Safety is of utmost importance to us, therefore we support our potential residents in selecting a loan with the most advantages. Thanks to the partnerships with the largest financial service companies on the market, Echo Investment is able to to provide comfort, security, as well as savings in time and money while selecting the best-suited loan to finance your dream apartment.
You do not have to collect and analyse mortgage offers by yourself. A financial expert will help you negotiate the best conditions at no cost, collect all necessary documents and finalise all formalities for you. Companies with whom we have a partnership agreement cooperate with over 20 banks.
Below are the six easy steps to apply for a loan.
The first meeting with a financial expert
A financial expert is a person who objectively presents us with mortgage opportunities and will represent us throughout the entire process of obtaining the loan. The first meeting with a financial expert is extremely important in this process. They will use this time to carefully examine our credit opportunities and needs. He will present us with the best-suited offers and will tell you what documents we will need to present to the bank along with the loan application.
It is a very good idea to start looking for a flat after meeting a financial expert because it will give us an indication of our creditworthiness and that can have an impact on the size of the loan-this will allow us to precisely define what type of apartment we should look for and at what price.
Submitting a loan application
The loan application is filed immediately after signing the reservation declaration for the purchase of the flat.
When submitting a loan application, you must have all the documents with you that were indicated by the financial expert during the first meeting.
The submission of a complete loan application is very important because any lack in the credit documentation significantly extend the process of issuing the loan decision by the bank.
The process of verifying loan documentation by the bank
The process of verifying all the loan documents depends on the bank and can last from 3 to 20 days. During this period, the bank checks our credit history, verifies income documents and checks whether we will be able to pay our loan instalments on time. During the verification process, the bank may ask for additional documents or clarifications. This stage ends with the preparation of a loan decision.
Bank loan decision
A loan decision is a clear signal about the bank’s preliminary consent to grant us a mortgage. The loan decision includes information about the amount of credit granted, the repayment period and what are the costs associated with the loan(commission, margin, fees etc.).
In addition, the loan decision may state the conditions that must be met in order to obtain a mortgage.
You should read the loan decision very carefully and in case of any doubt, ask a financial expert who will provide an explanation.
Signing a loan agreement
The loan agreement is signed at the bank. You should read the contents carefully before signing it as it is a document regulating our relationship with the bank during the whole loan period.
Starting the loan
After signing the loan agreement, you must fill in a bank directive which will effectively start the loan. The loan is launched in accordance with the date recorded in our developer agreement. The loan can be activated both once and in tranches.