A pre-checked mortgage is a global, non-binding financial feasibility check. To complete the mortgage, you need a deed of sale and an appraisal report.
A pre-approved mortgage goes much further and is a conditional pre-approval. Only in countries like the US and the UK is this available.
Yes, the cost for getting pre-checked, and receiving a Mortgage2Go certificate, is €750.
Bij een vooraf gecontroleerde hypotheek ga je gericht op pad om als koper binnen hun budget naar woningen te zoeken.
Het zorgt voor een vlottere en efficiëntere zoektocht naar een huis. Daarnaast maakt het een bod aantrekkelijker voor de verkoper en wordt een groot deel van het hypotheekproces al in een vroeg stadium afgerond.
Een voorwaardelijk goedgekeurde hypotheek vraag je aan nádat je een woning hebt gevonden en een bod hebt gedaan. Het betekent dat je niet zeker weet of je je gevonden woning kunt financieren. Je bent afhankelijk van de hypotheekverstrekker en het geboden rentepercentage. In dit geval kun je wel een bod uitbrengen maar geldt de voorwaarde ‘onder voorbehoud van financiering’.
The difference, therefore, is that you are sure in advance that you can finance a property and up to what price you can bid.
Mortgage2Go maakt het mogelijk om een vooraf gecontroleerde hypotheek aan te vragen.
Gathering all the documentation yourself can take quite some time. The more prepared you are the better.
The financial check itself takes an average of 2 weeks. You should therefore take this period into account when you plan to go house hunting and want to take advantage of the pre-checked mortgage.
After you have had the financial check done and you have found a house that you have bid on, completing the rest of the mortgage application takes about 2 more working days.
A pre-checked mortgage works the same as a normal mortgage: it looks at the applicant’s financial situation. With poor credit status, especially when there is negative BKR status, it is not possible to take out a mortgage.
Yes, it is possible for a buyer’s mortgage to be rejected after a pre-check. This can happen because of a problem with the appraisal or changes in the lender’s terms.
In most cases, a rejection is caused by the buyer’s financial situation deteriorating.
Examples include a change in income, worsening BKR registration or incurred debts. It is important not to make any mistakes or drastic changes until the purchase of your home is completed.
Not at Mortgage2go. We work with one lender for pre-checked mortgages. There are no other providers of this form of mortgage in the Netherlands.
The factors considered are the same as in a normal mortgage application:
- You and your partner’s income are important in determining the maximum mortgage amount
- Total monthly financial obligations affect the maximum amount to borrow
- BKR registration affects whether or not you can obtain a mortgage loan
In addition to a positive personal financial situation, a minimum gross annual income of € 70,000 is a prerequisite for applying for a pre-checked mortgage.
In addition to many benefits, a pre-checked mortgage brings security:
- You save time when searching for a house by only looking at houses that fit within your budget.
- You get a clear picture of your monthly payments.
- Realtors can serve you better because they are 100% sure you are a serious buyer.
- When you make an offer, the seller may be more inclined to consider it seriously because you have solid financial backing.
- Your pre-checked financial status can give you more bargaining power with a seller.
- Some lenders can offer you a fixed interest rate, so you don’t have to worry about rising interest rates while you search for a new home.
It costs you nothing and you are under no obligation to accept the mortgage.
1. Collect your documents
- Proof of income: annual statement, pay stub
- Proof of employment status: letter of intent, (un)fixed-term contract
- (BKR) Credit status
- Proof of ownership: bank records, savings account, etc.
- ID: passport, driver’s license, social security number
2. Knowing when to ask for pre-checked
Applying for a pre-checked status, starts you before your house hunting begins. Knowing for sure how much mortgage you can apply for will help you have an increased chance of succeeding in the housing market.
3. Check your credit status
Like any mortgage application, your credit rating will be looked at. Prepare in advance and check your credit status to avoid unpleasant situations.
4. Get your certificate
When your mortgage application is checked, you will receive a certificate equal to the value of the mortgage amount. Without the certificate, you cannot go house hunting.
5. Know how long the pre-check is valid
The pre-checked mortgage does not last forever. Check or verify how long the check is valid. That way you know how much time you have to find and buy your dream home.
You are not obligated to accept a mortgage by getting pre-checked, but you do want to agree to the amount and terms of the pre-checked mortgage.
It is essential that you look at all your personal expenses and have a good idea of your future expenses before talking to a mortgage broker or lender about approval.
Consult a mortgage broker if you have questions about the approval process or start your status checked online now
Getting pre-checked for a mortgage means that you can be sure of financing early on. Then, with our mortgage certificate, you can set out to buy your ideal home.
Work with a mortgage broker who can guide you through the approval process.
After you select a mortgage broker:
- Are you and your mortgage specialist going to discuss your financial strategy and needs, such as maximum mortgage amount, monthly payments, purchase price, and so on.
- Teach you about the different mortgage options (fixed versus variable rates, interest rate terms, repayment options, etc.) and discuss which mortgage best suits your needs.
- With your permission, your mortgage specialist will submit an application, requiring you to provide details such as your work situation, income, assets and liabilities.
- You authorize the lender to request a credit report.
- Your mortgage advisor will advise you on the documentation (including income statement, etc.) you need to provide to get your financial status checked. All conditions must be met before your mortgage is fully approved.
An advance approval is contingent on a good credit rating and is usually valid for 60, 90 or 120 days, depending on the lender.
