If you want to buy real estate, you need to consider time for your real estate project. Certainly, getting a home loan is an important element in the steps of a real estate acquisition.
You have 45 days from the signing of the sales agreement to have a mortgage agreement. Loan agencies receive a lot of applications for real estate loans and loan renegotiations, resulting in longer processes.
On the side of the borrower, steps are possible with several lending agencies or mortgage brokers and this freedom to solicit several actors takes time.
A different deadline depending on the banks to obtain a mortgage
Lending institutions, whether traditional or online, do not have the same processing times, even though online banks are known to be faster in mounting a loan file.
You can also go through a mortgage broker like Ruggiero, we reduce waiting times through agreements we have with some banks . In addition to saving you time, we allow you to find the most interesting property rate and realize significant savings.
We offer you a free set of simulators to develop your real estate project. The law says it takes you a month for the acceptance of the bank to be sent to you
In fact, the delay is a little longer to get a loan offer, this can sometimes be up to more than two months.
The deadline to have an answer to a loan application
As a general rule, you need a month to get a loan offer after mounting the file containing all the requested items. At first, the borrower and the bank will negotiate the mortgage for an agreement to be obtained on the financing of the property. As a result of this agreement in principle, the lending institution will have to send the borrower this mortgage offer.
A loan offer is a document that summarizes all the elements that have been established between the borrower and the lending institution:
- Capital obtained
- Real estate rate
- Duration of the mortgage
- Global Effective Rate
The loan offer is a contract between the borrower and the lending institution. It is sent by the bank to the borrower, once the receipt is made, the loan offer is valid for 30 days.
the deadline for accepting the mortgage offer
Once the loan offer is received, a legal deadline is offered to the borrower:
- A reflection period of 10 days
- From the 11th day, all documents must be signed and returned: acceptance and launching of the loan
Without the borrower’s acceptance, no payment from the lending institution can be made. Once you have signed the loan offer and returned the document to the bank, then you will be waiting 1 or 2 months to be summoned to the notary.
Once this appointment is over, you will be in possession of the keys of your property and you will be officially the owner.
Conditions precedent of a mortgage
Suspensive conditions are an agreement that appears in the promise to sell. This agreement, which is subject to a deadline between the buyer and the seller, protects the borrower by giving him the opportunity to forgo a purchase if he does not obtain the desired credit.
Thus, if the buyer can not obtain his credit, he can refuse his purchase without any fee being asked if the deadline is respected.
Do not forget to compare your borrower insurance, which is now mandatory when you subscribe to a home loan to save money.