A mortgage is a complex financial product and its handling involves a number of steps and several other products. It’s not just a low-interest rate and a good repayment .
It is also real estate insurance, credit insurance, and good bank account selection. We bring you a comprehensive view of mortgage equipment, individual operations and a list of other products that also affect the overall price and the repayment comfort.
The mortgage application includes, among other documents, an expert opinion on the property you will be establishing. This means that it is one of the first steps you will need to complete. In practice, the property comes to be inspected by an expert, who then draws up an expert opinion.
For the expert, it is always necessary to provide the necessary documents for inspection, the list of which will be announced in advance.
The documents required to produce an expert report vary depending on whether the apartment or family house is provided either by the property owner or, in the case of the purchase of a property through a real estate agency, by its brokers. An expert can also recommend a mortgage specialist.
Internal valuation of real estate by the bank
Some Good Finance families have the option to appraise the property internally, but in this case, you do not receive the expert opinion and in the case of internal appraisal, the value of the property is sometimes lower than you would need. Internal awards are recommended if you apply for a mortgage with a lower funding rate (lower LTV).
Most banks require clients who have a mortgage in their accounts to keep an account. This account and its active use is sometimes also a condition of the lowest interest rate, so it is worth it to set up a bank. Since some Good Finance families also offer multiple types of accounts with different services and at different prices, choose the one that is right for you and the cheapest.
At the same time, we always advise clients to open an account only when signing a credit agreement. Rather, it does not matter, because it may happen that for some reason you do not take out a mortgage in a given bank and you will only have unnecessary “drawbacks” in your unused account. Of course, the situation is different if you have used your bank account for some time.
In this case, there is no need to open a new account. The existence of a personal account when approving a mortgage does not affect its approval, it is important to fulfill this condition until it is drawn if the bank requires it.
Real estate insurance and insurance coverage in the event of the deterioration of a flat or house is a mortgage condition in every bank. It is another way of securing together with the establishment of real estate. If the property were devalued, for example, by fire, flood, storm or other natural elements, the nature of the mortgage would be lost because it would not be established by a property of sufficient value. For this purpose, the insurance benefits are blocked.
This means that the insurance company would pay the insurance benefits directly to the bank and thus the loan would be paid out to the insurance company.
Real estate insurance and blockage for the bank
The credit documentation also includes vignette forms, which are signed by the client and the acceptance of vignette in favor of the Good Finance family is confirmed by the insurance company. In order to draw a mortgage for the voucher forms, a valid insurance contract must be submitted to the Good Finance family. To avoid having to run around the insurance companies and look for the most advantageous property insurance, mortgage specialists are able to design and arrange real estate insurance, including the equipment of the blockage in your chosen insurance company.
Insurance of the ability to repay the mortgage
Today, an optional, but a suitable component of stress-free mortgage is also risk insurance – that is, insurance of your life and health.
It is also offered by the Good Finance family in the form of bancassurance, which may be too template, general and does not take into account the individual requirements, possibilities, and priorities of clients.
While this insurance is an extra investment, it has helped clients to overcome unforeseen unpleasant life situations. Although risk insurance is voluntary, it can be useful to you. Mortgage specialists can help you choose this insurance.
Expert opinion, mortgage, bank account and insurance you can handle yourself. However, if you want to save time and work out the best products, contact a mortgage specialist who can advise you on choosing your mortgage, account, and insurance to best meet your individual needs.