Do you know how to get a mortgage? Acquiring a mortgage loan involves a lot of paperwork and procedures, which are more difficult to perform if you do not have the proper guidance. That is why at Trion Finance we offer you follow-up from the first day of the process until the moment you receive your keys.
However, you need to know the steps to follow in obtaining a mortgage, the first step being to get the ideal financial advice, and this you can achieve with us.
How to Get a Mortgage: Steps in the Process
Phase 1: Commercial Process
- The process begins with the search for all the information about the mortgage loan you want to apply for, once the options are evaluated, the choice is made.
- Then the application for credit evaluation is submitted to the bank.
- Before starting with this phase you should look for and know information about the different types of loans, characteristics, requirements and the payments that all this implies.
- When the financial advisor presents you with all the loans he or she has evaluated for you, they will have to make a comparison between each of them.
- The Trion Finance mortgage SIMULATOR will help you select the financing that best suits your needs. Once you have selected the best product, you must enter the credit application for evaluation in the bank.
- This involves the presentation of documentation and background information to support the financial situation.
- The evaluation of the credit is carried out by the corresponding entity, who will analyze them to present the results of such data.
- There are two options, rejected or approved, in the case of being approved the financial advisor will tell you under what terms it was approved and what is required to continue with the process.
- All these procedures that make up the commercial process has a duration of 5 to 15 working days.
Phase 2: Formalization process
It should be noted that this phase is the longest of the three, since it includes all the procedures related to the preparation and signing of the contract or deed of ownership of the mortgage loan.
- This phase begins with the formal closing of business, where you indicate to the advisor that you accept the conditions and proceed to the delivery of legal documentation for the preparation of the title deed and the payment of expenses related to the operation.
- You should immediately know and understand every detail of the title, the appraisal and evaluate the insurance and related products.
- After checking the title deed, the credit deed (project) must be drawn up with the agreed conditions (fein) and then go to the notary's office where the deed will be drawn up, verifying that all the parties involved in the credit understand the commitments and obligations they have acquired and then proceed to the final signing of the deed.
- For this act, the owner, the attorney-in-fact if applicable, and the sellers of the property must be present.
- All these procedures that make up the formalization process lasts from 15 to 30 working days.
Phase 3: Registration Process
It is called this way because it is the process of registration of the credit in the Land Registry, then make the final review and make the closing of the transaction. The original document of the deed remains in the financial entity and the applicant will obtain a copy, once all the formalities have been completed, the first copy of the deeds of sale and purchase and a simple copy of the deed of the loan will be given to the applicant.
How to Get a Mortgage: Formalities for Obtaining a Mortgage
- Seek financial counseling with a mortgage lending specialist.
- Evaluation of the best products through Trion Finance's mortgage SIMULATOR.
- The loan application is submitted to the lender along with all the documents required to process the loan.
- Evaluate very well the appraised value of the property and the registry situation.
- You must provide all required documentation to check against the survey data.
- You receive the result of the appraisal value and the verification if you have other charges to cancel the house.
- The bank must present the FEIN document, where it indicates all the economic conditions and clauses of the deed to be presented to the Notary.
- The mortgage advisor will tell you the date set for the signing of the deeds before the Notary.
- Before signing the contract the advisor will clarify all the points about the contract such as the form and monthly payments, costs and the documents you will need for the day of signing.
- This act must be attended by all parties involved such as sellers, buyers, guarantors and representatives of the entity, both proxy and agency.
- The agency must collect the deeds before the Notary, settling the taxes and then present the document to the Land Registry for registration.
There are many formalities and steps to follow in obtaining a mortgage, it is a long process, that if you do not have the knowledge of everything involved, you can make mistakes that can cost more money or even lost time. So it is best that you leave this whole process only in the hands of experts, such as our financial advisors who will accompany you throughout this process.