A mortgage loan is often the only way to buy your own property. Because the cost of buying a flat or building your own home is extremely high and for the average family, it is very hard to put down enough money to finish transactions. But to get a mortgage, you need to prepare properly. Therefore, we will suggest what to do to make the whole loan-related process run as smoothly as possible and not cause us any trouble.
The first question we should ask ourselves is: “Can we afford a loan?”. I guess it’s no surprise that not everyone can afford a mortgage. Of course, the bank will quickly come to this conclusion, in which we will submit the application, so it is a waste of our time and the west. Therefore, before we start filling in the documents to the bank, let’s sit comfortably in the chair and let us count if there is any sense in doing so. First of all, let’s count our monthly income. What is important, banks allow us to combine income from several sources, so we can add them to each other. After calculating your income, it’s time to take costs. Let’s calculate how much money we spend on monthly bills, on any installments we already have, on expenses related to our car, etc. When we subtract costs from our income, we will see how much money is left every month and we can use part of them to pay the monthly mortgage payment. To calculate the amount of the installment, let’s use the mortgage loan calculator that we can find on the Internet. When we think that we have sufficient “creditworthiness” let us also confirm our bank.
The next step that we should do before submitting the mortgage application is to calculate our own contribution. As it is known according to the guidelines of the Polish Financial Supervision Authority, banks may grant mortgage loans only to those who have an appropriate own contribution. Currently, it must be at least 20%. It is relatively easy to calculate how much money we will need to meet the banks’ requirements. Of course, we can not forget that we will also have money for other fees, so we need to have a bit more funds in our account to pay for everything. According to various calculations, applying for a mortgage, we should have about PLN 30-40 thousand on our account. If we do not have them – it can be difficult for a loan.
What are the banks paying attention to and what should we check before we submit our application? Our credit history is extremely important. Banks always check how we repaid our loans to be sure that we will pay off the new loan on time. We can also check our credit history ourselves. We can set up an account in the Credit Information Bureau and everything will be clear. We can search for information on the Internet at what number of points in BIK we will calmly get a loan and we will know if it makes sense to submit an application.
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Before we decide in which bank to apply for a mortgage, it is worth getting acquainted with their offer. We can do it either by going from one bank to another (time-consuming), or using some sort of mortgage comparison website, which is very much on the Internet. It is enough to give in one of them the basic parameters of our loan and we will quickly see in which banks it is worth submitting an application. Of course, we must be aware that in the final version the credit terms do not have to be what the comparison engine gave us, but it is worth taking an initial “reconnaissance” to know where to go first.