The deadlines for obtaining a mortgage
December 1, 2018
During a real estate project, there is a difficult time compressible 2 to 3 months generally between the moment when you validate a purchase price with the seller, and the moment when the funds of the bank become available for sale. Let’s understand why and what is the delay.
- 1 Bank procedures
- 2 The agreement of the bank
- 3 Sending the loan offer
Your banking trip will begin by presenting your real estate project to banks. For this, several solutions are available to you:
- Go through the free service of Nora Helmer.com and submit your requests directly to the most advantageous banks thanks to our comparative rate table updated every month
- Make an appointment and go see your bank
- Use the services of a broker who will negotiate your mortgage in your place
We also propose to put you in touch with the best brokers in your city by completing the form of mortgage: Click here
No matter the route used, these first banking procedures will take you easily between 2 to 4 weeks time to obtain bank proposals with agreement from the bank.
The agreement of the bank
A first proposal, whether made online, at the bank or by a broker, is usually a simulation without legal value. In order for it to become an official proposal of the bank, your file must be accepted by the bank. Two cases appear here then:
- Your file is in agency delegation: The bank branch will be able to decide if it validates your file or not. The validation time is then reduced. Either the decision is automatic, or your advisor or branch manager will take it in 2 – 3 days .
- Your file is not in agency delegation: In this case, your file “goes back” to the headquarters where it will be analyzed by specialists of the mortgage which will decide on your case. You can wait until 2 weeks before having a return of these services.
Sending the loan offer
Once you have obtained the bank agreement, you will fill out a loan application that will allow you to edit your loan offer, ie your loan agreement.
The loan offer is printed by the bank and sent to your home by mail. Upon receipt, notify your various interlocutors (bank advisor, broker, notary , real estate agent, seller) to agree on a date for the signing of the act.
Indeed, upon receipt of this offer , you must wait a minimum of 11 days (maximum 30) before returning it to the bank, completed and signed. Count thus 15 days minimum since you receive by mail the offer of loan, to be able to fix a date for the signature of the act (11 days of waiting + 4 days approximately so that the funds are transferred to the notary).
Once received by the bank, the latter will be able to transfer funds corresponding to the loan directly to the account of the notary so that the latter can transfer them, the day of signing the deed of sale, to the seller.