Mortgage loans were modernized. The idea that, in order to apply for a mortgage loan, you have to go to the counter of a bank branch, schedule numerous meetings and prepare a huge folder with copies of documents is totally obsolete.
Currently, to start your mortgage application, you only need a computer, internet access and a home loan simulator. Do not believe? So follow our explanation.
1. Start with a home loan simulator
The best way to start your home buying process is by exploring a home loan simulator, which will allow you to have an idea of some generic credit conditions and make some tests with different purchase and loan amounts, thus having an idea of how much you can potentially pay in installments.
Through the simulator itself, you can make a contact request, which will allow you to speak with a Home Loan Manager. This conversation can be either by phone or by video (Zoom, Teams, Whatsapp,…), so that they can jointly analyze your order.
The Manager will then have the opportunity to ask you the questions necessary to follow up the process and to explain in detail what documents you will need to send in order for your case to be analyzed.
2. Sending documents is not a problem
The documents necessary to analyze and approve your mortgage loan application can be sent by email or by courier, if you do not have them in digital format.
After analyzing your process, if approved, you will be presented with a mortgage loan proposal that you must analyze and validate.
At that time, you will have a reflection period of 7 days that must be respected, so you can take advantage of this moment to analyze the proposal in detail, comparing the main indicators of different proposals.
Remember that the spread is only one of the costs of mortgage loans, so the proposal with the lowest spread is not necessarily the least expensive, being necessary to take into account the APR and the MTIC, because these are the best indicators for evaluating the total expenses of a loan.
3. No need to open a new account
There is a myth that needs to be deconstructed: that, in order to have mortgage loans, it is mandatory to open an account and place your salary in the same entity that grants you the loan.
This may be true for most banks, but there are options on the market that allow you to keep your banking life as it is today and just take out mortgage loans.
The UCI is one of those cases, since it works exclusively for mortgage loans, not making some of the requirements that most banks do for approval of mortgage loans, so that you don't even need to leave home to open a new account.
As you can see, you can have an approved home loan proposal without leaving your home and even take advantage of the confinement to pre-approve your loan and start looking for a house to buy as soon as possible, start making visits.
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