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Our team is available to explain all the details of the mortgage process, providing accompaniment throughout the interaction with the bank. This opens up a real opportunity to buy a home or improve your living conditions at an affordable and advantageous price. Our specialists will be happy to advise on all matters related to the mortgage program and help customers become owners of their dream home on comfortable terms!

How to get a mortgage loan in Burgas and the region

Originally, the term "mortgage" dates back to Greek culture and was associated with the lender's liability to the creditor in respect of certain agricultural properties. This type of obligation involved special arrangements, and the lender's landed property was marked with a column indicating that this property served as security for the lender's claims in a specific amount. The word "mortgage" (from the Greek: Hypotheka - support, prop) was used to denote this type of security. In modern times, a 'mortgage' or simply 'mortgage' refers to a loan taken out on the security of immovable property.

The conditions that a mortgage applicant must meet vary depending on the bank and the lending program, but typically include the following:

1. Age:
   Applicants must be in a certain age group, often between 18 and 65. This range may differ depending on the policy of the particular bank.
2. Income:
   Banks require proof of stable and sufficient income to cover the monthly mortgage payments. The applicant shall provide a statement of income from employment for the last months.
3. Credit History:
   Banks conduct an analysis of the applicant's credit history. A good credit history facilitates loan approval, while past credit problems can be a hindrance.
4. Employment Status:
   The applicant must have stable employment. Some banks require a minimum period of employment with the current employer.
5. Marital status:
   A marriage or divorce certificate may be required, in some cases for information about the applicant's children.
6. Passport or ID card:
   The applicant must provide personal identification, such as a passport or ID card.
7. Additional requirements:
   Depending on the bank, additional documents and information may be required, such as birth certificates for children under 18, spouse documents, etc.
8. Title documents for the property:
   Banks require title deeds for the property to be purchased as well as technical documentation for the apartment or house.
9. Insurance:
   The applicant may be required to take out home and life insurance as part of the terms of the mortgage loan.
10. Layout costs:
    The applicant must be prepared for costs associated with the mortgage loan processing, such as fees, commissions, etc.

Advantages of the mortgage loan for the borrower:

Access to Housing:

• Buying a Home: A mortgage loan provides an opportunity to own a home that is often unattainable through self-financing.

Flexibility in payments:

• Long Loan Term: Mortgage loans are typically long term (10 to 30 years), which gives flexibility in determining the amount of monthly payments and makes them more affordable.

Investment opportunity:

• Property Development: Borrowers have the opportunity to invest in larger or better quality properties, which can lead to property development and an increase in property value over time.

Property Rights:

• Full Ownership: although the bank has a lien on the property until the loan is repaid, the borrower retains full ownership rights and can use the property as they see fit.

Tax benefits:

• Mortgage Relief: In some cases, the state provides tax relief on mortgage interest, which can be a financial incentive for the borrower.

Disadvantages of a mortgage loan for the borrower:

Financial risk:

• Responsibility for Repayment:The borrower bears the financial risk and responsibility for repayment of the monthly installments throughout the life of the loan. Failure to meet obligations may result in loss of the property.

Interest rate risk:

• Variable Interest Rates: with variable rate loans, the interest rate can change, resulting in an uncertain future payment and the risk of increased monthly costs.

General costs:

• Additional Costs: in addition to interest, the borrower has to bear various additional costs such as fees, insurance, etc., which increase the total cost of the loan.

Dependence on the economy:

• Economic Instability: Instability in the economy can affect market conditions and property values, which can affect the borrower.

Mortgage Exposure:

• Lien: A mortgage loan pledges the property, exposing it to risk in the event of changes in economic conditions.

Restrictions on the Property:

• Restrictions on Use: While the loan is active, the borrower is restricted in the disposition of the property and may make certain changes only with the bank's permission.

Taking out a mortgage loan requires careful consideration of the borrower's financial capacity and risks, as well as the availability of stable income to repay the obligations.