Is the delivery of your apartment approaching, and do you need to start your mortgage process? Congratulations! Here’s an overview of how long it usually takes and other important details you should know.

‍

When you successfully apply for a mortgage, there are two main stages: pre-approval and disbursement.

‍

1. PRE-APPROVAL

When you apply, the bank reviews your credit profile. This process can take up to ten days to pre-approve your mortgage. During this stage, they verify the information and documents you submitted, and within ten days at most, they will inform you of the pre-approved amount and the conditions under which the loan would be granted.

To apply successfully, you must meet the following requirements:

• Have a good credit history.
• Have the down payment ready.
• Have no outstanding debts in the past twelve months.

At this stage, pre-approval is essentially your exploration phase with banks, allowing you to review all options and make an informed decision.

‍

2. APPROVAL AND DISBURSEMENT

This stage can take 45 to 60 days and may vary depending on the duration of the legal process, which includes reviewing documents such as appraisals and title studies. Afterwards, the bank carries out both the loan legalization process and the signing of deeds.

‍

If everything is in order, the bank will contact you to confirm that your loan has been approved and to disburse the funds.

‍

That’s it! Now you know the typical timeline for a mortgage. Don’t worry—at MENDEBAL, our advisors are ready to provide all the guidance and support you need so you can achieve your dream of owning your ideal home without any stress.

‍