Colli Real Estate

12 Step simple guide for a French mortgage

Step 1 to find a property in France, to finance Buying with a mortgage in France with no less than 20% deposit on their own funds – Remember that the total fees payable to the notary may be in the region of 7% – 10% of the purchase price. The entire process for a mortgage on a property French, from the time of signing the preliminary sale takes about 60 days. Consider naming your own lawyer, fluent in English to coordinate the operation.

Step 2 Come sign the commitment (sales contract), ensuring that contains a "sunset clause" stating that the purchase depends on obtaining a mortgage in France. If the bank rejects the loan then all sums for which the deposit is refunded to the buyer in its entirety. It there will be an implementation period of the mortgage stipulated in the "compromise sale". Usually this is around 30-45 days. Normally, the date fixed for convincing evidence of the property is set around two months after signing the sales agreement. This time is required for notaries and authorities to be responsible for all due diligence procedures related to transfer of ownership to property. It is important that the financial details of the transaction: the loan amount, name of bank credit, interest rate, the duration of the loan are set out in the commitment to sell to avoid problems later. In many cases, we suggest you fax a copy of the sales agreement in French Mortgage Xpress so that we can ensure that the financial details of purchase are properly defined to protect their interests. If you do not intend to get a loan, is expected to write their own script which is intended to waive their rights under the law. This is not always wise, if they later decide to get a loan and not, then you will lose your deposit. French Mortgage Xpress will describe the different types of mortgages and loans available in French and help you choose the best type of loan depending on their circumstances and criteria of credit. French Mortgage Xpress will send a budget to give an indication of their Des monthly payments and asked to provide some basic financial data. At this point you may want to appoint your lawyer to oversee all aspects of the transaction. Contrary to many reports, the appointment of a notary incurs no extra cost. French Mortgage Xpress can recommend English-speaking notary services at no additional cost to the buyer. Be careful with the signing of a compromise sale without an escape clause if your mortgage is not approved.

Step 3 to complete the application form provided by the French Xpress mortgage lenders for the loan, with a medical questionnaire and send to France Mortgage Xpress and photocopies of documents. Note: The original application form and a medical questionnaire must be returned with a photocopy of all required documents.

Step 4 A Advisor French Mortgage Xpress confirm receipt of all documents and advise of documents waiting to be rendered. French Mortgage Xpress will then bank loans documented the reaction of a "first". French Mortgage Xpress at this stage may hold the opening a French bank account.

Step 5 French bank offering home loans your Xpress first reaction. This usually consists of a conditional loan approval subject to obtaining the missing documents from the list original. French Mortgage Xpress immediately transmit the report to you.

Step 6 Supply missing documentation (if applicable) French Mortgage Xpress, which is transmitted to the French bank. The file / folder, once completed, then proceeds to the credit committee of the French bank for final approval.

Step 7 In the same time, the bank will allow an independent evaluation of the French property you buy. You will need to coordinate with the owner or salesperson for the independent evaluator to access the property. Note: Make French Mortgage Xpress you have contact information for all interested parties to the transaction, so short, can reduce potential problems.

Step 8 days in 10 of the receipt of all required financial information, bank lending to be able to rule on his request French mortgage loan. Often, the answer is yes, subject to life insurance. Note: Talk to your independent mortgage broker to guide you in this poilcy established.

Step 9 Once all the formalities Doctors have been served, the Offer French mortgages will be issued and sent to your normal postal address. The duplicate will be sent to your lawyer so they could begin drafting the final documents for the title. The notary will need a copy of the loan before it to prepare the documents end. At the same time, the notary will calculate all costs, including fee land, which is a percentage of the amount of ready. The solicitor will be able to tell the exact amount of these rights and must be willing to pay for them, a French bank check or bank transfer from your internal account no later than the date of signature. rating: Be sure your doctor to fill out medical forms provided by the bank. Most medical staff representing health information banks do not accept more than three months.

Step 10 A Once you receive the offer of French mortgage loan contact Xpress gives precise instructions on how to complete the letter of acceptance and to answer any questions you may have on loan. Remember, in French law, 11 days is a cooling off period before accepting legally a loan offer of the French bank.

Step 11 Once the acceptance letter has been prepared returned to the French bank, the bank will transfer the funds it has provided to the notary, usually within 48 hours before the date fixed by the notary to sign the Final Act. You will organize the transfer of payment, plus notary fees notary's account. The notary is responsible to inform you of the exact amount. Remember to leave enough time for the arrival of funds in the notary's account, especially if the funds are transferred from abroad. You May want to use the services of a specialist in foreign currencies to get the best exchange rate. French Mortgage Xpress can advise on this issue.

Step 12 Congratulations! End sign at the office of notary. Be prepared for a minimum of two hours at the office. Usually, a translator is available for a small fee, payable to the notary by a French check in the day. You may also be the possibility signing the proxy, you must configure this Agreement (if necessary) and well ahead of your solicitor. Note: The repayment of first mortgage rank from the debit you have established with the French bank. Within six weeks the bank has also removed any fee for the bank as stated in the loan offer (usually between 700 and 1,200 euros). You should ensure that there are sufficient funds in the French bank account to cover both the first monthly payment and the fee for the bank.

Remember that your property is at risk if it is not required to update your mortgage payments!

About the Author

Matt Frost, the founder and managing director of French Mortgage Xpress, established the company in 2004 after working within the financial services industry in France and realising that there was a demand for an English speaking brokerage service specialising in loans for non-residents.

French Mortgage Xpress soon became a major force for non-resident French Mortgages, with a reputation for speedy responses and a reliable service in a difficult area of French finance.

French Mortgage Xpress has now processed more than 500 mortgages for non-residents buying in France and has built up a wealth of experience to assist the first-time buyer in France. Similarly, French Mortgage Xpress has a solid reputation with the French Banks, ensuring that all the clients of French Mortgage Express are guaranteed a first-class service when their loan request is presented to the lending banks.

French Mortgage Xpress prides itself in delivering an A-Z – fast, efficient and professional service working with the customer throughout the loan approval to final completion.

For further information please visit the French Mortgage Xpress website or call now on +33(0)4.92.98.80.70

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