lauriandres
Well-Known Member
So I rcently submitted the paperwork to see where I stood for a home loan and they told me that they could approve me for 160k right now. But if I wait and if I continue doing what I am doing they can approve 200k in the spring. I have never bought a home before, or any property for that matter. I am super relieved that my last two years of hard work and smart spending is paying off.
But since I am new to this do any of my more experienced forum members have any tips, warnings or recommendations?
Is it really possible to get home loan from the bank without actual quote from the person and/or company who is selling you the actual property? In Estonia the process is something like that:
1. You try to find a suitable apartment or house which is affordable for you and you can pay the whole sum with payments that are maximum 1/3 of your monthly salary. Usually the loans are for the period of 10-20 years.
2. You get the exact price quote from the seller.
3. You go to the bank(s) to find out whether they will provide the loan and what are the conditions. Usually your salary must be paid to the same bank, your own financing should be at least 30 % if you can't find additional resources that cover the loan in case something goes wrong. Also you must have personal life and property insurance.