Although it is not that easy to get a loan for an apartment, everything can facilitate proper preparation for this process. That is why we present the general rules for granting mortgage loans and advise on how to find a favorable offer.
A housing loan step by step
Whether or not a housing loan is granted depends primarily on your creditworthiness . It is influenced by various factors, such as the amount of income, own contribution or other financial liabilities. With the help of creditworthiness calculators, you can pre-determine how much money you will be allocated. This, of course, is only a simulation, but it will allow you to prepare for step two, i.e. search for favorable offers.
Again, online tools come in handy, this time for mortgage comparison websites. They gather information about various products in one place, you can easily analyze them and check the detailed conditions.
Once you know which bank to go to, you need to complete the necessary documents , which we will write about in a moment. There are a lot of formalities connected with it, which extends the whole process. But if you get a positive decision, then you go to step four, which is signing a loan agreement. Now (almost) nothing will stop you from buying your dream four corners.
What documents for a mortgage?
But before this happens, it is necessary to prepare all documents for the mortgage. It is worth creating a so-called check the list in which you will tick off more points. What is needed?
The basis is of course the conclusion . However, to verify your identity you will need a photocopy of your ID card and other identity card .
Then you need to document your financial situation . You will need a certificate of earnings and type of employment relationship and period of employment. Banks require the presentation of a personal account statement for the last several months, as well as PIT-37 declarations. It may also be necessary to prepare documents related to servicing other debts.
The last group of documents concerns the property itself that you want to buy. And here the list is very long, in addition depends on the particular bank, so you should check it in the loan regulations. You will definitely need a preliminary contract and a document that will confirm your own contribution.
How much do you have to earn to get a loan for an apartment?
Many potential borrowers are asking themselves how much money you have to earn to get a mortgage. Unfortunately, this cannot be answered unambiguously, because too many factors have an impact.
It is easier to get information about when you have no chance of a mortgage . This usually happens when you earn a minimum wage. Considering other obligations, the loan installment would be too much of a burden for the daily budget, which increases the risk of insolvency for the bank. And that’s exactly where the specifics end, because each borrower is assessed individually . Therefore, if you are afraid that your creditworthiness is too low, never give up – in one bank they may refuse to grant you funds, but in the next they will take slightly different criteria into account, which will increase your chances.