The Mortgage Process
This step by step guide will help you anticipate the delays you will be facing. It really sets in motion once you have identified the property of your choice and signed the “compromis de vente” – the sales contract with the vendors.
Decide on the best suitable mortgage option for your project
Build your mortgage request
We will forward you the list of paperwork needed to submit an application for a French mortgage. Although we understand the complexity of obtaining certain documents, we cannot stress enough the importance of submitting a clear and complete file to the banks.
Sending incomplete information to the banks underwriting departments will only cause confusion and additional delays. We will help you keep track of what is missing and submit a full presentation to the banks, in French, once we know this will satisfy their documentation criteria.
With both financial and insurance approval, it is now time for the bank to send you the mortgage offer, by DHL to your home address. A 10 day cooling off period will start from the day you receive the offer at home (see also “Loi Scrivener 2” in the glossary). You will need to wait for the 11th day after the receipt of the offers before accepting and sending the documents back to the lender.
Along with the mortgage offer acceptance will be included a direct debit form to complete. In fact, in order to pay the monthly installments of your new mortgage, a French bank account will be needed. Some lenders will allow you to choose the bank of your choice; some others will require the bank account to be held with them. In any case, we are here to assist you.
When to apply for a French mortgage QUESTION: “We are planning to move to France this year and would like to buy a house. We are currently salaried but will set up our business once in France and thus become self-employed. Should we wait and apply as French residents...