Buying a house: mortgage first or property first?

When the time comes to buy a house, the habit is to start searching among the thousands of real estate ads on the web, selecting those that best meet your needs.

The next phase, once the list of eligible candidates has been reduced, involves contact with the real estate agencies involved and the organization of inspections.

Once you have identified the house or apartment that might be right for you, before signing a purchase proposal, you need to ask yourself some questions:

If I don't have the necessary sum, am I sure that the bank is available to finance me?
Is the type of property I am interested in as a future buyer within my reach?
Can I check what the maximum level of debt is compared to my net monthly income?
A common mistake is to think that completing the sale is simple, and that it is enough to contact the bank to obtain a mortgage. In every sale, however, difficulties and unforeseen events can arise: a small discrepancy in the property or one too many installments in your monthly budget can block access to credit. Even just postponing the date of the notarial deed could cause inconvenience and economic implications.

Check your credit profile to get into your new home without a hitch
When you identify the right property, the frantic request for online quotes begins and - at the same time - the request to the reference bank to understand how much the mortgage installment you will need will amount to.

Without taking anything for granted and to get a clear idea of ​​the debt potential, turning to a credit consultant specializing in mortgages should be your first step towards home. Ascertaining your financeability in advance will avoid wasting time, signing purchase proposals subject to the granting of the mortgage, and losing the right opportunity just because another buyer was quicker in obtaining the necessary financial coverage.

Credit consultancy responds to various practical needs:

reach the highest number of people in a historical period where bank branches close;
guarantee the widest possible choice of banking agreements and types of mortgages and financing;
prepare the procedure taking into account the critical issues present so that everything runs smoothly until the mortgage is approved and the subsequent disbursement.

Ask the right questions to your credit advisor
Obtaining a mortgage involves a series of costs that must be faced to make ends meet. You should ask the qualified professional who offers you the credit consultancy service:

What is the cost of investigation and appraisal costs?
How much will taxes affect?
Will it be necessary to take out an insurance policy that protects the bank in the event of the borrower's death or a fire in the property? How much will it cost?
The credit consultant is an excellent ally because he knows the banks' credit policies in detail, the most advantageous products, and the timescales required depending on the bank involved. Also keep in mind that this professional has every interest in getting you the mortgage. Unlike the bank employee, he will only be paid when the result arrives.

In concrete terms, relying on the professionalism of the credit consultant means having the certainty of finding the right mortgage for your needs, seizing the best opportunities offered by the market and benefiting from every possible concession.


Source fimaa.it