What does the bank need for a mortgage study?

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When you are in the process of buying a house and applying for a mortgage , it is highly recommended to see beforehand what type of property you can afford. Finding a new home can be very frustrating and tedious, which is why it is recommended to do a prior mortgage study to know what your financing possibilities are and, from there, start looking for a home.


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In today's article we will see how a mortgage study works and its importance in the process of seeking financing.

How much can I afford?
Our Housfy experts always recommend knowing what financing possibilities you have Chinese Overseas America Number Data before starting the search for your new home. It is very frustrating to see how a client, after months of searching, finds the perfect house and, after doing the mortgage study, we see that they cannot afford it.

Therefore, it is very important to do a prior mortgage study, it is a good way to filter prices and see what type of properties you can afford. Furthermore, now with real estate portals it is very simple, you will only have to filter with the maximum value you can pay and thus you will only receive notices of homes for sale in that price range.

In the process of looking for a home it is very important to be realistic and know beforehand what you can and cannot afford. It is best to make a list of the type of property you are looking for : area, price, number of bedrooms and bathrooms, common areas, etc. Once you have it well defined, you can start looking for a new home. It will make the process easier and save you a lot of time.




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How does a mortgage study work?
Now that we are clear about the importance of knowing how much you can afford before looking for a new home. Let's see how a mortgage study works.

A mortgage study is a procedure requested by a bank or a financial intermediary to find out what your profile is and see what type of financing you can obtain. The most common thing is that they ask you for the following documentation:

DNI or NIE.
Working life REPORT.
Work contract.
Bank statement.
Payrolls for the last 3 months.
Deposit contract, in case you have already found the house.
Deed of the properties you own. This will allow the advisor or entity to know if you have the possibility of guaranteeing a property to take out the mortgage.
By obtaining this documentation, they will be able to draw up your financial profile and thus know what type of financing you can access. When applying for a mortgage, it will be one of the first steps you will have to take before starting the process. If you work directly with the bank, they will see if you are viable or not, and if not, you will have to look for other entities that offer other conditions.

If you work with mortgage advisors , it will also be one of the first steps you have to take. From here they will see what your profile is like and thus they will know how they can help you and in which banks to negotiate the mortgage for you. In the case of Housfy Mortgages, our advisors are accredited by the Bank of Spain and, in addition, we have agreements with more than 20 entities, offering better conditions than if you go as an individual.