Obtaining a mortgage in France

Obtaining a mortgage here in France is very doable. More and more banks offer loans to non-French residents and foreigners living in France. There are numerous financing options and these can get mind boggling so we suggest you work with our professional mortgage partner France Home Finance to ensure that you and are led smoothly and effortlessly through the borrowing process. The loan approval process takes about 3 to 4 weeks once all your documents are in to the bank.

With France Home Finance you can also have your financials evaluated to determine your budget even before you begin your search. This is a real bonus because none of the banks will give pre-approval as they will need to go through the process again after you find the property. We prefer you do this before we even start to try and locate your perfect property so this is another reason we believe France Home Finance offer an extremely valuable assistance. Dealing direct with a normal bank you will be able to get an idea of how much you can raise and after the Promesse de Vente is signed you go back to the lenders and fix the mortgage offer (with your fingers crossed they are going to cough up the dosh now that you've found your hearts desire!).

The paperwork and requirements to obtain a mortgage are fairly simple, if longwinded. You will fill out a multi-page application, plus an insurance questionnaire (a verified physical exam may also be required). Each institution may also have its own special forms to be completed.

The starting point to determine this is your income. The monthly amount of the mortgage cannot be more than one-third of your monthly income. If the apartment you are purchasing expects some income from rental, then this can usually be applied.

You can obtain financing for 10, 15, 20 or 25 years at variable or fixed percentage rates (depending on your age up to 75). The most popular mortgage programs are fixed, variable, multi-option and interest only.

If you are taking out a loan from a French bank, you will need a Fren,ch bank account since your mortgage payments will be deducted each month automatically from this account. Some banks or brokers will open an account for you in processing your loan. If the lender does not have bank accounts as one of its services, you can open an account at another bank. Bonapart will accompany you to a French bank to lead you through the opening process and make sure you understand the process, terms & conditions.