The process of choosing and obtaining a mortgage can seem complex and obscure. In reality, it is enough to know the different steps and their implications to face them with peace of mind and to manage your mortgage application in the most practical and effective way.
The choice of the bank
With the signing of the compromise or the promise of sale, the buyer is in the position of having to procure the sum necessary for the purchase of the property; some of which must necessarily be available by the date set for the deed of purchase ( notarial deed ). In the event of a lack of liquidity, it is essential to take action to identify a bank that meets the needs of the case and that takes into account the specific characteristics of the applicant.
MutuiOnline.it is the ideal medium for this research. In fact, it will allow you to compare home loans from multiple banks and even to apply for a mortgage online, obtaining specialized advice without ever leaving the comfort of your home.
The mortgage application
Once the bank has been identified, all parts of the loan application must be completed as precisely as possible. The mortgage application, prepared in the form of a questionnaire, usually contains standard information. What data require from those who are applying for the loan?
- the personal data of the applicant or applicants for the loan;
- the residence;
- the current home: whether rented, owned or with third parties;
- the composition of the family unit;
- current occupation: whether employee or self-employed;
- length of service or self-employment;
- the working / productive sector;
- if an employee, the indication of the employer;
- the professional qualification;
- the monthly net income;
- the annual net income;
- the description of the real estate unit and its appurtenances (total area, covered and uncovered; road fronts; a number of floors; year of construction);
- the value of the building;
- a declaration that it has no financial commitments or that it has any; in the latter case it is necessary to specify the amount and the identity of the creditors.
The preliminary feasibility opinion
The data and requests contained in the application allow the bank to express an initial feasibility opinion on the loan transaction. The feasibility of the operation, and therefore the granting of the requested sum, generally depends on the contribution of several elements. They are:
- the net income of the applicant and his / her family members (family unit) derived from the tax return;
- the value of the property subject to the loan;
- the technical/legal suitability of the property to be sold;
- the presence of additional guarantees given by third parties (surety, pledge).
By examining the data listed above, the bank is able to express its own “feasibility opinion;” which, if positive, starts the next phase consisting of the request for documentation. One of the main elements used by the bank to determine the amount of the loan is the so-called “installment / income” ratio: the mortgage payment, calculated according to current parameters, should not indicatively exceed 30-35% of the total monthly net income of the applicants.
The documents to be presented
Once the feasibility opinion on the requested loan obtain, necessary to forward all the necessary documentation to the bank to confirm what has already been informally declared in the loan request. The Bank requests, also by e-mail, the following documentation:
- declaration by the employer of the length of service of the employee;
- original of the last salary slip and copy of the CUD form (alternatively copy of form 730 or “Unico”).
Self-employed or self-employed
- copies of the “Unico” model;
- extract from the Chamber of Commerce, Industry, and Crafts (CCIAA.);
- if a professional, certificate of registration in the professional register to which the applicant belongs.
For everyone and in addition to the documents listed above
- birth certificate;
- certificate of marital status or extract from the marriage certificate complete with all the annotations. The marriage extract must contain any property conventions stipulated between the spouses;
- in the case of divorced or legally separated persons, a copy of the court sentence must be presented;
- copy of the “sales promise” or “compromise”;
- floor plan, with an indication of the neighboring properties of both the building and of any appurtenances (cellar, attic, garage);
- copy of the certificate of habitability;
- copy of the last deed of purchase of the property;
- if the property received by succession, the mod. 240 or the mod. 4 of the succession office.
The resolution of the loan
Once the bank has acquired the forwarded documentation and carried out further investigations (such as the acquisition of the “Preliminary notarial report” on the asset offered as a guarantee, as well as the “technical-estimation report” drawn up by a trusted technician), it is able to resolve to finance. Once the resolution has been made, the bank immediately informs the applicant and sets, in agreement with the customer, the date of the signing of the public deed of financing (formal granting of the loan).
The maximum amount that can finance generally 80% of the market value of the real estate subject to the mortgage. Some banks finance up to 100%, albeit at higher rates and with additional guarantees. Even for loans up to the limit of 80%, in addition to the mortgage guarantee, other supplementary guarantees that deem suitable and necessary by the Bank may sometimes request
The loan agreement and the establishment of a mortgage
The loan agreement is the final phase of the procedure started with the signing of the purchase proposal and the compromise. Loan stipulate in front of a notary, present the Bank and the applicant for the loan, and must be drawn up by public deed. The object of the deed is the transfer of a sum of money from the bank to the customer, with the latter assuming the obligation to return the same money to the bank.
Establishment of the mortgage
Normally, together with the loan deed, a mortgage establish in favor of the bank on the real estate unit subject to the loan. The mortgage constitutes the guarantee that protects the bank and establish with the registration in the public real estate registers. The mortgage is public and therefore opposable to third parties. Banks require the registration of the first-degree mortgage for a value greater than the loan disbursed (from 150% to 300%). The mortgage therefore not only covers the disbursed capital but also:
- interests to the extent agreed;
- any default interest in the event of delays or non-payment of the installments;
- insurance premiums;
- tax burdens, taxes, expenses, notary, professional fees, etc;
- the judicial costs that the bank should incur for the recovery of the amount due.
The mortgage automatically extinguish after 20 years (in the case of a loan lasting more than 20 years, it must renew). At the end of the loan agreement, and the bank automatically cancels the mortgage, because at no additional cost for the customer, based on Law 40/2007 (Bersani Law).
The disbursement of the borrowed sum
In order to streamline the procedures and contractual charges as much as possible (receipt, annotation document, etc.), the “single contract” instrument use
It configure as a loan agreement where the disbursement of the entire loaned sum formally takes place simultaneously with the signing of the deed; the same sum simultaneously “endorse” by the customer to the bank as a deposit to guarantee the mortgage registration.
In the ten days following the registration, the time established by law for the abbreviated consolidation of the mortgage, the sum release in favor of the borrower.
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