Guidelines for applying for a mortgage

Guidelines for applying for a mortgage

Are you planning to buy a house and need a mortgage? Do you feel lost with all the information online? If this is your case, here is the guide you need to apply for a mortgage and a detailed description of all the suggested steps to take.

Conveyancing lawyers at Lopez Morueco specialize not only in the process of buying or selling real estate, they are also prepared to walk you through all the necessary and intricate steps these kinds of processes entail. Having a trustworthy professional by your side to carry out this kind of operation will ensure it is both successful and secure. Let’s see what you need to do and take into account when going through the process of applying for a mortgage.

Search and comparison

Naturally, this is the first step. Nowadays, there are plenty of options from banks that offer these services. Looking for different options is only the first part of this step. Once you have gathered all the necessary information, you should compare the terms. To do so, you can use an online mortgage comparison website. This will save you time and it will lay all the information in a concise and straightforward way. In the process, pay attention to the interest rate of each option and the necessary combined products to achieve it.

After comparing the options online, you can call each bank and ask for the necessary information and the guidelines on each option. Once you have identified an interesting proposal, you have to start gathering all the paperwork required by the bank. Moreover, you will need to get a formal valuation on the house which you can get from the bank itself.

Analysis and negotiation

After you have delivered all the required paperwork and, if the application was approved, the bank will send you a formal and individual offer. In short, this will detail all the terms and conditions of the mortgage considering our profile.

Having read all the documents included and the terms of the offer, you will have the chance to negotiate for better terms. If the offer is acceptable to you, accepting it entails making a deposit of a portion of the total value of the house, usually of the 30% of the total cost, to pay for the costs of the mortgage. Note that this is different and depends on the specific terms each bank has.

Asking before signing

The whole process of getting a mortgage usually takes one or two months, depending on your personal situation. During that time, you will be reading, hearing and talking a lot about contracts,money, offers and more. The process finishes when you sign the agreement and that cannot happen until you are completely cleared of doubts and questions.

Such a process, which involves lots of money, needs a trustworthy conveyancing professional you can rely on to answer all of your questions and help you choose the most convenient offer for you and your family.

Make sure you feel confident about the institutions you go to, the agreement they offer and the terms before you sign anything. Don’t be afraid to book a meeting to go through all of the paragraphs in the mortgage agreement in order to grasp the full meaning of both your rights and your obligations. Once you have cleared all of your doubts, you will have to sign the deed of mortgage and the deed of the house to officially become a house-owner.

Our conveyancing lawyers at Lopez Morueco are ready to offer a personalized service to help you walk you through the entire conveyancing process and achieve your goals.

Do not hesitate to contact us!