Ask the bank for a mortgage loan: when the attitude is what counts
Looking for a mortgage could be compared to making the income statement: it doesn’t usually coincide with our favorite weekend hobby.
In addition, the case of the mortgage has an extra handicap: most people only go through the procedure once in a lifetime, which makes it impossible to gain experience and it is much heavier to learn new concepts and information if they are only going to serve us once.
Dominating the situation and being left unprotected
The demotivation, disinterest and even the fear of not dominating the situation and being left unprotected in the hands of entities and managers only aggravates the situation.
It is clear that the bank will prevail above all our financial profile when establishing the conditions of the loan, but taking the reins, getting the most information and being willing to negotiate can make a big difference, not only in the memory that will remain of the loan. experience but also in the final result.
These are some internal slogans that will prevent the situation from getting out of hand:
Be informed. We should not confuse not knowing something at a given time with being a lost case unable to understand finances. No one has been born knowing about mortgages and, if we stop to think, this is the problem with the easiest solution! Don’t we know something? Let’s look for information on any specialized website, ask in forums or start using free online mortgage comparators to get into a situation.
It is a delicate operation that will determine our domestic economy for decades. It is not something we can do on the way to the supermarket, even taking advantage of a long weekend. Minimal planning is imposed. Finding the best mortgage for our particular case is exactly the opposite of signing the first one to show us.
Be our best advisor. Never consider the bank as our personal advisor. Banks are not NGOs but businesses and as such, they only look for their interest. Choosing what suits us best is our own responsibility.
Negotiate. Bank offers are not final. We should never keep the first mortgage they present to us. No conditions are closed until the bank expresses its last word in the so-called binding offer. Until then, it is lawful to ask, haggle and counterattack with our strengths.
Do we have a stable salary for many years? Do we work in an upward sector? Do we have a guarantee? Do we contribute a large amount of savings that reduce the percentage to be financed? Anything that can inspire confidence in the bank will serve as a negotiation tool.
Use common sense
It is one thing to know what we want and another very obsessed with things that can not be. If after a reasonable time no bank wants to grant us a mortgage, we have two options:
(1) If we are sure that we can afford it, we can hire a financial intermediary that mediates between us and the bank until we get the loan and
(2 ) If we are not sure we can take care of such an important payment, we must admit that in our case it is sensible to live on rent.
Do not wait for the last minute to review the contract. On the day of the signature, a notary whom we do not know of anything will read the entire document almost without stopping to catch air. In addition to him and us, the owner, a bank representative and perhaps a manager will be present, especially come to settle the issue. That is definitely not the best time to back down.
It is necessary to read the contract in the previous days and have time to react if the written does not match what was agreed. That is the time to ask everything we do not understand and have the possibility of correcting or agreeing to a change in time, before the binding offer or other deadlines related to management expire.
The search, negotiation and ‘paperwork’ will be more bearable if we are aware, informed and willing to do everything on our part to optimize both the results and the management itself.