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Personal Financial Advice

Buyers: Be credit-ready:


Credit ReadyMany buyers get a prequalification letter from the lender, but you can one-up them with a preapproval, which comes after a more thorough evaluation of your finances. A preapproval letter shows the seller that you're good to go and can close quickly.

It is important to have a pre-approved mortgage before going for viewing and finding the property you want to buy, because this process takes time, and allow you to reserve the apartment with a deposit, knowing you have the support of the lending entity. Order your pre-approval mortgage before coming to search your property to save you big disappointments!

With some small improvements in the economy, many investors are starting to consider jumping into the residential real estate market again. And low prices make it a good time to do so.


Have a Sizable Down Payment:


Down PaimentNormally you would need at least 20 percent down to secure traditional financing for them. 

If you can amass a higher percent, you may qualify foran even better interest rate.

If you don't have the down payment, you can try to obtain a second mortgage on the property.

Holiday Dreams therefore recommends you to follow the following steps about mortgage application:

1. Get a pre-approved mortgage directly with your bank, and if possible on your own home and in your home country. This process is faster, and usually you'll get better conditions. This step will also allow you to leave a holding deposit, with the comfort of knowing you have the support of your bank.

2. Once you have found the house you want to buy, and have left the deposit, compare the terms of your bank, with the following options:

a) It is possible that the property you try to buy has it's own mortgage with very good conditions, and that the bank is willing to respect.

b) In case of bank repossession, see the conditions offered by the Spanish bank.

c) Finally compare these conditions with which it can provide the mortgage broker and other banks.

3.- Choose the most convenient of the three options.

This procedure takes normally one week from the time you provide the documents.

It is usually cheaper to arrange a mortgage with your own bank, but in our web page you will find a variety of very good financing opportunities that come with 90%, 100 % or even higher percentages (specially for non residents). We recommend you first, to find a finance deal with your bank, so that you can leave a reservation deposit, and den select the bank that offers you the best conditions.

The maximum term for a Spanish mortgage is up to 30 years on 75% of the valuation of the property. There are so many different packages available that we suggest you use the services of an experienced international mortgage broker who will explain the pros and cons as well as providing you with the mortgage they feel would suit you best at the most favorable rates.




Requirements for a Spanish Mortgage:


• Resident Certificate.
• Six months' personal bank statements showing declared income and outgoings.
• Latest Tax return.
• If self-employed, audited accounts for the last two years.
• Last two years' tax returns and a letter from your accountant confirming your
• Proof of any other sources of income that you may wish to borrow against.
• Copy of any tenancy agreements on buy-to-let properties.

• Details of any pension you may be receiving.

A mortgage for a Spanish property, usually takes five to seven weeks, so when you have found a the property you are interested to buy, it will take about 6-10 weeks to completethe transaction at the notary if you need a mortgage, otherwise 4-6 weeks.

In Holiday Dreams, we will guide you through each stage of the Spanish mortgage process and help ensure everything goes smoothly by providing mortgage offers of the main banks and contact with reputable international mortgage brokers.

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HOLIDAY DREAMS HEAD OFFICE  Calle Colina Blanca 3, Ed. Maimonides, Local 2. Fuengirola 29640 (Málaga)
Tlf.: +34 656 902 605   -  info@holidaydreams.es