How to apply for a first home loan? The main steps

The dream of owning a home to live in. The need to access financial help to purchase it. Here the question arises: how do you apply for a first home loan?

We all now know that the loan is that particular form of financing, generally in the medium or long term, that credit institutions grant to those who want to buy a property to go and live there, and then move their residence, in response of some concessions.

But what are the fundamental steps to apply for a mortgage? Let's see them in detail.

CHOOSE THE RIGHT PROPERTY

It may seem obvious, but the first thing to do when you wish to apply for a first home loan is to select the right home for yourself. Being a long-term commitment, which binds for many years, it is essential to be convinced of the choice. At this point you can proceed and understand how to apply for the first home loan.

REQUIREMENTS

How to ask for a mortgage is the first question that arises, but another fundamental question is: "who can apply for it"? The answer is: Italian citizens and foreigners over 18 residing in Italy, who have no other properties owned in Italy, and in this case in the Municipality in which the property is to be purchased.

If you own such properties, you must sell them within a year to avoid losing the first home benefits. The residence, on the other hand, can be moved within 18 months from the deed of purchase made with these facilities.

WORK AND GUARANTEES

To apply for a first home loan, you must also take into consideration what type of work you do and what guarantees you are able to offer. Credit institutions easily grant the loan to those who provide more guarantees. Who has a permanent job, so-called indefinite, is facilitated.

But it is also possible to access the loan as a self-employed worker or with atypical contracts, if you benefit the required guarantees. It is the bank itself that verifies the feasibility of the loan from this point of view, requesting a paycheck or other forms of documentation. At the moment, there are ad hoc concessions for young people and couples guaranteed by state funds, which can support the purchase of their first home.

COMPARE OFFERS AND OPTIONS

There is no single solution when you intend to access a mortgage for the purchase of your first home. There are many variables: the amount of the loan, its duration, the type of interest rate can change. The latter can be fixed, variable or a mix of the two.

The advice is to compare the various offers made by banks through the many tools available today, evaluating the most convenient offers and varying the elements. You can evaluate how the amount of the monthly payment varies depending on the financing period you choose and the type of rate.

SET THE BUDGET

Since when you decide to buy a house to all subsequent stages of the purchase, it is always good to keep in mind the costs and the overall budget available. As for the first home loan, it should be known that most credit institutions finance up to 80% of the purchase value of the property, in the presence of the necessary requirements.

In some cases, they can finance even 100% of the value, but additional guarantees are required to cover the greater risk. Keep in mind that usually the amount of the monthly mortgage payment cannot exceed one third of the salary, always monthly, of the person applying for the mortgage.

ATTENTION TO TIMES AND CHECKS

The bank estimate can arrive very quickly, but you have to be careful, this offer is not yet the guarantee of disbursement of the loan. The latter will take place only after the bank has checked all the documentation, and after the property evaluation.

At this stage, it is therefore of the utmost importance to keep the timing of the purchase offer and the actual confirmation of loan disbursement under control. It is no coincidence that the purchase offers may be expressly bound to the disbursement of the loan by the bank.

Have you already found your dream home among the Varese properties for sale in our catalogue? We are available to arrange a visit or provide any information you may need. Come and visit us.