What are the steps and the required documents to apply for a mortgage?

You have found a property that meets your needs and desires and you have made an offer or you are in the price negotiation phase and the signing of a sales agreement is on the right track. However, in the rare case of cash payment, you will now have to study financing solutions.

The easiest way to do this is to start by doing it at your usual bank. The one who currently manages your main accounts, on which you receive your income and who takes care of most of your financial needs. This will allow you to have the first elements of comparison before looking at what other credit providers offer. Your bank is the best placed to process your project. She knows you more or less, she sees the state of your bank account, your savings, etc. This will therefore facilitate a first application for a mortgage.

Finally, you should not just file a request with your bank. The conditions of real estate loans vary greatly from one bank to another depending on the time of year, borrower profiles, your needs, etc. It may be worth it (and the cost) to take some of your time to compare bank contracts for your project and find the best financing possible. To edit a credit proposal, your bank or the bank contacted for this purpose will ask you for various supporting documents for a mortgage application . Preparing all this information can save you time in your procedures.

Ability to apply for a home loan online

In recent years, online simulations for a mortgage have multiplied. We have seen that there are among the finance companies online banks for a home loan. This is for example the case with Cetelem or with Boursorama . In addition, most major French banks ( Credit Agricole , BNP Paribas , Société Générale , Crédit Mutuel , la Banque Postale , HSBC , LCL, etc.) also offer to submit an online mortgage application in a few minutes by doing a simulation on their site. Each of these companies will then process your file in its own way. Some will manage everything remotely, others may offer to finalize your financing file with a physical appointment at the bank branch near you.

Receipt of financing offers from banks or credit organizations

In concrete terms, as soon as you have finalized your mortgage application, it will be studied in detail by the bank. She will study your project (type of purchase: new or old purchase, with or without work, etc., purchase price and notary or even real estate agency fees, estimate of the real value of the property you are buying, etc. ) and your personal and financial situation (income, expenses, other loans, account management, etc.). In relation to this, she will decide:

If it issues a proposal in response, it will decide the interest rate, monthly payment and other repayment terms based on what you have requested and its own criteria. It will thus undertake to finance you if you accept it under these conditions. To fully understand the procedure following receipt of this proposal, see our explanations on the mortgage offer . In particular, there is a deadline of a few days to respect before being able to sign a proposal.

How to properly compare these loan offers and choose the best?

The most compared element remains by far the interest rate of mortgages. However, that is not all. It would be a serious mistake to only compare the total amount of interest excluding costs and insurance.

Have you negotiated prepayment indemnities?

In return for a good rate, should you subscribe to other bank products ( home insurance, car insurance, life insurance or other financial or stock market investments , etc.)? Normally the costs of these obligations must be included in the calculation of the APR, but not all banks respect this rule.

Home loan insurance comparison

In France, a bank will not grant you credit for housing if you do not take out mortgage loan insurance to protect you from the risk of non-repayment. Since the Lagarde law, you are no longer obliged to take out your borrower insurance in the bank where you made your credit subscription. You can use the right to insurance delegation and thus choose the best offer. This can also be done online thanks to our home loan insurance comparator . By taking out specific and individualized insurance, you have a good chance of making great savings.

To conclude, to take out a mortgage and put all the chances of obtaining a loan with good conditions, it is better to be well informed, informed and prepare your file correctly. You will find on Immobilier-danger.com everything you need to prepare your project. We address all the points of a credit in detail (contribution, duration, rate negotiation, borrower insurance, guarantee, elements to look carefully at, etc.) and we offer you loan calculators to help you make your calculations and optimize your financing file.