Getting a new flat with mortgage
When you get in your life to that point you decide to settle down and finally choose a place which you want to make your home, there are few important things what to consider at the beginning.
Real estate agency or not?
Sure you can do all procedures on your own but you will need lot of time to search and compare all attributes. Once you make an appointment with an agent, he will help you with everything. You tell him your idea and he, like a Santa, will do everything so the result is as close as possible to your wish. Or even better.
How much can you afford?
Decision of buying a flat asks quite a big investment. For longer term. How much do you want to put in? One million or two? This is another important task to think about and not less important to do is to go to your bank and get informed how much you would repay monthly and what would be the interest on the mortgage.
As soon as you have the information, tell your agent. When you let him know also about the size of your future home, location and whatever next you have on your mind, the exciting part can get started.
Choosing and searching
From now on you will be sent and shown as many places as possible. It is simple. You like one? You want to have a look? “Push the yes button” and agree on a tour through your potential new place. You can do as many as you wish until you are sure that “this is it”!
Do not worry; with the agent’s help it is simple. First of all you need to sign a reservation contract which ensures you about not losing it as well as the agent that you will not change your mind. Next step is to sign a contract about future buying contract and pay the reservation fee.
This contract is demanded only in case that you are not finished with dealing about the mortgage. In case this all is done, you simply skip this step and move to signing of the Contract of sale. As the real estate agency is trying to make you the best service, they might also ensure the registration of your new place to the cadastre and signing you as the owner.
Because your flat is financed from mortgage there will also be needed a signature for a mortgage debenture between the real estate agency and your bank. The collateral is not higher than how much you rent in the bank. It is a usual procedure when the bank makes sure that in case you are not able to repay it, the flat would pass to their ownership.
The collateral itself is put up on your property and then the agency takes usually 70 % of your mortgage.
With all this help it was not so stressful, was it? After this all everything is ready so you can get the keys! Little later you have the duty to pay rest of the price to the real estate agency. Simply by bank transfer. And one little tip at the end – do not forget about insurance.