easy2loan.com has designed the 5 step mortgage application procedure. This facility enables to have a mortgage approved on the basis of the financial status of the applicant before having chosen the property which he wishes to purchase. We obtain a binding approval from a lending entity which shall be subject to the valuation on the property you choose. This service is free from cost until a professional valuation is carried out.
Follow the procedure to find out how it works.
Step 1:Fill in the mortgage application form. A staff member will provide the necessary explanations and inform you of the required documentation of proof of income. This initial contact can be done by email, fax or telephone.
Step 2:Send copies of the relevant documentation. In order to have an application formally approved, lending entities require copies of documentation prooving your income. This documentation is to all intents and purposes regarded as confidential information by both the mortgage-centre, subject to the Spanish Law School regulations, and the lending entity. It could be possible to find out what is the maximum capital you will be able to borrow without the use of documentation. However, that constitutes a mere consultation and will not be a binding approval of the application. The documentation can be forwarded to us by post, fax or e-mail. Let us know the preferred.
Step 3:Approval of the mortgage. The lending entity, on the basis of the financial information derived from the documentation, formally approves the mortgage with a binding effect. We then forward you a copy of the approval letter containing the following figures: Maximum capital approved / Applicable interest rate / mortgage opening commission / redemption penalty / TAE (APR).
Step 4:Choice of property. On the basis of the approved mortgage, choosing a property becomes an easier and quicker task, since the available funding enables you to plan ahead your purchase to suit the finances. Once the property has been chosen, the bank will carry out a professional valuation which will determine how much can be lent on the strength of the value of that particular property.
Step 5:Exchange of private purchase contracts and completion. Your lawyer will liase with the bank and the vendor´s representative and will fix an appointment at the Notary´s office in order to sign the purchase-sale deed and the mortgage deed. Prior to the signing of the relevant deeds, your lawyer will have a full search report done on the legal status of the property, veryfing there are no adverse circumstances which reduce the value of the property.
Costs
The first cost arises once you have chosen a property and decide to have a professional valuation done on it. Prior to this stage, you will only have to bear the cost of postage of documentation, if any. Once a property has been chosen, the bank will have to be put in funds in order to complete stage 4.
Prior to stage 5, a solicitor should be engaged in order to ensure the soundness of the transaction. A marbella-lawyers.com panel solicitor can be used for this purpose, and will be happy to brief you over the telephone, if requested, on the main issues arising from the transaction as a whole.
