Buying a house with a mortgage: What documents will the bank ask me for?
In order to analyze the risk level for a mortgage credit, the bank requires certain documents from the proposed holders. Let's see what documentation is necessary to submit to the bank for the mortgage credit, and how to choose the appropriate bank.
Mortgage credit: What documents need to be submitted to the bank?
Identification of the holders
First, it is necessary to identify the account holders who will propose to contract the credit.
Identification can come from documents like the Citizen Card, Identity Card, and/or Passport.
Tax Identification Number (TIN)
Afterwards, you will need to provide your Tax Identification Number (NIF), also known as taxpayer number.
If you do not present this number, you must submit a document proving the same.
Last IRS statement.
It is also necessary to deliver to the bank the latest IRS declaration of the holders who are applying for credit, as well as the tax assessment note.
You can obtain both documents in your account on the Tax Authority's Finance Portal.
Three last payslips
Regarding the applicants, the bank still needs the three salary receipts.
The goal is for the banking institution to verify the amount earned from the monthly net income of future credit holders.
Three last monthly bank statements.
Just like the payslips, the bank also asks for the last three monthly bank statements of the current accounts.
This is to verify the client's solvency, through their regular expenses debited from the account. For this, the bank analyzes expenditures on food, electricity, communications, insurance, and even movements that may seem suspicious (for example, if there is money withdrawn from casino ATMs, it may indicate a gambling addiction, representing a risk).
Credit responsibilities map
This is a document showing information about the current and past years' credits of a client.
The goal is for the bank to be able to evaluate whether the consumer has had financial occurrences: debts or missed credit payments.
Employer's declaration about the contract relationship.
Finally, it is necessary to deliver a statement from the employer in which the proposed credit holders work, with the nature of the contract bond.
In other words, the banking entity needs to know if the contracts are fixed-term or permanent. It is also a risk analysis factor because if the contract is permanent, that is, effective, the bank considers there to be less risk.
In addition, it should be noted that, if there are guarantors, they must submit exactly the same documents to the bank.
If you are going through the process of buying a house with a mortgage, you can get free help. With a credit intermediary like the one from Poupança no Minuto, it is easier to gather all the paperwork so that no document is missing. Visit https://www.poupancanominuto.com/ for more information.
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How to choose the bank to get a housing loan?
The secret to knowing which bank to choose when applying for a mortgage is to request proposals from several different banks.
Only by analyzing the different conditions presented to you in the market, will you know which proposal is most advantageous for you.
Therefore, when evaluating which bank to choose, refer to the European Standardized Information Sheet (ESIS) - a document provided by each bank detailing all the credit conditions. With this sheet, you can compare which conditions are most favorable to you: consider savings, but also your preferences.
For example, it is probably possible to save money with a cheaper life insurance, but analyze which coverages are most suitable for your family.
Another factor to consider is that, as a rule, banks suggest that you take out the required insurances (life and multi-risk) with the associated insurer. However, by law, it is not mandatory, so you can contract the insurances with an entity outside. That is, this is always a question that can be negotiated with the banks when making proposals.
To choose the right bank and housing loan, you can always rely on the help of mediators. The credit intermediaries Poupança no Minuto are with you from start to finish, taking care of all the paperwork and being available to help you with any doubts. [https://www.poupancanominuto.com/]