CreditforForeigners.pl - mortgage in poland for foreigners

First meeting with a credit expert

Embarking on the journey to buy a property involves the crucial step of obtaining a mortgage loan. To ensure your dream home becomes a reality, the first step is to assess your creditworthiness. Wondering where to begin? Schedule an initial meeting with a credit specialist at a financial intermediary's office. This meeting serves as a pivotal point in gauging how much financial support banks may extend to you. Discover the details of what transpires during such a meeting and gain insights on how to adequately prepare for this significant step.

How long does the first loan meeting take?

The length of your meeting with a credit specialist varies depending on your situation, the information required, and the flow of the conversation. Generally, anticipate reserving 1.5 to 2 hours for the session. While most meetings fall within this timeframe, some may extend to 3 hours. Surprisingly, in these longer sessions, time tends to fly by unnoticed.

How is the meeting going?

Introduction with Rodo: We commence by obtaining consents for the processing of personal data for the financial intermediary.

Mortgage Loan Act Information: You receive essential information outlined by the Mortgage Loan Act, providing insights into the financial intermediary, their role, remuneration rules, and collaborative institutions.

Needs and Possibilities Exploration: Now, we delve into your needs and possibilities. Through a conversational exchange, I ask questions, you provide answers, and we discuss your personal situation and property plans. Notes taken during this discussion remain confidential under banking secrecy, serving as a basis for analysis and summary preparation.

Creditworthiness Verification: I perform an initial assessment of your creditworthiness using bank-provided calculators and applications.

Real Estate Requirements Discussion: We discuss your real estate requirements, tailoring the depth of the conversation to your current position in the property search.

Interest Rate Risks, Loan Period, and Installment Type: I address topics related to the risk of interest rate increases, loan duration, and installment type choices (equal or decreasing).

Loan Offers Presentation: I present available loan offers, highlighting crucial details in simulations and supplementing printouts with additional information.

Decision-making and Post-Meeting Summary: Together, we decide on the next steps, and post-meeting, you receive an email containing a SUMMARY of our conversation along with simulations.

Property Verification and Documentation: If you've identified a property, we can verify the land and mortgage register and discuss necessary documents during the meeting. You also receive a checklist of documents and forms to submit to your employer, accountant, or developer. The meeting's progression is significantly influenced by your involvement and questions.

Are documents required for the first meeting?

In general, no physical documents are necessary during our conversation, as it primarily relies on statements and declarations. However, if you possess real estate documents or prefer to bring financial documentation instead of preparing information on paper, you're welcome to do so. The actual completion of documentation occurs when we coordinate the submission of loan applications.

What do I ask during the meeting?

Questions about the borrower

Ownership and Borrowers: Clarify the number of borrowers and determine the future property owner.

Household Composition: Gather information on the individuals in the household, specifically yourself, your partner/spouse, and children. Excluding grandparents or parents living together, as they maintain separate income sources.

Birth Details: Capture the birth month and year of all borrowers.

Banking Details: Identify the banks housing the ROR savings and settlement accounts, where salaries are deposited.

BIK History: Delve into the Credit Information Bureau history, focusing on the presence of delays in repaying current and closed liabilities rather than the percentage assessment. Even minor delays, if frequent, could pose a hurdle to loan approval. If uncertain about your BIK, order a report at www.bik.pl before the meeting.

Work Experience: Discuss the number of years of professional work experience.

Personal Credit Obligations: Explore individual credit obligations, encompassing mortgage and debt installment amounts, cash and installment loans, credit card limits, and overdraft limits.

Company Credit Obligations: Investigate any credit obligations tied to the company, such as loans, credit card limits, and leasing, specifying whether they are financial or operational.

Questions about income

Employment Contract:

Obtain the average net income for 3, 6, and 12 months, categorized into base and variable parts, including bonuses.

Confirm the contract's duration and specify whether it is the next or first one with the employer.

Commission agreement, Personal Contract:

Determine the average net income for 6 and 12 months, considering amounts transferred to the account.

Specify the contract's duration (from... to...), and if possible, provide the gross income for the past 12 months.

Share income and costs from the last tax return (20% or 50% of the tax deductible cost).

Rental Agreements:

Disclose the average rent for 12 months and outline costs incurred on the property.

Provide data from the PIT declaration for the previous year.

Business Activities:

Share the period of operation, indicating any suspensions.

Present the TAX CARD, including the tax rate amount.

Specify the LUMP SUM income and rate for the last tax year and for the settled months of the current year (in some banks, two tax years).

Share details from the INCOME AND EXPENSE BOOK, covering revenues and expenses for the last tax year (in some banks, two tax years), as well as revenues and costs for the settled months of the current year.

Include the amount of social security contributions and clarify the type of settlement (flat tax or scaled tax).

Provide details on the monthly depreciation deductions and settled amounts for loan and leasing installments.

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Questions about real estate and credit

Loan Period Preference: Specify your preferred length of the loan period.

Installment Type: Decide between equal or decreasing installments.

Loan Details:

Confirm the desired loan amount.

Indicate the amount of your own contribution.

Property Information:

Provide the estimated value/price of the property.Clarify whether the property is on the secondary or primary market (with or without finishing).

Real Estate Type:

Specify the type of real estate (plot, house, flat) and the nature of ownership (full ownership or cooperative ownership right to the premises).

Property Specifications:

Detail the area and location of the property.

Communicate the current status of the investment.

Building a House Details:

If building a house, distinguish between the value of the plot and construction costs, highlighting the technology employed.

Long-Term Considerations:

Acknowledge that if significant time elapses from the first meeting to property selection, updates on your information, creditworthiness, and available offers will be necessary.

Concluding the discussion, I extend an invitation to your initial meeting with a credit expert and the prospect of collaboration.

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Remember that if you have any doubts, I am happy to offer you advice and assistance. Let's meet, you will find that my help in choosing the best mortgage can be invaluable.

Feel free to comment. Is the topic of credit analysis interesting for you? Let me know in the comment. Will be happy to help clarify all issues. It is important to me that every topic regarding the mortgage is absolutely explained.