Applying for a mortgage in Mallorca: A key process for buying a property in Palma

Of all the procedures you will need to establish, one of the most important decisions of your life, when buying a property in Palma de Mallorca, is to apply for a mortgage. This bank loan covers multiple categories and should be read over thoroughly. At Grupo Roma, real estate agency in Palma, we are experts in the real estate sector on the island, so advising you on how to apply for a mortgage is the least we can do. Our ample catalogue of properties includes all types of properties and budgets. Would you like to know more? We will be giving you all the details in this blog article.


Get advice from our real estate agency in Palma de Mallorca to successfully apply for a mortgage in Mallorca

In most cases, making an investment requires a financial sum which is unlikely to appear in our bank account overnight. To do this it is advisable to apply for a mortgage, so our duty is to facilitate your understanding of this process.

Firstly, you must have in mind that it is a somewhat complex operation that may involve economic risks. That is why having the assistance of an experienced real estate agency such as Grupo Roma can be crucial for not landing yourself in unnecessary bureaucratic problems. In addition, our real estate agency in Palma de Mallorca always offers our buyers the possibility of financing with the different banking entities that we collaborate with, together with processing the necessary paperwork that ensures the sale be effective. By following this process, everything will be much easier. You will only have to take into account certain economic liquidity in your bank account and job stability, two factors which are crucial for ensuring that everything flow smoothly.


The importance of reading the small print and all the enclosed paperwork

As in any complex procedure, our recommendation is clear: read the small print in the contract in order to avoid surprises and possible prohibitive clauses. One of the tips we always give our clients is that they take all the necessary time to calmly read the details in the terms and conditions of the loan agreement. Entities usually allow a period of 72 hours for you to calmly read the contract and make an accurate evaluation. It is also important to compare the interest rates, commissions and each point specified in the contract, without forgetting that no matter how low an interest rate may be, that doesn’t mean that it’s the best choice to opt for. You must always analyse it in general terms. The final step is to thoroughly analyse how long the loan will last and at what overall price, and of course, to start dreaming of your new home!


Contact our real estate agency in Palma de Mallorca

At Grupo Roma, real estate agency in Palma de Mallorca, we offer complete guidance and a personalised customer service during the course of the purchase of your new home so that everything goes well, If you have any questions, contact our real estate agents through our website and we will provide you with all the answers you are looking for. We are waiting for you!