A dream that comes true, a home of your own. Requesting funding is the right solution to start this project. Let's find out together, in this 3-point guide, how to apply for a mortgage.
1. The request
In order to proceed with the loan application, it is generally expected that the following information will be provided:
- Personal data;
- Marital status, family members (etc ...);
- Address of residence;
- Type of profession;
- Type of contract / employment relationship;
- Net monthly and annual income;
- Financial position (for example, other loans / loans in progress);
- Real estate data.
2. The necessary documents
Furthermore, we see, by way of example, the main documentation that can generally be requested by the Bank.
- To employees. In order to apply for a mortgage, it is essential to show: the last two pay slips, the CUD model, the Unico natural person, a service certificate issued by the employer.
- To self-employed workers. We require a copy of the Single Model, extract from the Chamber of Commerce, Industry and Crafts and, in the case of a professional, also the registration in the Register of belonging.
- In general. It is necessary to present: documents of recognition, certificate of residence, family status, marital status and possible patrimonial conventions in case of marriage, copy of the compromise, plan, cadastral survey, copy of the deed of provenance.
3. Evaluation and conclusion of the operation
The information collected is evaluated by the Bank to establish the feasibility of granting the loan. The determining factors for requesting a loan remain however:
- The net income of the requesting party;
- The value of the property subject to the loan that is required;
- Any third party warranty.
These indications determine not only the feasibility of the transaction, but also the amount of the loan that can actually be granted compared, for example, to its disposable income and the level of general indebtedness of the client.
In particular, the bank assesses the customer's creditworthiness by verifying its current and future capacity to cope over time with the obligations deriving from the loan agreement signed. In order to make this assessment, the bank takes into account, inter alia, the customer's income capacity, any previous non-regular obligations, conditions that could affect the effective ability to repay the debt (for example, risk of over- debt). In this sense, the bank is required to take into account any additional payment commitments made by the client (and ongoing at the time of the request) and of those situations that could potentially affect the regular payment of mortgage installments in the future (for example, reduction of income received after retirement).
Once all the preliminary checks have been carried out and the documentation checked, the Bank approves the loan giving official notification to the applicant who is informed about the date of signing the formal deed.
We have reached the final stage of the mortgage application. The deed is signed in the presence of a notary, an occasion in which the mortgage is also signed to guarantee the financed capital. In general, at the same time, the requested amount is paid.