How to be Eligible for a Mortgage Loan ?

In this article, we have gathered all the essential information to make your mortgage loan application process easier and more peaceful. No need to worry anymore, we have simplified the task for you!

Documents to Provide for Your Mortgage Loan

When you apply for a mortgage loan, certain documents related to your personal, financial situation, and your real estate project are essential.

Documents Regarding Your Personal Situation

The documents related to your personal situation include various types of important supporting documents. For example, this could be your birth certificate, marriage certificate, identity papers, as well as documents associated with your employment or studies.

In the case of a mortgage loan application, here are the documents required:

An identity document : This could be your identity card, passport, or any other official document establishing who you are. It's a way to identify you as a mortgage loan applicant.

Family situation documents : These may include your marriage certificate, birth certificate, or any other document proving your family status. They help the bank better understand your personal and family situation.

Current proof of address : This document verifies your current address. It can be a recent bill in your name, a lease agreement, or a certificate of accommodation if you are living with someone else. This is proof of your residence and stability and helps the bank to locate you.

Concerning Your Resources and Income

Before diving into the world of mortgage loans, it's crucial to show your reliability and prove that you have the necessary resources to repay your loan. Here are the essential documents in this category:

Your last three pay slips : These documents reflect your income from salaried activity. They show your current financial situation and your ability to repay the mortgage loan.

Last three financial statements : for traders, craftsmen, farmers, and liberal professions. If you are self-employed or have a commercial activity, these financial statements are essential to assess your professional income.

Last three pension or retirement statements : If you receive pensions or retirement income, these documents prove your source of income and financial stability.

Your latest bank statements : These statements provide an overall view of your financial transactions, including your income and expenses. They help to assess your financial management and your ability to repay the loan.

Last two or three tax assessments : These documents help to assess your tax situation and obligations. They give an indication of your declared income and contribute to the evaluation of your financial capacity.

Documents attesting to rental income : If you receive income from real estate, such as rent, you will need to provide documents that justify it.

Proof of any ongoing loans : It's important to mention all ongoing loans, such as car loans or consumer loans. These documents help to assess your level of debt and your capacity to take on new financial obligations.

Your Real Estate Project

Your real estate project is about to come to life! Here are the essential documents to ensure its success:

Sale agreement or promise to sell : These valuable contracts seal your commitment and define the terms of purchasing your future real estate. They are proof of your determination to conquer the real estate kingdom.

Construction plan or reservation contract : If you are building your own home or opting for a new property, these documents are the plans for your future fortress. They reveal the architectural details and features of your new home.

Expertise report : If you opt for an old property, this expertise report is your ally. It assesses the condition of the property and informs you of any necessary repairs or improvements.

Estimated work quotations and building permits : If you plan on renovations or construction, these documents are your battle plans. The estimated quotation gives you an idea of the costs involved, while the building permit is your official pass to transform your home according to your wishes.

Property title of the sold property (in case of using a bridge loan) : If you are selling your current property to buy a new one using a bridge loan, this property title is your proof of sovereignty over your current property.

Eligibility Criteria to Meet

Among all these documents, how is your file really evaluated? What are the conditions to meet to obtain a loan? This FAQ will clarify your initial questions regarding your approach to obtaining a mortgage loan with peace of mind.

Any last advice ?

When processing your file, a missing document will considerably slow down the process, because it will send your file to the bottom of the pile. Having a complete file also attests to the seriousness of your approach and your borrower profile. It is therefore essential to anticipate the constitution of your file: do not hesitate to browse the website of your bank of choice, and to begin the procedures in advance to obtain agreement in principle. And for that, you don't have to go far: you can get it via our credit simulator.
Enjoy!