01 Oct
A bank mortgage is a loan provided by banks to finance housing needs, whether to purchase a flat, apartment, house or land with future house construction. A mortgage can be also use to renovate any flat or house.
Buying a home in foreign country can be very challenging. Speaking a different language and not understanding the system and bank requirements is a mission that can be easily solved with our help.
If you are living in the Czech Republic with a stable job and income with a long term stay status you have a good head start on applying for a mortgage.
Please bring the following to your first meeting:
- Two types of picture ID and your long term stay card
- Confirmation of your average income from your employer
(You should not be in the 3-6 months probationary time period at the start of your work contract as well as on termination period time. Your employment should not be limited by time)
- The first personal meeting is for talking about your new home to be. This is very important so we can personalize the mortgage based on your expectations. Every client is different and so it’s important to set up the most efficient goal to be reached from the start and it is most important to meet the bank’s requirements. Based on your country of origin the bank will provide a 70% – 80% mortgage loan from the property price estimation – you will need to provide 20 – 30% your own financial resources
- After all the above is cleared the mortgage request to the bank must be filled with our help. There is general information such as your personal data, address, place of birth, family status, your education… Based on this request application we will be able to enter the bank registry records to check your credit history in the Czech Republic. There are several records that all banks in Czech Republic has access to find out whether you have any other loans or debts, if you will be late with any government payments like taxes, insurance of legal fees. This is very important and based on the result you may or not be provided with a mortgage. If anything pops up in this registry there is still the possibility of it being solved and settled.
Once all is cleared your request application will go to the bank for approval.
There are two types of mortgages:
- Mortgage – you already found the property that meets your expectation and just need a mortgage.
Pre-mortgage – you are still looking for your home but can already address and prepare the loan framework with the bank and once you find the property a mortgage will be ready for your use.
