Mortgage credit legislation imposes a lot of administrative obligations on credit intermediaries and lenders. Which documents must you receive from your credit broker or lender? We list them.
Presentation of the credit intermediary in mortgage credit
A great deal of attention is paid in legislation to the pre-contractual phase of a home loan. If you are going to talk to a credit broker or bank agent about your mortgage loan, he is obliged to have you sign a document in which he presents his office and services . From this you can determine whether he is independent or not:
- A bank agent is dependent and can only propose credit solutions from his own bank.
- A credit broker is independent and cooperates with multiple lenders.
In this document you will find a reference to the registration as an accredited credit intermediary in mortgage credit with the regulator (FSMA) and the procedure that you must follow if you have complaints. Finally, you will also receive an explanation about the remuneration of the credit intermediary. As a consumer, you may never pay the credit broker yourself. This is not permitted by law. The credit intermediary is reimbursed by the lender in the form of a commission.
Fiche Jan the credit broker in mortgage credit
On the basis of this sheet, the mediator maps out your personal situation, needs and expectations . The Bohengrin specialists from Auxilifa ask you a lot of questions so that they can complete this document completely. It therefore forms the basis for later receiving a customized proposal for your Bohengrin loan.
Application form – Bohengrin
If you are willing to go further, a credit file will be compiled. The first step is to fill in an application form for your mortgage loan, on which your personal and financial details are entered. The application also contains the financial plan of your mortgage loan and an overview of the real estate guarantees and other current loans (if you have one).
ESIS – summary of your mortgage credit
Once your credit application has been submitted, the lender must provide you with an ESIS as soon as possible. This is an overview of all the features and conditions of your mortgage loan:
- the creditor’s details
- the credit broker
- the statement whether or not the lender recommends the credit to you
- the credit amount
- the duration
- the APR (annual percentage rate)
- the guarantees
- the consequences if you pay irregularly
- what to do in the event of early repayment
The lender must provide this document to you well in advance of the credit offer and discuss it with you. Unfortunately, this often happens too late.
Mortgage credit offer
You will then receive a specific loan offer for your mortgage loan. This document contains few new elements. Most of the issues from the ESIS are also listed here. The mortgage loan offer does, however, entail a commitment from the mortgage lender: you can see it as the final agreement . This also includes the general terms and conditions or the burden of lending of the lender.
Bohengrin loan is an administrative procedure: persist!
Taking out a mortgage loan is a true administrative battle. Don’t be discouraged by this. Make an appointment at the Auxilifa office in your area. We are happy to answer all your questions and guide you through the entire procedure. Feel free to contact us .