The first step should be calculating creditworthiness – emphasizes an analyst at Good Finance. It will allow us to estimate the maximum amount of mortgage we can apply for.
Creditworthiness is usually defined as the possibility of paying off the loan installments monthly after deducting all fixed and foreseeable costs. As expenses, banks understand rent, bills, car maintenance costs, maintenance, etc., as well as any monthly financial obligations that are already charged to the budget – in particular installments of other loans.
How can we afford it?
Almost every financial commitment we make is recorded in the Credit Information Bureau. This means that not only the very fact of its existence but also whether, for example, we have made timely repayment of installments will affect our creditworthiness or conditions (margin and commission), which will be offered to us by a bank or broker.
Banks sometimes send an application for inclusion in the register of unreliable customers even for several dollars in arrears or for one late installment. It is a good idea, therefore, if we often use or use loans, credit cards or debits, obtaining a BIK report on us.
Only a few banks decide to grant a 100% loan. property values. In most cases, to be able to finance the purchase of an apartment, we should have at least 20 percent. own contribution suggests.
Don’t lose your money
Very often, customers interested in buying an apartment, house or plot on the secondary market are not aware of what should be in the preliminary contract concluded with the seller while applying for a loan.
In addition to the amount for which the property is bought and the amount of the down payment, it is also very important to set the appropriate date within which the buyer must sign the appropriate purchase and sale agreement with the seller.
The bank does not always make it on time to draw up the loan agreement within the prescribed period and then the seller may withdraw from the preliminary agreement without paying the deposit. A person applying for a loan must also present many documents related to the property, as well as to their own personal and financial situation.
We should receive the list of required letters already during the first visit to the bank. In addition to identity documents, we must provide a certificate of employment and prepare annual declarations submitted to the tax office or PIT-11 from the employer.
The second group consists of documents related to real estates, such as the land and mortgage register, a certificate from a cooperative when buying an apartment from the secondary market, and a notary deed of the current owner.