It has already been equal to 30 years since the commencement of the political transformation and, consequently, since the commencement of the transformation process in state administration bodies and financial institutions, there have also been the long-awaited changes in banking procedures and the transformation of the mentality of these institutions in the broadly understood client management policy.
In many – fortunately isolated – cases, bank customer service procedures are still not smoothly dealt with. Let’s immediately add that while “ongoing” servicing of individual customer accounts, neither for bank employees, nor for us, does not cause much trouble or takes time, more serious matters such as arranging credit are more complicated. So how long do you have to wait for a mortgage?
Mortgage decision – how much is waiting and what does it depend on?
Let us explain, therefore, that how much time is waiting for the desired withdrawal to the personal account depends not on the bad will, sluggishness or lack of interpersonal skills of a bank employee, but on the multitude of activities in necessary banking procedures and on the time reserved for banking law performance of the activity or validation of documents. The procedure triggering the granting of a positive credit opinion and the disbursement of funds consists of the applicant completing several formalities. And it depends more on him how soon the mortgage decision will take place.
Getting a loan – necessary formalities
Among the necessary formalities needed to arrange a mortgage, the following should be indicated:
• Assessment of the applicant’s creditworthiness by the bank. It would be good here if we had some insight as to what regular revenues we have, what financial burdens we bear and what order of funds we expect “against the mortgage”, and what fees are consumed by our monthly home budget.
• Submission of a loan application. Assuming that we are regular, long-term customers of that bank, it is not necessary to document permanent income on the bank account, so we need to focus on providing a certificate of earnings from our employer. In the case of building a house, we must also provide a building permit (final) and an excerpt from the land and mortgage register confirming our right to the given lot and an excerpt from the land register, which can be obtained in the appropriate report from the commune office.
• Credit application verification. However, before the application is approved, the account manager will guide us what amounts and where should we enter, in order for the application to be accepted, let us be patient at this stage, because the bank now has time to check the accuracy of the data and to analyze whether a positive mortgage decision will be profitable for him. Let’s not be surprised, so when the bank finds out that ownership of the property is not legally clear, or arranging a loan and granting a positive decision, it would be on the verge of the bank’s profitability.
• Decision to grant a mortgage. Generally, after submitting all applications and submitting documents, banks have 21 days to decide whether to grant or not a mortgage, however, as we know, these three weeks are only a fraction of the whole process, let’s not settle, so that closing the case will be quick as opening a new savings and settlement account. The bank, because it may demand more precise documentation of some of our financial dependencies, often analysts also withdraw their application to an adviser, ask for supplementation or reject it, arguing with low profitability for the bank. How quickly the bank decides to grant a mortgage has a very large impact on how long one will wait for such a loan.
• Signing of the loan agreement and payment of funds. If the opinion of the credit analysis department is positive and the “papers” do not raise doubts, we are notified of a positive decision and the date on which the contract is to be signed. The final condition for mobilizing all or part of the funds is also the borrower’s delivery of a notarial deed transferring ownership of our property to the bank and submitting a payment order.