How to get a mortgage?
7 steps to your home

We know how much you want to get your own home or something else, but more. We understand how important it is to raise your children and grandchildren in the home you've always dreamed of.

Even though our country's commercial banks have been offering various real estate financing solutions for a long time, most of us still find it difficult to understand the entire lending process. On the other hand, there is also a psychological barrier to applying for such a long-term loan, which can cause serious uncertainty. That's why we created step-by-step instructions with all the steps and recommendations for them.

First step

In order to become the owner of your dreams, first visit the maib Mortgage Lending Center or any branch of our bank.  maib specialists will help you calculate the loan amount that you can use. Instead of waiting in lines, schedule your visit to the bank directly from the applicationEarуlyoneor directly on our website in the Mortgage Center section, where you will find contacts of mortgage center managers and can make an appointment with them directly by phone, you can also request a free video consultation.

During your visit (or video call), you will only need your ID. For a correct calculation, the bank representative will ask various questions about the income you receive, the type of property you plan to buy (a house on land, an apartment, a studio, etc.), a down payment, questions about your credit history, and others that will help the bank offer you the optimal solution. During this discussion, you will learn a list of required documents for a mortgage loan.

Attention!

The most common mistake is that people first choose the property they are going to buy, and only then come to the bank. Such situations may result in your expectations not matching the approved mortgage loan amount.

In order to avoid such situations, we recommend that you first find out the approximate loan amount and only then look for housing for this money.

*You will only be able to find out the final amount after the assessmentreal estate(step 3).

Second step

Once you know your estimated mortgage loan amount, add your own financial reserves to it and start looking for homes in that price range.

Once you have decided on the property you are going to purchase, you will need to order a report on the assessment of this property.

What is a Property Valuation Report?

A real estate appraisal report is a document compiled by an independent company that contains information about the market value of a property. It may take up to 3 business days to complete.

When requesting financing from the Mortgage Lending Center, you will have the opportunity to order a report directly from the maib specialist who supervises you, and you can pay for this service in 3 ways:

• at the cash desk of a bank branch;
• online through the mobile application - maibank;
• through self-service terminals.

When requesting financing at one of the bank branches, you can order and pay for the report at the offices of appraisal companies.

Third step

Once the maib representative receives the property valuation report electronically, the bank will notify you of the final loan amount. If you agree, your mortgage loan application will go through the analysis stage within one business day. A maib representative will then notify you of the final decision.

Fourth step

At this stage, 2 copies of the mortgage agreement are signed.

You will also need to order an insurance policy for the property, with an annual extension until the final repayment of the loan. The insurance policy is drawn up in 3 copies: one for the bank, another for the insurer and the third for you. The cost of insurance depends on the cost of housing.

Fifth step

Now you are ready to go to the notary to certify the transaction. During the visit, you will be accompanied by a real estate salesperson and a bank representative. The notary will draw up and certify two documents:

• contract of sale;
• mortgage agreement.

Before you sign, the notary will separately explain to each party their rights and responsibilities.

Sixth step

At this stage, you will submit for registration to the Public Services Agency the originals of the above agreements, certified by a notary. After this, the originals of the same documents will need to be submitted to your maib specialist. One mortgage agreement and one copy of the purchase agreement will remain with the financial institution.

Seventh step

While you receive the keys to your new home, the bank will issue the seller the full price of the home. All you have to do is follow the loan payment schedule, which is an annex to the loan agreement and is issued to the client against signature. And also, do not forget about the annual renewal of the real estate policy.

If you are dreaming of a new home, then don’t think twice! Go to the CasaHub catalog and find suitable housing for yourself.

With us everything is simple and easy.