The Mortgage is a contract of long-term financing for the purchase, renovation, construction of a building for residential or commercial use. The main factors involved in the ‘investigation of a contract of loan are five:
The buyers must have provable income tax purposes and should not be reported in the databases as a bad payer. In addition, in the case of home purchase loan with participating in the operation of at least 20% of its own financial resources.
The seller of the property can be an individual but also a construction company that carried out the construction of the asset. On this figure should not be going on that would make it difficult procedures failures a positive resolution of the bank loan.
The notary who will take care of all the checks for the correct hypo land transferability of good and certifies by means of a public deed the successful sale of the property.
The appraiser hired by the bank that also certifies the correctness of the property for town planning and building permits as well as the regularity of structural changes made over time by the various owners and determines the final value of the property offered as collateral.
The bank after verifying the income of applicants, the regularity of the survey, the preliminary report drawn up by the notary notarized, the solidity of the seller, approves the loan and the operation is executed in the presence of all parties except the expert.
Often the mobilization of funds from the bank is the consolidation of the mortgage after eleven days from the mortgage on the property by the notary.
But how long does it take to perfect the stipulation? We see the average time to calendar:
Investigation and resolution of the bank’s mortgage 30 days.
Expertise in inspection, processing and data delivery to the bank 9 days.
Preliminary Report of the notary deed 12 days.
Consolidation mortgage 11 days.
Since the request of the Mortgage, if there are no unforeseen difficulties or particular, the operation is perfection after about two and a half months. This timing can easily expand unpredictably due to unknown factors. It is therefore essential to protect itself between the buyer and the seller avoiding joints or too tight timelines that could cause serious difficulties for one or other party.
Fast mortgage offers the possibility to check in advance, as well as the best conditions of the loan, even and especially what is the timing of various lenders at the time of the request. This increases their awareness of schedule for the completion of the mortgage.
James Russell writes for http://www.morganfinance.co.nz which provides fast personal loans. James is a passionate full time finance blogger and loves writing on popular blogs like GettingMoneyWise.com and various other finance blogs.