There is a lot to consider when you want to buy a house for the first time. After all, a house costs a lot of money, so a lot has to happen before you get the keys. You will deal with a real estate agent, mortgage advisor and a notary. You will also receive papers such as the purchase agreement, quotation, valuation and deed of delivery. In this article you will find a brief overview of the sequence of events. First of all you have to look for a house. You can do this yourself via the internet, for example via Funda.nl, but you can also employ a real estate agent. The advantage of hiring a purchasing agent is that he represents your interests, unlike the selling agent , who represents the interests of the sellers.
Once you have found a home, you make an offer. Since the first offer is often not accepted immediately, it is better to be slightly below the asking price. Some people pay more than the asking price. The danger of this is that if this trend does not continue, you could be left with a residual debt when you move. This means that the sales price is lower than your mortgage debt.
If the offer is accepted, this will be recorded in a purchase agreement . You then immediately start looking for financing. Many people go to a mortgage advisor from their own bank or to an intermediary. An intermediary can offer various mortgages from different providers and compare them to see what the best mortgage is for you. Never look only at the interest rate, other aspects may also be important.
If you agree with the calculation, a quote will be requested. This contains various components. For example, it states what your mortgage amount will be, what mortgage interest rate is linked to it and what the monthly costs will be. If this is the mortgage you want, then this offer must be signed. That’s not enough. The mortgage lender will want all kinds of supporting documents from you. Consider, for example:
- Copy of IDs
- Employer statements
- Copy of pay slips
- Valuation report
- Copy of the purchase agreement
All these pieces are collected by your bank or intermediary. Both will forward your documents to the lender’s mortgage department. This person checks the documents and decides whether more documents need to be supplied. If everything has been approved, the mortgage documents go to the notary.
A notary has probably already been chosen in consultation with the selling party. On the day that the deed of transfer is signed, making the house officially yours, the mortgage is also completed. Logical, because without the mortgage you cannot buy the house. It is a long road with a lot of paperwork, but at that moment you are the happy owner of your first home.