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Guide to accessing mortgage credit
What you need to know when taking out a mortgage loan
A loan is a big decision, and it comes with a number of questions and rigid terms that sometimes raise even more questions.
Below is an organised and clear list of essential terms that may arise in the lending process.
1
Start responsibly.
Evaluate your income and expenses.
As much as you want a home loan, you need to be honest about your income level and especially your spending. This is the only way you will not feel that credit is a burden to bear.
We are with you, we can help you with ideas on how you can reduce expenses and how you can save time for unforeseen events.
2
Calculate the rates.
Online.
A loan never comes alone, but accompanied by its monthly installment. To get an idea of its value, you have an online calculator at your disposal.
Monthly instalment
It's good to know it as early as possible, of course. To do this, use the rate calculator and get an idea of its value.
Calculate the instalment now
It is good to know that we can offer you up to a maximum of 85% of the investment value, depending on the destination of the purchase, the currency of the loan and the currency in which you receive the income. Also, the amount of the loan is influenced by your income and monthly expenses (here we refer to existing installments, maintenance payments and others of this kind).
Wondering what are the accepted income to take a loan? We have prepared for you on the Ask BT list of income.
3
He goes in search of her.
Friends. Online. Real estate agency.
And remember, you have at least 3 options that it's good to consider in order to get to your house as soon as possible.
4
Find out how much money you can take.
And go on.
On your journey home, we welcome you to stop by the bank. We'll talk about your needs and work out together how we can support you.
Specifically, find out the amount of money we offer you and all the credit details: interest, period, APR (Annual Effective Interest), but also any other useful information about the loan.
At this point you just need to tell us what are your income and payment obligations and those who will participate in the loan with you. We tell you on the spot the amount you can take and then you have 45 days to quietly search for your desired home. In case you're wondering why only 45 days – this is the shelf life of the prescoring.
Equally important, you can choose to come to BT with your salary to get an even better interest rate.
5
A first date.
As it should be.
To make sure you don't forget anything on the spot, it's a good idea to carry a list of the most important things to bear in mind when you go to see... maybe even your future home.
This is the moment when your journey could become really intense. If you have not already found the right home, the steps will take you from one house to another, from one possibility to another, from one idea to another. But that's not a problem.
All we can tell you is to take your time. When you find the right home, you'll feel like you've found it.
And last but not least, be organized – make a list of the most important aspects to take into account when choosing your future home. It will be much easier for you like that. Look, we'll give you some examples:
- Area
- Parking spaces
- Condition of the apartment
- Central heating
- Year of construction
- Arrears on payments
- Finishing stage
- Surface
- Number of rooms
- Orientation
- Floor
- Elevator
- Means of transport in the vicinity
- Price
- Comprising
- Energy class
6
You're a few acts away.
From home.
Cf extract, survey or pre-contract are those acts that you have heard little or no of? But with a little help and a lot of attention, we are sure that you will manage.
7
Your credit is analyzed
... and approved.
Now all you have to do is wait. In the meantime, your request will be examined and you will receive a reply within 2 weeks.
We know, it's like waiting for a train or a bus to be able to travel further.
If it makes your wait any easier, here's what happens in this phase of analysis:
- We analyse the main financial indicators - the maximum debt ratio, the level of the required down payment. If we need to clarify your income, we may ask you for some specific data (e.g. differences in income from the previous year).
- We obtain the legal opinion valuation report - our lawyers review the property documents and receive the legal opinion on the property. After obtaining the legal opinion, the property is valued. This process takes several days.
- Final approval - we check again the results of the previous steps to make sure everything is in order and we actually approve the loan.
8
Ready! It's time to take your role seriously.
In your new home.
Yes, it's the day of signing the contracts and the day you can say you've finally arrived home.
First of all, we were waiting for you to sign the credit agreement, then go to the notary to sign the sale-purchase and mortgage agreements.
The notary will be in charge of drawing up the sale-purchase contract and the mortgage contract, while requesting a new authentication cf.
It is important to know that for the successful completion of the transaction, you still need:
- certificate from the owners' association showing the up-to-date payment of maintenance (in case there are problems here, the administrator of the block can help you);
- certificate from the utility providers (gas, electricity, etc.) showing that there are no delays in paying the bills;
- tax attestation certificate issued by the Tax service of the City Hall in your locality. It shall certify the up-to-date payment of local taxes and fees or other outstanding debts. We recommend that you apply for the certificate at least 3 days in advance.
The signing of the sale-purchase contract is made in the presence of the parties involved (you and the seller), and the mortgage contract is signed between you and the bank.
Are you ready to make your home the most beautiful place on Earth?
9
With insurance,
we owe each other. :)
Most of all, it's for your own benefit - it helps you to easily get through any unpleasant events that may occur with your home.
There are only a few more details that you need to know – in order to receive the loan, the building must be insured (both PAD – compulsory insurance in the amount of 10 euros, and optional insurance).
You can choose any insurance company that complies with the conditions imposed by the bank, and for optional insurance we wholeheartedly recommend our partner, Groupama Asigurări.
To make it as easy as possible for you, you can take out both insurances with us. You can pay cash or choose to have the money automatically deducted from your ratepayer account.
It's good to know that:
- the PAD policy covers risks caused by natural phenomena such as earthquakes, landslides and floods
- In the case of the optional policy, we cover the material damages arising from events that generate damage to your home, such as: fire, lightning, explosion, damage caused by the fall of bodies outside the building, sonic boom, hitting, striking buildings insured by road vehicles, natural phenomena such as storm, hail, torrential rain, weight of the snow layer, avalanches, rock collapses or rockfalls
- the insured amount is even the assessed value of the insured real estate
- the insured amount, the insurance premium and the indemnity are established in the currency of the loan granted
- Optional insurance can be paid monthly, quarterly, half-yearly or annually.
And more details can always be found here.
10
Congratulations! You've reached the end.
The seller gets the money and you can already think about the housewarming party.
All trips end with one last step. And this is the proof of the registration of the mortgage in our favor as well as the rest of the charges. It is made on the basis of a new cf extract and the conclusion of the weathing. This process takes about 2 days.
Based on the new CF, your relationship manager at BT will make the actual payment to the seller and give you the repayment schedule.
Even if it looks like you've finished your trip, there would still be a few steps to take to the tax service to keep track of your home. Also, don't forget to pass the utilities on your name. For all this, you will need the sale-purchase contract, your ID and a standard application.
We wish you a beautiful life in your new home and know that we are still close to you. We also offer support if you need financing for home improvements, we are here for you.
