When choosing a mortgage, you should carefully prepare for the process of applying for this form of housing financing. A few simple procedures will significantly increase the chances of obtaining it , an analyst and an expert in the information campaign “Reside without mother-in-law”, suggests how to prepare for taking a mortgage. – For many young families, a mortgage is the only option to realize the dream of having your own apartment or house. That is why when you decide on it you should be thoroughly prepared.
– The first step should be to calculate your creditworthiness. This will allow us to estimate the maximum amount of mortgage we can apply for. The calculation of creditworthiness is also a valuable tip when choosing an apartment. Thanks to this, we know to what maximum value we can look for premises – emphasizes .
Creditworthiness is nothing more than a periodic payment option, usually defined as the monthly ability to pay the loan installment after deducting all fixed and foreseeable monthly costs. As costs, banks understand both the costs of maintaining the potential borrower and his family members, i.e. rent, bills, the cost of maintaining the car, maintenance, etc., as well as any monthly financial obligations that already charge the budget – in particular installments of other loans. The income of the only earning person on the household is not always enough to buy, with the help of a loan, a large apartment, a house or carry out major modernization. And this means that we will either have to agree to some restrictions on the loan granted (e.g. a limited amount of credit in relation to the value of the property), or on slightly worse financial conditions on which the loan will be granted (e.g. higher margin or additional insurance) .
Check what is going on in BIK
You should be aware that almost every financial commitment we incur is recorded in the Credit Information Bureau. This means that not only the very fact of its existence, but also whether, e.g. we have made timely repayment of installments will have an impact on our creditworthiness or conditions (the amount of margin and commission) proposed by a bank or broker. Banks sometimes send an application for inclusion in the register of unreliable customers even for several zlotys in arrears or for one late installment. Therefore, if you often use or use loans, credit cards or overdrafts, it’s a good idea to get a BIK report about yourself.
Remember about your own contribution
– 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 – Krajkowski suggests.
A simple and effective way to get this money is therefore to set aside a fixed, monthly amount some time before the planned purchase of the property. It is also good to invest your free funds. This does not require any specialized knowledge. Even small, systematically deposited amounts are able to significantly affect our finances – e.g. by postponing PLN 100 per month for a period of 10 years (the assumed rate of return on investment is 10% per annum), after the whole period we collect over 28.5 thousand PLN (with a total payment of PLN 14.5 thousand).
Sign the preliminary contract
Very often, customers interested in buying an apartment, house or plot on the secondary market do not realize what should be included 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 mortgage must present a number of documents related to the real estate being credited as well as their own personal and financial situation. We should receive a list of required letters already during the first visit to a financial advisor or a bank. In addition to identity documents, we must provide a certificate of employment from the employer, as well as prepare our annual tax return submitted to the Tax Office or PIT 11 received from the employer. Of course, in the case of income obtained otherwise than through the employment contract, the list of required documents will differ. The second group consists of documents related to real estate, 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. If the subject of the transaction is the purchase of a plot, construction or the transaction is mixed, then the list of documents will be significantly longer.
– A housing loan will not be obtained overnight. The entire process of applying for it can take up to several months, but the proper credit procedure begins only after the potential borrower has provided all the required documents. Therefore, when applying for a mortgage, you should carefully take care of every detail of the process. Sometimes a small mistake or oversight level the chances of getting it. Only after positive verification, which can last even several days, the application is forwarded for further analysis, which is carried out in Credit Analysis Centers. If a document is found to be missing, the application is suspended until it is provided. After completing all formalities, a credit decision is made. After signing the contract and providing the next necessary documents to launch the loan, including the notarial deed of the purchased property, the bank launches the loan within 3 to 7 business days.