- The signing of the sales agreement marks the beginning of the deadline for obtaining the mortgage
- Meet your bank upstream to shorten the time to get the mortgage
- The time to obtain a mortgage: think about the release of funds
You have the project to acquire real estate, and you need a loan from your bank for financing. Know that as an acquirer, the entire purchase process is marked by delays that must be known to not be taken aback.
The signing of the sales agreement marks the beginning of the deadline for obtaining the mortgage
You have got your hands on the apartment of your dreams and you will sign the sales agreement that seals your agreements with the seller. This step is the beginning of the transaction and forces you to certain delays. First of all, know that you have a 10-day withdrawal period that allows you to cancel the sale agreement without being obliged to justify this cancellation for any reason.
But the deadlines to which you are subjected (e) for obtaining your mortgage are of:
- 10 days to apply for financing from a bank.
- 45 days to obtain a written agreement from the institution where you applied for a home loan. Once obtained, you must send this agreement to the notary responsible for the sale.
Be sure to file a complete file with your bank so as not to make the process longer, as an incomplete file will delay the study of your loan application. Also, be cautious about the timing: your file will pass into the hands of several services, and if you are on vacation and you do not file your file quickly, you will surely notice that the processing time is extension.
Meet your bank upstream to shorten the time to get the mortgage
Although this advice seems self-evident, know that go around the banks, or meeting a broker before you even sign the sales agreement can save you valuable time. Indeed, we have seen that from the signing of the sales agreement, you have a deadline of 10 days to apply for funding, and to 45 days to obtain a written agreement. However, these delays may be insufficient if you have not prepared (e) upstream.
So try to make a few appointments with one or more banks to get some simulations of financial montages, allowing you to see more clearly when signing the sales agreement. Thus, once the sales agreement signed, you will have obtained an agreement in principle from the bank that will only have to put into practice the financial simulations it has done.
The time to obtain a mortgage: think about the release of funds
Once the agreement of the bank obtained and the period of 45 days passed, the sale is not completed so far. Indeed, the release of the funds takes place just before the signing of the definitive deed of sale at the notary, and if you are in charge period of holidays for example, it can happen that the release of the funds is done tardily. So think about contact your bank the day before the signature, to ensure that the release of funds is scheduled in time.