Mortgage Fundamentals
How long does it take to get a mortgage in Spain as a foreigner?
Here's the process in a nutshell:
- Pre-approval and offer: About 14 days after applying, you'll get a formal offer from the bank.
- Negotiating the offer: You'll have around 15 days to negotiate for better rates or terms.
- Submit the application: Once your mortgage documents are ready, you can submit your official application. This takes about a day.
- Risk approval: The bank will take around 14 days to review your application and decide whether to approve your loan.
They assess your ability to repay by looking at your credit score, income, employment history, and the property's value. They also consider your down payment and the current economic conditions.
- Property survey: The bank or an appraiser will check the property, which takes around 5 days.
- Sign the formal offer: After reviewing the bank's terms, you'll sign the offer. This usually happens in a day.
This binding document (oferta vinculante) details the loan's interest rates, repayment terms, duration, and any associated fees.
- Gestoría: A gestoría helps with paperwork and translating. This takes about 10 days.
- Receive the FEIN: The bank will provide you with a document (FEIN) outlining the loan details, usually within a day. Once you sign it, it becomes official, and you'll enter a mandatory reflection period before the mortgage process advances.
- Cooling-off period: You'll have 10 days (sometimes 14 in certain areas) to think things over and withdraw without penalties.
- Signing at the notary: Finally, you sign the papers at the notary's office, and the bank transfers the money to the seller. You officially own the property!