Are you thinking about buying a new home? Well, we have good news for you. You no longer need to go to the office to see if your accounts add up. Applying for a mortgage online may seem like part of the new normal, but at UCI we are already experts in this process . With a few clicks and in less than 48 hours, you will receive a quick and easy response. Isn't that great?
The process for applying for a mortgage loan online is not that different from the one we would follow at a conventional bank. However, what does change with mortgages.com are the waiting times and convenience . In other words, when you apply for a mortgage online with us you will receive a response much faster than with any other entity, without having to waste time travelling and with a degree of personal attention even greater than in the office.
In addition, we accompany you even after signing, looking after your project and your comfort throughout the entire process, because our success is that you get the house you are looking for in the best conditions for you.
Steps to apply for a mortgage online
The entire process can be summarized in 5 steps and begins even before you visit any mortgage website. We know that taking out a mortgage online can be complicated, which is why at mortgages.com we make our physical offices available to customers, so they can choose at any time what type of support they prefer. In addition, always thinking about the proximity and comfort of the customer, we assign them a mortgage expert who will be the one to accompany them throughout the process, something difficult to find in other entities.
1. Get your numbers straight: Do you qualify for a mortgage?
Where do we start when looking for a mortgage? With the basics: our accounts. Buying a house is a decision that will affect our finances for many years, and that is why it is essential to do the math from the very first minute.
When applying for a mortgage, the bank or entity will first assess our financial situation and ability to pay . Offering you the best option is part of our philosophy. We want you to make a responsible purchase, without giving up on your dreams, but with your feet on the ground.
The Bank of Spain recommends not allocating more than 35% of income to pay off debt and although each entity handles its own percentage, it is important that we do not lose sight of the fact that the greater part of your salary you have to allocate to paying the mortgage, the less chances we will have of being granted it. In this sense, if the monthly payment of our mortgage is more than 50% of our salary, it is advisable that we look for a cheaper home or save up to put more money down. This is precisely another of the key points when applying for a mortgage online. Most financial institutions usually finance up to 80% of the home. At mortgages.com we look at your case , seeking the greatest flexibility based on your personal situation . As specialists in home financing, we have other smart financing models, such as the Comprayreforma Mortgage which, by including the renovation within the loan, allows us to finance a higher percentage. Isn't that great?
In any case, these basic calculations will help us to know what house we can buy and what mortgage we can get, regardless of whether you decide to apply for your mortgage online or go to a physical office.
Now it's time to contact the financial institutions . Are you already thinking about putting on your sneakers? No need! As we said, at hipotecas.com you can do everything online and you will receive a 100% personalized response. The first thing is to fill out a small form with some basic information: price of the house, the province it is in and basic contact information. Once this is done, in less than 48 hours one of our mortgage experts will call you to guide you through the rest of the process and help you find the best mortgage.
2. Provide the documentation to request the mortgage
The first questions are used to find out what type of financing and home you prefer. Our mortgage expert will talk to you to see, for example, if you are looking for a home that is out of your reach. Isn't that what you would want from any trustworthy person?
The expert will then do the math with you and present you with a real simulation of each of the types of mortgages that may fit what you need or are looking for. Afterwards, we will ask you for more financial information to find out a little more about you and your financial situation.
What documentation will we need to apply for a mortgage loan online? Each entity may ask for different documentation, but at mortgages.com the basic documentation will suffice as a starting point:
- DNI or NIE
- Updated work life
- Latest income tax return.
- Last 3 payslips
If anything else is needed, your mortgage expert will call you to ask for it and tell you, if necessary, where to look for that information. With this information, our risk team will analyze your financing request and, if they approve it, we will move on to the appraisal of the property. Easy, right?
3. The final proposal arrives: review the FEIN and FIAE forms
The appraisal is the prelude to the mortgage contract in the entire process of applying for a mortgage online. It serves to ensure that the entity is clear about the real value of the house and whether this is in line with the purchase price. Once it has this information, it will present its financing proposal. If you already have an appraisal carried out by an approved appraiser and it is current, bring it to us and it will not be necessary to carry out a new appraisal.
The formal proposal made by the financial institution is translated into two documents, which were previously known as binding offer:
- The FEIN or European Standardised Information Sheet, which summarises the conditions of the mortgage and is binding for at least 10 days. In other words, the entity must respect the terms of this document during those 10 days.
- The F IAE or Standardized Warning Sheet informs us of the key clauses of the contract. So that you have all the detailed information about the mortgage you are going to take out.
Both documents must be clear so that we can understand them and, if not, we should not hesitate to ask our mortgage expert. He will clarify any doubts before the next step: the notary.
4. First visit to the notary and time for reflection
Is it mandatory for us to visit a notary? Yes, we are required to receive notarial advice.
The meeting with the notary serves as a third party to ensure that we have understood all the terms of the mortgage and that the financial institution has adequately informed us and provided us with all the prior documentation. This visit is mandatory and free of charge.
With all the information, we must wait at least 10 days before returning to the notary to sign the mortgage. This is a mandatory reflection period to avoid signing in haste to get the house as soon as possible. How do you see it? You're almost done!
5. Signing the mortgage
Finally, the mortgage application will end at the time of signing. After the mandatory reflection days, we will have to return to the notary to sign the mortgage.
Applying for a mortgage online will make the entire process more streamlined. In addition, at mortgages.com, we will accompany you throughout the entire process, in the physical and digital procedures, and even after signing. What are you waiting for to move to the new normal and apply for your mortgage online?
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