Buying a home is a significant decision, and many people don’t know where to start. If this is your situation, don’t worry: getting a mortgage can be a swift and secure process if you follow the correct steps.
At Eix Financer, we “ll guide you every step of the way. Here, we” ll explain, step by step, what you need to do.
1. Analyze your Financial Situation
Before speaking with any bank, it’s important to know:
- What is your income?
- Do you have savings to cover the down payment and expenses?
- What monthly payment can you afford?
This self-analysis will help you determine what home price you can afford and what strategy to follow.
2. Contact a Mortgage Advisor
A good advisor helps you to:
- Understand the real market conditions
- Simulate scenarios (fixed, variable, mixed)
- Present your case to banks optimally
- Negotiate better terms
Furthermore, the advice may be free for you, as the collaborating entity covers the cost.
3. Gather all Documentation
Banks will ask for:
- DNI or NIE (Spanish ID or Foreigner Identification Number)
- Pay stubs or income statement
- Work history report
- Bank statements
- Income tax return
- Information about other debts
Having everything ready from the start speeds up the process.
4. Mortgage Comparison and Application
With the advisor’s support, you can compare real offers from various entities. It’s important not to focus solely on the interest rate, but also on:
- Opening or cancellation fees
- Linked products (insurance, cards…)
- Total associated expenses
Once the best option is chosen, the formal application is submitted.
5. Property Appraisal
The bank will send an appraiser to determine the real value of the apartment or house. This figure is crucial because the financing percentage is calculated based on the lower value between the appraisal and the purchase price.
6. Approval and Delivery of the FEIN
If everything is correct, the bank will approve the operation and provide you with the FEIN (European Standardized Information Sheet), which includes all final conditions. You will also receive the FiAE (Standardized Warnings Sheet).
You will have at least 10 calendar days to review it before signing.
7. Signing before a Notary
Finally, the mortgage and purchase agreement are signed before a notary. At that moment:
- The bank disburses the funds
- You acquire ownership
- The mortgage loan becomes effective
Conclusion
The process of getting a mortgage doesn’t have to be stressful if you know what to do at each step. With good preparation and the right support, you can make informed decisions and protect your finances.
At Eix Financer, we handle everything: analysis, comparison, negotiation, and support until the signing.