choose a place that we will call home for many years. Once we find the perfect apartment, it turns out that we are not the only ones interested in buying.
We sign a preliminary contract as soon as possible and then the race against time begins. Experts from the Association of Financial Consulting Companies tell you how to efficiently get through the credit procedure and get financial support for implementing your own M. plans.
A mortgage is usually taken for a high amount and for a long period
Therefore, even in a hurry, it is worth spending time comparing the offers of individual institutions thoroughly. The wrong decision can translate into increased costs that we will incur for many years.
Of course, you have to consider the price of the loan, but not only. The offers also differ, e.g. by the required own contribution, the method of calculating the available loan amount or any additional products.
There are a lot of parameters, which means that it is impossible to indicate one offer that would be the best for everyone – notes Good Finance.
Well, the fact that a given institution offers cheap credit if we cannot get it because we do not have the bank required 20%. own contribution. Another offer may be slightly more expensive, but the bank will accept a contribution of only 10 percent.
Offer uneven offer
The solution that will allow us to compare available offers and at the same time will significantly reduce the time that we will have to devote to this is the use of a financial advisor. He can conduct a preliminary analysis of our financial situation and select appropriate offers.
Thanks to this, we will avoid time-consuming and tedious bank visits. It is worth asking him to list all costs – both for the loan and any additional products so that it will be easier for us to make a decision. What’s more, the adviser will also help you at the later stage of obtaining financing, i.e. when applying for a loan.
How to get through the loan procedure?
Even if we have adequate creditworthiness and high savings, it may turn out that the process of obtaining a loan is prolonged. Whether we wait only a few weeks or a few months depends largely on ourselves. Usually, the decision is made after about a month.
During this time, the bank examines the information and documents contained in the loan application. Checks the sources and level of our income, current commitments and costs that we regularly incur. The property we purchase is also assessed, including its legal status and value.
During verification, it may turn out that some documents require supplementation or additional signature. Any such situation suspends the procedure and extends the waiting time for a decision.
Therefore, if we care about time, we should prepare the loan application as accurately as possible. Specialist support in such a situation can be very helpful and will avoid any downtime. In extreme cases, errors or shortcomings can even result in a negative decision and the need to submit an application to another bank.