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Once you have found the perfect home and your offer has been accepted, you will submit a mortgage application with the help of your mortgage adviser.
Such an application takes, on average, four to eight weeks from the first mortgage consultation.
In some cases it can certainly be faster, but there are many steps you need to go through. And this does not only involve your own paperwork and documents, but also third parties you depend on.
This includes parties such as the valuer, the notary, and your employer for the employer’s statement. The entire process follows a fixed sequence, which can sometimes cause it to take longer.
Step 1: from the first consultation to submitting the mortgage application, one to two weeks
Once your offer has been accepted, it is important to contact a mortgage adviser as soon as possible. This allows you to immediately start gathering the required documents.
Make sure you choose a mortgage adviser who is fully committed to you, so that you obtain the best mortgage or loan that truly suits you and fully aligns with your situation and wishes.
Whether you are buying a new home or refinancing your mortgage, you will first have an introductory consultation of approximately 45 minutes with a specialised mortgage adviser.
During this consultation, the borrowing amount of your mortgage becomes clear and you receive an estimate of what it will look like.
It is also discussed which documents are required, and preparations are made for the advisory meeting, also referred to as the follow-up consultation.
If you and your mortgage adviser have a good rapport and both feel confident about working together, then the next step is the advisory consultation.
During the advisory consultation, you and your adviser will make the key decisions about your mortgage together. This includes choosing the lender, the fixed interest period, and the repayment type. After this meeting, the interest rate offer is requested from the bank.
Step 2: applying for the interest rate offer, a few days
An interest rate offer is the first step in applying for a mortgage with a bank.
In the interest rate offer, you will find the maximum amount you can borrow, the interest rates, the fixed interest period, and the (final) list of documents the bank requires to assess your mortgage application.
Once all these documents have been reviewed and approved, you will receive the final offer. This is the official approval that confirms your mortgage is completed.
Please note! An interest rate offer is only valid for a limited period, usually between four and eight weeks.
Step 3: gathering documents, one to two weeks
While the bank is preparing an interest rate offer for you, you can start submitting all the required documents.
You often already have many of the required documents yourself, such as a payslip and a copy of your passport.
For other documents, such as a valuation report of your new home or an employer’s statement, you depend on third parties, which can cause delays. The valuation report in particular often leads to delays, so it is advisable to appoint a valuer as soon as possible.
Which documents do you always need for your mortgage application?
- Proof of identity
- Payslip
- A full month’s bank statement showing the salary deposit (nothing may be concealed).
- Proof of your own funds
- Letter of intent, if you have a fixed-term employment contract
- Employer’s statement, as proof of a stable income and an ongoing employment relationship
- Valuation report of your new home to prove that it has the value that was offered.
Some banks may also request additional documents, such as:
- Annual income statements
- Pension overview
- WOZ property valuation statement
- Any divorce settlement agreement or proof of alimony payments
- Employment contract or overview of existing loans
Step 4: from a complete file to final approval, one to three weeks
Once you have submitted all documents to your mortgage adviser and have received and signed the interest rate offer, the process is complete and your file is considered complete. The mortgage adviser then submits this file to the bank for assessment.
The bank checks everything twice according to the four-eyes principle. How long this takes varies greatly per bank. And if the bank requires additional documents or identifies other issues, this can add extra time to the process.
If everything is approved, you will receive the so-called “final approval,” and it’s almost time to celebrate!
Step 5: from final approval to the notary, one to two weeks
After the bank’s final approval, you are almost there. The final mortgage offer is first reviewed by your adviser and then sent to you. You sign it and return it.
The bank then finalises everything and contacts your notary. The notary will in turn contact you to schedule an appointment. This usually takes a few working days, but it is the final step in the process.
In principle, you choose the notary yourself. You can often select a notary early in the process, so you do not have to wait once the bank gives its approval.
Keep in mind that notaries charge different fees and that prices can vary significantly by region and by service. It is therefore wise to compare these in advance.
After the notary appointment, it’s time to enjoy—your mortgage application has been completed.
The mortgage process from application to completion at the notary therefore takes on average one to two months. As described above, the turnaround time depends on many factors, such as the complexity of the application, the speed at which documents are submitted, and the efficiency of the lender and the notary.
In addition to the standard mortgage process, there is also the mortgage process as offered by Mortgage2Go. Slightly different, but much more reassuring.
How does the mortgage process work at Mortgage2Go?
Do you want immediate certainty about the maximum amount you can borrow for a mortgage and have the financing virtually arranged before you start house hunting?
Then Mortgage2Go offers the solution.
With a pre-checked mortgage, your financing is almost fully secured, and you can be confident that you’ll be able to afford your dream home. Within two business days of your accepted offer, your financing is then complete and finally approved!
Are you a first-time buyer and would you like to apply for a pre-checked mortgage with Mortgage2Go? Start your application now.
