Have you signed the preliminary sales contract for your home? Then now is the time to apply for the mortgage!
Before you began your search for a home, you should have learned about the maximum amount you can borrow. Once you have a home in mind, you can sit down with a mortgage broker to see which mortgage is best for you. Once you have found your dream home and the preliminary sales contract has been signed, it is time to apply for the mortgage permanently. This is what the mortgage broker will do for you. Your job is to provide all the necessary documents. But which documents do you all need to provide? And exactly how long does applying for a mortgage take? In this article at Alpina.nl we will tell you everything you need to know.
When to apply for a mortgage?
Once your offer on the home has been accepted and the preliminary sales contract signed, it is time to apply for the mortgage. Beforehand, you have already considered which mortgage best suits your home and personal situation, possibly in a consultation. Then you can request an offer from the mortgage lender. You will then receive an interest rate offer from the mortgage lender. This will include the agreed interest rate, the total mortgage amount and a list of documents you need to provide. Once you have provided and signed all the documents, you will receive a final offer from the mortgage lender.
What do you need to apply for a mortgage?
When applying for a mortgage, you must provide several documents. Your mortgage lender or advisor will give you a list of all the documents needed. These include:
- A preliminary sales contract (existing home) or the purchase/contracting agreement (new home construction)
- A copy of your passport/identity card
- Employer's declaration
- Annual statements
- Current statements of your bank and savings accounts
- Printout from mijnpensioenoverzicht.nl
- A list of debts
- A statement of your current student debt
Are you an entrepreneur? Then you must also submit the annual figures for the last 3 calendar years.
How long does it take to apply for a mortgage?
How long it takes to apply for a mortgage varies with each application. Applying for a mortgage consists of a number of steps. From the initial consultation to providing all the documents and signing the mortgage deed. Before you actually pay a mortgage, you are quite a while away. On average, a mortgage application takes about 4 to 8 weeks, but every mortgage application is different. For example, it can also be settled within a week.
Up to what age to apply for mortgage?
In most cases, you must pay off a mortgage within 30 years. The older you are, the more likely you are to die within those 30 years. In that case, the mortgage lender will lose the remaining borrowed money. However, this does not mean that you cannot take out a mortgage later in life. In fact, there is no maximum age for taking out a mortgage.
To cover the risk of losing money, however, the mortgage lender does require you to purchase term life insurance. Term life insurance pays out if you die before a certain date. This allows your dependents to (partially) repay the mortgage. Unfortunately, the premium for term life insurance is much higher if you are older. In addition, there is a maximum age limit for mortality insurance. Usually this is between 60 and 74 years of age, but this varies per insurer. Insurers also use a final age. The final age is the maximum age at which the insurance stops. The final age is usually between 74 and 85.
The older you are, the higher the premium for term life insurance will be. After all, the chances of you dying also get higher. Therefore, the premium is a lot higher when you take it out and are older. If you are still able to take out term life insurance, the mortgage lender does take into account the amount of the premium. The higher the premium, the less money you will have left to pay mortgage payments from.
Apply for a mortgage online in 5 steps
Whether you are buying your first home or moving up in size, applying for a mortgage is an important event. That's why it's nice if you know ahead of time what to expect during the process. Every mortgage is different, but everyone goes through roughly the same steps when applying for a mortgage:
Step 1: Orientation
The first step is to orient yourself to a mortgage. There are lots of mortgage lenders on the market with all different mortgages. On Alpina.nl you will find all the current mortgage rates so you can easily compare them. It is important to think about the type of mortgage you want and the fixed-interest period you want. You can discuss all these matters later with a mortgage consultant during a consultation, but it is good to start thinking about them yourself.
Step 2: Choosing a mortgage
Step 2 is to choose a mortgage. You can do this with a mortgage advisor. A mortgage advisor has the knowledge and information to help you make choices during a consultation. Not only about the type of mortgage and the fixed-interest period, but also about how you will pay the mortgage if you unexpectedly become unemployed and which insurances you may need. All important matters that you might not think about yourself.
Step 3: Requesting a quote
The next step is to request a quote from your chosen mortgage lender. Your mortgage broker will request the quote for you. The mortgage lender will then ask you to provide various documents so they can make an accurate quote for you. These might include pay stubs, an annual statement, current statements from your bank and savings accounts, an employer's statement, a statement of your current student debt, a list of debts, and a printout from mypensionoverzicht.nl. Your mortgage advisor will give you a list of all the documents you need to provide.
Step 4: Sign offer and finalize mortgage application
Once all submitted documents are approved, you will receive an interest rate offer and a preliminary mortgage amount from the mortgage lender. If you sign the preliminary you will be sent a binding offer. This is the final offer for applying for the mortgage. It is important that you read this offer carefully to make sure everything is correct. Your mortgage advisor will also help you with this.
Step 5: The notary
The final step in applying for a mortgage is signing at the notary. Once the bank has the signed binding offer, all the official documents are sent to the notary. The notary then prepares the mortgage deed. The mortgage deed contains all the agreements you have made with the bank regarding your mortgage. After signing the mortgage deed, the house is officially yours and you can open the bubbles!
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