3) Buying a home is one of the most important steps in life, and it is often possible to achieve this goal thanks to a home mortgage. But what exactly is a mortgage, how does it work, and what are the timelines from the purchase offer to the final deed before the notary?
In this guide by MutuoFirenze.it, you will discover all the essential steps to obtaining a mortgage in a clear and hassle-free way.

What a mortgage is

A mortgage is a medium- to long-term loan contract through which a bank or financial institution provides a sum of money to a private individual for the purchase, construction, or renovation of a property.
The borrower (the person requesting the mortgage) agrees to repay the amount through monthly installments, which include both principal and interest, over a period that typically ranges from 10 to 30 years.

The purchased property is used as collateral for the loan: this means that if payments are not made, the bank has the right to recover the debt through the property itself.

Steps to obtain a mortgage: from the offer to the final deed

1. Accepted purchase offer
The first step is the purchase offer which, once accepted by the seller, becomes binding. At this stage, a deposit is paid and the documents needed for the mortgage application are gathered.

2. Mortgage application
The mortgage request is submitted to the bank along with income documents (pay slips, tax forms, income tax returns) and the property documentation.
The bank assesses the applicant’s repayment capacity and assigns a technician to perform an appraisal to determine the property’s real value.

3. Mortgage approval
If both the financial evaluation and the appraisal are positive, the bank issues the final mortgage approval, providing the amount and the conditions of disbursement.

4. Preliminary purchase agreement (compromise)
During this phase, the terms of the purchase are defined: price, payment methods, and date of the final deed.
The preliminary contract can be signed privately or before a notary.

5. Final notarial deed and mortgage disbursement
The notarial deed is the final act that transfers ownership of the property. On this occasion, the bank disburses the mortgage, usually transferring the funds directly to the seller.
From this moment, the borrower officially becomes the owner and begins repaying the loan according to the agreed plan.

Average timeline for a home mortgage

Timelines may vary depending on the bank and the complexity of the application, but on average they are as follows:

Mortgage evaluation and approval: 3–6 weeks

Property appraisal: 7–10 business days

Final deed after approval: 2–4 weeks

In total, from the acceptance of the purchase offer to the notarial deed, it usually takes 2–3 months.
However, with good planning and the support of an experienced consultant, it is possible to shorten the timelines and simplify the process.