How will the renovation of my house and its financing proceed? A mortgage loan is a loan granted by a credit institution, usually a bank, which involves a mortgage registration on a property owned by the borrower or one of the co-borrowers to guarantee the lender against a possible default in payment.

The mortgage loan contract must be signed in front of a notary and entails specific fees.

What is a mortgage loan for?

Generally, when we talk about a mortgage loan, we quickly think of buying a house or a property (building, land, etc.). This type of allocation represents a large part of the mortgage loan, but it’s not the only one, far from it. Thus, a mortgage loan can allow a person to borrow an amount of money that is not used to buy a house but for any other type of operation.

Resorting to a mortgage loan results from the fact that the borrower has no other guarantee than their house and therefore cannot obtain conventional financing like a personal loan.

The mortgage loan to finance my renovations

Thus, the mortgage loan can perfectly serve to carry out renovations in your house. In this regard, it is necessary to distinguish between:

  • Renovations requiring a building permit: in this case, the borrower must submit their building permit and the specifications drawn up by the architect to apply for the mortgage loan. The release of funds will be done in successive waves. The borrower must provide the invoices for the work or a certificate from the architect proving the progress of the work.
  • Renovations not requiring a building permit: in this case, the borrower must provide the quote(s) for the work to submit their loan application. The release of funds will also be done in successive waves upon the production of the invoices for the work.

The benefits of CPE

Our company has been present in this market since 1996. Our specialists take the time to analyze your file and offer you the solution that suits your profile. We will give you a preliminary answer to your request within 48 hours, subject to the perfect accuracy of the information provided. Find more info on our mortgage loan solutions.

Contactez-nous :