Pursuant to the Mortgage Act, the borrower should receive the financing decision no later than within 21 days from the date of submission of the complete documentation.
Before that, you should pre-assess your creditworthiness and complete the necessary attachments for both the property and the borrower.
How long does it take to get a mortgage ?
The period of waiting for a mortgage is the sum of time that the borrower has to devote to submitting a complete loan application and the period within which the bank will respond to the application and propose the terms of the loan agreement. For this reason, the procedure of buying a property with mortgage financing is divided into two stages. The first is the signing of the preliminary contract, which is to secure the time for signing the loan agreement with the bank before preparing the notarial deed.
The waiting period for information from the bank after submitting the application should not last longer than 3 weeks. The key to completing the procedure efficiently is thorough preparation of the documentation and all necessary attachments. When getting ready to secure financing, it’s worth using the support of a credit expert. Good Finance experts will support the preparation of the application in a way that guarantees the fulfillment of all formal requirements.
Step by step mortgage procedure
From the bank’s client’s perspective, it is extremely important how long the loan procedure is and what steps separate the borrower from granting and starting financing. Already at the stage of preliminary browsing of real estate offers it is worth assessing your creditworthiness to determine the budget for the investment. It also doesn’t hurt to consult a credit advisor about the documents that you need for your final loan application. Specialists also help in choosing the right offer, which gives you the chance to avoid the time-consuming process of verification in various banks.
The standard mortgage procedure requires a number of formalities. In most cases, they are dealt with in the following steps:
• creditworthiness assessment,
• submitting a loan application,
• verification of the application and decision on granting the loan,
• signing a loan agreement,
• loan disbursement.
All steps in this procedure are intended to prove that the borrower will be able to repay the obligation.
After an initial positive assessment of creditworthiness, based on information about the household budget, such as: income and its sources, monthly fees, maintenance costs, insurance premiums, costs related to servicing other loans, etc., you can proceed to submit a loan application. Typically, the property is already selected and the borrowers are at the stage of concluding a preliminary contract with the owner or developer.
The preliminary contract should provide for time to complete all formalities. It is worth remembering that along with the loan application, a number of attachments should be submitted, such as: certificate of earnings, account statement, entry in the land and mortgage register or information about the contractor and building permit for apartments from the primary market.