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Credit application



Step 1 – Credit analysis - (Week I)

Collecting information regarding parameters of the credited real property, incomes and liabilities of the applicant

Expert:
  • become familiarised with the applicant’s situation
  • familiarise the applicant with the course of the credit process
Applicant:
  • provide up-to-date information about the existing incomes and liabilities, and also the acquired real property

Step 2 – Offer preparation and presentation - (Week I)

Presentation of the most favourable credit offers and familiarisation of the applicant with the specification of mortgage loans

Expert:
  • verify credit-worthiness and remaining conditions imposed by individual banks
  • present at least 2 bank offers (f possible)
  • present credit advantages, disadvantages and costs of individual bank offers
  • familiarise the applicant with the list of required documents
  • send bank forms required in original (including statement on incomes)
  • transfer basic knowledge regarding mortgage loans

What an Applicant should know after Step 2?

  • how long does the credit process last and what is its course?
  • which banks have an offer adapted to the applicant’s case?
  • what additional products are worth including in the credit?
  • which documents will be required to file a complete credit application?
  • what are the basic terms related to credit (e.g.: interest rate, foreign currency spread, foreign currency risk)?

Step 3 – Signing preliminary agreement - (Week II)

Civil preliminary agreement

Advantages:
  • no costs of agreement conclusion
  • possibility to annex the agreement without additional costs
Disadvantages:
  • no possibility to enter a claim to the land and mortgage register
  • no possibility of detailed verification of the legal status of the real property

Preliminary agreement in the form of a notarial deed prepared by a notary

Advantages:
  • obtaining information about legal irregularities and intricacies related to the real property
  • the possibility of more effective pursuing conclusion of the final agreement (ownership transfer) before the court
  • the possibility to enter a claim into the land and mortgage register
  • lower risk of failure to complete the sale transaction
  • higher safety in case of “complicated” transactions (e.g.: payments for several co-owners, payments towards indebtedness of sellers etc.)
Disadvantages:
  • costs of notary’s fee for the agreement preparation
  • each change requires an annex in the form of a notarial deed (necessity to pay notary’s fee again)

Remark! When you conclude the preliminary and final agreement (ownership transfer deed) at the same notary, the notary’s fee does not need to be charged twice. Ask the expert for details.

Step 4 – Applications and documentation - (Week II-III)

Completion and signing of credit applications

Expert:
  • prepare sets of applications for banks
  • define exact credit parameters (e.g.: amount of personal contribution)
  • verify correctness of data included in applications
Applicant:
  • sign credit applications

Completion of credit documentation

Developer/Seller:
  • deliver up-to-date and original (or copies certified to be a true copy of the original) documents related to the disposed real property
  • complete documents on bank forms in accordance with the bank’s request
Expert:
  • verify validity and completeness of the presented documentation
  • indicate possible gaps in documentation and related information
Applicant:
  • deliver documents compliant with the previous detailed list of documents

What an Applicant should know after Step 4?

  • what is the deadline for payment to the seller (in accordance with the preliminary agreement)?
  • what are the possible gaps in the documentation?
  • what is the estimated time until the moment the mortgage decision is issued?

Step 5 – Credit decision - (Week IV-VI)

Positive decision

Expert:
  • inform on an ongoing basis about possibly required additional documents and changes
  • efficiently and rapidly react to problems that may arise
  • assist in fulfilment of terms imposed by the bank in order to obtain the final decision
Applicant:
  • complete possible gaps on time
  • fulfil possible terms imposed by the bank in order to obtain the final decision

Negative decision

Expert:
  • present alternative solutions (if possible)
  • apply for change of the decision (if possible)

Step 6 – Selection of target bank - (Week VI)

Comparison of bank offers

Expert:
  • assist in selection of the target bank offer through detailed comparison of individual offers
  • assist in fulfilment of possible conditions required for the agreement order
Applicant:
  • make a decision regarding bank selection
  • fulfil possible conditions required to order the agreement

What an Applicant should know after Step 6?

  • what conditions should be met to order the agreement?
  • what are the mortgage parameters after the decision (provided that the decision, and not the mortgage agreement, defines them)?

Step 7 – Agreement analysis and signing - (Week VII)

Analysis of mortgage agreement provisions

Expert:
  • analyse mortgage agreement provisions in reference to possible errors
  • submit possible agreement corrections
  • familiarise the applicant with the mortgage agreement and explain unclear issues in the agreement
Applicant:
  • become familiarised with the mortgage agreement provisions
  • report possible errors in the agreement
  • explain issues regarding the agreement and possible inaccuracies with the expert

Credit agreement signing

Expert:
  • assist during the agreement signing
  • explain possible new issued arising when signing the agreement
  • familiarise the applicant with the terms of the mortgage repayment
Applicant:
  • sign the mortgage agreement
  • become familiarised with the terms of the mortgage repayment

Step 8 – Loan initiation - (Week VII-VIII)

Fulfilment of the conditions for loan initiation

Expert:
  • assist in fulfilment of the loan initiation conditions
Applicant:
  • fulfil remaining conditions of the loan initiation

What an Applicant should know after Step 8?

  • what conditions must the applicant meet so that the mortgage loan is released?

Step 9 – Cooperation in loan initiation

Expert:
  • supervision over initiation of subsequent mortgage loan tranches
  • assistance regarding correct mortgage loan handling in case of problems
Applicant:
  • become familiarised with the actions awaiting the applicant after the mortgage loan release

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