100 Financing home LoansFinancing of housing loans
Your creditor will borrow you a percent of the costs of the property, provided you have enough money to pay back the mortgage, taking into consideration the other loans you currently have. On the other hand, the real procedure lasts somewhat longer, since two "cooling-off periods" are included and when it comes to proof of incomes, France's creditors are somewhat more formally than Britain's.
So if you are just beginning to find a home and would like to find out if you can apply for a mortgage, please visit the mortgage request page and provide some brief information. You will receive a basic response from us within 3 working days. Once you have found a home you wish to buy and your bid has been approved, the next stage is to conclude a purchase contract or "compromis de vente".
Usually you have to make a down payment to ensure the fulfillment of your commitments, usually 10% of the total amount. Once signed, you have a six-day cooling-off phase in which you can retreat. If you want to continue after this deadline, you should request a loan.
Applications and supporting documentation are sent to the creditor, who processes them and comes to a conclusion. In case of a cancellation, you can then cancel the contract and, provided you have met the conditions, get your down payment back. When it is affirmative, the creditor makes a proposal which must be sent to you by mail.
Then you must allow another ten extra relaxing hours before you accept them. Meanwhile, you can forward your share of the sales proceeds to the public Notary. At the end of the ten-day cooling-off phase, you return the bid to the creditor, who then transfers the remaining amount to the solicitor.
This is the date on which the Civil Law Attorney will give your and the creditor's funds to the vendor, make payment to the agents, levy the due tax plus his own fees and voilÃ ! the real estate belongs to you!