How do you obtain your mortgage?
To obtain a mortgage: calculate your borrowing capacity, build up a down payment, compare banks (or use a broker), put together a solid file, obtain an agreement in principle then the loan offer, observe the 10-day reflection period, and sign at the notary's office for the release of funds.
Preparing your financing file
A good file makes the difference on both the rate and the acceptance. The bank examines income stability, how the accounts are kept (no overdraft), the debt-to-income ratio, the down payment and the residual living income.
Using a broker often gives access to better terms and saves time, especially for atypical profiles or 110% financing.
The steps to obtaining your mortgage
Calculate your borrowing capacity: estimate the amount you can borrow based on your income, the 35% rule and the term envisaged.
Build up a down payment: ideally gather enough to cover at least the notary fees; a larger down payment improves the rate.
Compare banks: put several institutions in competition, or entrust the search to a broker to get the best rate.
Put together the file: gather ID documents, proof of income, tax notices, bank statements and the sale agreement.
Obtain the agreement then the loan offer: after the agreement in principle, the bank issues the official loan offer detailing rate, term and insurance.
Observe the reflection period: you have a legal 10-day reflection period before accepting the loan offer (Scrivener Act).
Sign and release the funds: the funds are paid to the notary on the day the authenticated deed of sale is signed.
Step by step
- 1Work out your borrowing capacity
Estimate what you can borrow from your income, the 35% rule and the term you have in mind.
- 2Build up a deposit
Ideally cover at least the notaire's fees and transfer taxes; a larger deposit improves the rate you are offered.
- 3Compare lenders
Put several banks in competition, or hand the search to a mortgage broker to secure the best rate.
- 4Assemble the file
Gather identity documents, proof of income, tax assessments, bank statements and the signed preliminary sale agreement.
- 5Obtain the agreement, then the formal offer
After the agreement in principle, the bank issues the official loan offer setting out rate, term and insurance.
- 6Observe the cooling-off period
You have a statutory 10-day cooling-off period before you may accept the loan offer (the Scrivener Act).
- 7Sign and release the funds
The funds are paid to the notaire on the day the deed of sale is signed.
Frequently asked questions
How long does it take to obtain a mortgage?
Generally allow 4 to 8 weeks between submitting the file and the issued loan offer, to which you add the 10-day reflection period and then the signing at the notary's office.
Do you have to use a broker?
It is not mandatory, but a broker creates competition, can negotiate the rate and the insurance, and supports complex files. Their fees are only due if financing is obtained.
What if the bank refuses?
Approach other institutions, adjust the project (down payment, term, price), or use a broker. If the refusal comes after a sale agreement, the condition precedent of obtaining the loan protects you and allows the sale to be cancelled without penalty.
Read next
- Loi Scrivener : délai de réflexion de 10 jours
- Service-Public.fr : crédit immobilier
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