IMS, the mortgage loan… as you wish!

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Why get a mortgage?

As a word, "loan" sometimes creates concern despite the fact that it is the most appropriate way to speed up an important purchase, such as that of a residence. However, with the right guidance from IMS, who will assess your real needs and capabilities, taking a home loan will prove to be the best solution for buying a property.
More specifically, the purposes for which one can take a home loan are the following:

  • Purchase, construction, completion, extension, improvement, repair of residence
  • Buying a plot of land
  • Refinancing mortgages of other banks
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Basic mortgage terminology

By the term housing loan we mean the granting of credit to an individual so as to proceed with the acquisition of a property.

  • LTV (loan-to-value) 
    It is an indicator that shows the relationship between the amount of the loan and the value of the property according to the bank’s engineer. For example, in a loan worth €80,000 with a property value of €100,000, the LTV ratio is 80%.

  • Capital 
    It is the amount of the home loan that the borrower receives.

  • Interest rate 
    It is the additional cost resulting from the loan amount. For the mortgage you can choose: 
    - Fixed interest rate, which remains unchanged for an agreed period of time. 
    - Floating interest rate, which is linked to euribor, plus a margin (spread), which is defined by the banking institution. 
    - Hybrid rate that is initially fixed for some years and floating for the rest of the term (e.g. first 5 years fixed and then floating).

  • Borrower 
    Is the individual person to whom the loan is issued. 

  • Guarantor 
    The guarantor is the person who becomes responsible together with the borrower for the repayment of the loan. 

  • Early partial or full repayment
    The ability to repay the loan at any time, either in full (full repayment) or in part (partial repayment), with or without penalty.

How can you get a mortgage loan? 

In order to get a mortgage loan, you can either go directly to one or more banks or to a credit broker who maintains partnerships with banking institutions and will mediate to ensure a successful and profitable transaction.

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What is a mortgage broker? 

Or in other words: what is IMS. This is the intermediary who undertakes the entire particularly timeconsuming and careful procedure for issuing a loan. In this way, the potential borrower is relieved of most of the processes (saving effort and time), significantly increases the chances of his application being approved and ensures that the loan he receives will be sustainable.

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Why turn to IMS?

IMS, as a mortgage broker, helps you make the right decisions to repay your loan without any concerns.
We dedicate the necessary time to:

  • To fully understand your needs.
  • To check your credit rating and present all your possible options.
  • To train you and advise you safely, so that together we can formulate the best solution for your own special case.
  • To ensure the most suitable loan for you.

The most important thing is that we are by your side throughout the process and offer you a personalized service.

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The 7 steps for your home

In order to issue your mortgage loan, seven basic stages are followed, in which the qualified IMS consultants will guide you safely, consistently and with complete knowledge of the procedures...

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Next step, after your meeting with one of the IMS advisors, is to send your application to the bank of your choice for the amount you wish to be financed. IMS proceeds to gather your financial data, we prepare our report and send the request to the bank for evaluation. It is noted that in order to proceed with the pre-approval request it does not require that you have ended up with a property.

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After the bank evaluates your financial profile, your request receives a financial pre approval. The financial pre-approval is an official bank form, on which is written the amount pre-approved by the bank of your choice, with a specific time validity. It essentially confirms that it agrees to finance you for the amount you requested.

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After finalizing the financing amount, your request receives final approval, the bank form that essentially guarantees you the granting of a specific loan amount. You can now safely proceed to sign the purchase contract for the property.

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The final approval is followed by the signing of the property purchase contract, its transfer to the mortgage registry / land office and its presentation to the bank. The bank checks the purchase contract and the borrower’s file again. The signing of the loan agreement essentially formalizes the terms and conditions of granting the housing loan.

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After signing the loan agreement, there is an appointment with the bank’s lawyer in order to proceed with the registration of the pre-notation on the property purchase. Essentially, the pre-notation note is a form of mortgage and secures the bank, as it acts as a guarantee for the amount of the loan granted to the borrower.

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The last step of the process is the disbursement of the amount to the customer’s account, who by issuing a two-line check pays the seller of the property and the mortgage loan process is completed by presenting the notarized payment deed to the bank.

The 7 steps for your home

In order to issue your mortgage loan, seven basic stages are followed, in which the qualified IMS consultants will guide you safely, consistently and with complete knowledge of the procedures...

1
Mortgage Application
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Next step, after your meeting with one of the IMS advisors, is to send your application to the bank of your choice for the amount you wish to be financed. IMS proceeds to gather your financial data, we prepare our report and send the request to the bank for evaluation. It is noted that in order to proceed with the pre-approval request it does not require that you have ended up with a property.

2
Financial Pre-Approval
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After the bank evaluates your financial profile, your request receives a financial pre approval. The financial pre-approval is an official bank form, on which is written the amount pre-approved by the bank of your choice, with a specific time validity. It essentially confirms that it agrees to finance you for the amount you requested.

3
Legal – Technical Control
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Having received the financial pre-approval and once you have settled on a property, the bank will proceed with its inspection. The bank’s lawyer checks the legal status of the property, the engineer checks that it is urban planning legal and will assess its current commercial value, based on which the final loan amount will be finalized.

4
Final approval
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After finalizing the financing amount, your request receives final approval, the bank form that essentially guarantees you the granting of a specific loan amount. You can now safely proceed to sign the purchase contract for the property.

5
Contract signing
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The final approval is followed by the signing of the property purchase contract, its transfer to the mortgage registry / land office and its presentation to the bank. The bank checks the purchase contract and the borrower’s file again. The signing of the loan agreement essentially formalizes the terms and conditions of granting the housing loan.

6
Registered notice
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After signing the loan agreement, there is an appointment with the bank’s lawyer in order to proceed with the registration of the pre-notation on the property purchase. Essentially, the pre-notation note is a form of mortgage and secures the bank, as it acts as a guarantee for the amount of the loan granted to the borrower.

7
Disbursement
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The last step of the process is the disbursement of the amount to the customer’s account, who by issuing a two-line check pays the seller of the property and the mortgage loan process is completed by presenting the notarized payment deed to the bank.

What mortgage are you interested in?

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