Timeline for getting a French Mortgage
You agree on a mortgage product which your consultant believes you will be successful in obtaining based on the information you provide.
Beginning of the application
Your consultant sends you the mortgage application pack containing:
* a mortgage application form
* a list of documents required to support your application
Reception of the completed application and all supporting documents You have now completed the forms and gathered all the documents on the list. It is now time for you to send us your full application which your consultant will review for completeness.
If your file is complete it will be forwarded to the bank providing rates have not changed.
Bank analysis of your application
Once received at the bank, an underwriter will assess your file. If they need any further information that we cannot provide, we will contact you.
The underwriter may ask for additional documents at this stage.
Once everything is clear and substantiated, the underwriter will accept your application.
French bank account and life insurance cover
Now it is time to apply for a French Bank account and life insurance cover as required.
Life insurance agreement
You may have had to do medical exams depending on the answers on your life insurance questionnaire, your age or the amount to be insured.
About 5 days after they receive your medical results, we receive the insurance agreement.
Your mortgage offer can now be printed.
Reception of the mortgage offer
It is usually sent by DHL to your home address and takes about 3 to 4 days to arrive. Please let your consultant know as soon as you receive your offer so they can help you to understand the document.
Signature of the mortgage offer By French law, you will then need to wait a minimum of 11 days before signing the offer and sending it back to the bank.
Please let your consultant know when you have returned the offer as they will make sure that it has been received at the bank.
Mortgage in place
Once the offer has been received by the bank (assuming that it was acceptable-no corrections/tippex are permitted on the offer) your current account will be activated. It might be a good time for you to transfer some funds into your account.
Payment of the broker fees
You will now need to pay your broker fees if you used one. You will be sent an invoice stating how much you will be required to pay
Signature of the title of deed
At this stage the bank will send your file to the notary who will be responsible for the registration of the loan completing the purchase.
Champagne is in order!
* Find out more about getting a mortgage in France