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FAQ

1) What is the mortgage?

The mortgage is a security interest and has for object real property.
The mortgage is recorded in the Office of Territory (ex Property Register Records Office) asked for an amount which covers the capital accorded, interest thereon default interest, insurance premiums, the tax charges and expenses that the Bank are incurred for the full recovery of the credit and for the preservation of its warranty.
For this reason, the values booked to mortgage is greater compared with the amount of the mortgage contract with the bank.
The mortgages guaranteeing funding land are not subject to bankruptcy revocation when is entered at least ten days before the publication of the judgment declaring the bankruptcy.
After twenty years, the mortgage is canceled on automatically and if the loan was still in progress must be renewed at the expense borrower.

2) Are there any penalty if I pay the mortgage in advance?

The mortgage can be extinguished at any time in the form partial or total.
The partial repayment usually provides for a recalculation of the amortization schedule which will determine the new installment to be refunded.
In the case of mortgage installment steady (or fixed) the installment will remain unchanged because it will be the duration of the mortgage to be change.
As provided by Law Decree number 7 of 31 January 2007 (the Bersani Decree) the penalty for advance repayment can not be applied to the mortgage contacts signed since 2 February 2007 and later, who have been requested by natural persons for purposes of purchase or renovation home.
No fee may also be requested in the case of repayment of a loan with subrogation to another intermediary into collateral (called "portability").

3) What are the costs of the mortgage?

The bank restrains the mortgage amount taxes (and pay them to the state) and the cost of inquiries, expertise, of fire insurance (these are usually the most frequent).
The costs and charges vary according to the bank which has granted mortgage.
In addition to costs of the Bank will have to be bear the costs of the Notary will stipulate who the loan contract.
Documents needed to cope with a mortgage application, are generally personal, relating to income and to the property that banks will mortgage.

4) Which are the services that offers BestItalianLoan?

• No requests TRANSLATION IN ITALIAN customers for Anglo-Saxons
• Management of the practice ON LINE on the whole country, the customer is being in Italy only for the contract signing
• Consultant dedicated to that follows the customer from the inquiry to the stipulation of the mortgage
• Private area into the portal to check the tracking practice (both for who Real to customer)
• Same timing of inquiry and interest rate conditions that would access a customer Resident

5) How can I see if I can be financed? What is the maximum mortgage amount that I can apply for?

The maximum mortgage amount is calculated according to: age of applicants, applicants' income, the type of rate chosen, the duration of the mortgage, and the purpose of the loan. Generally, the maximum installment with which the bank makes you into debt should be less than 35% of monthly net income, after deducting rate of any loans.

6) How much time does it take to get a mortgage?

On average a bank takes from 45-60 days from when you submit your mortgage application complete with all documents when you go to the notary.

7) Which are the types of mortgages that can access a customer that is not resident?

 • Purchase
 • Purchase + Restructuring
 • Restructuring
 • Construction

8) Who is Not Resident?

Not Resident is a person who don’t live fixed in Italy. Also people who don’t pay your taxes in Italy.

9) What documents are necessary to apply for a mortgage?

General
 1) Copy of your passport (s)
 2) Copy of the Italian Codice Fiscale

About the property
 1) Photographs of the property (if available)
 2) Copy of Atto di provenienza (last title/sales purchase contract) *
 3) Copy of the house plans Schede Catastali issued by Land Registry Catasto *
 4) Copy of the building permission Permesso a costruire/Concesssione edilizia/DIA (for New or self-build and Renovation only)
 5) Copy of the works estimate (for Renovation only)

About your Income
 1) Last 7 months personal bank statements (from your main bank account where your salary/dividend is paid) **
 2) Full Credit Report + Credit Rating (fair, good, excellent, etc). Please apply for it on www.experian.com or www.equifax.com).

If Employed or Employed by a Ltd Co with a sharholding
 1) Copy of last 2 full Income Tax Return
 2) Copy of last 3 months payslips
 3) Letter from Accountant confirming your current salary and dividend payments (for employed by a Ltd or owner with a shareholding)

If Self- Employed
 1) Copy of last 2 full Income Tax Return. Self-assessment tax calculation only are not enough for the bank.
 2) Letter from your Accountant confirming net figures for last 2 years
 3) Last 7 months company bank statements

* These documents should be available from the selling agent or lawyer
** Bank statements cannot be printed out on internet (online banking). They must be clear, released on headed paper and should confirm
 a) full name and current residential address for client/s
 b) good credit balances.

10) Who assesses the property to get a mortgage?

The appraiser is the one who, commissioned by the bank, check the conditions the property to be financed with the mortgage required.
For the assessment and check the property follows 4 basic parameters:
 1) Identification
To ensure that the good appraised corresponds with what the notary will go to mortgage is required, in addition to 'address, the distinction cadastral.

 2) Value

And 'the element of greatest significance of expertise, able to indicate the extent to which the property can be an effective guarantee for the loan.
The estimate of the value comes from both theoretical considerations that business surveys in the area.

 3) Marketability
This aspect is relevant in areas where real estate exchanges are reduced, or if the particular property.

 4) Regularity building
Since the zoning regulations provide for the demolition of informally constructed buildings is only natural that they can not represent a valid warranty.
There is also a serious formal barrier also in the case of irregularities only partial. The law provides for the nullity of the acts of sale relating to properties that are deviations from the permissions.
Consequently the buyer a mortgage whose deed of sale proves "null" completely lose its effectiveness, leaving the bank with no guarantees.
For these reasons, it is required to appraiser, to investigate thoroughly and then certify the absolute integral regularity of the building well.

11) Who is Notaio?

A person authorized by a state to administer oaths, certify documents, attest to the authenticity of signatures, and perform official acts in commercial7finalcial matters, such as mortgage, buying and so on.
Buyers can choose the Notary.




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