Mortgage Financing / Refinancing

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What is a mortgage loan?

It is a type of loan that you can obtain for the purchase of one or more properties, which can be apartments in buildings, residential houses, vacation homes, land, or even for renovations or extensions of properties. The mortgage loan can be granted in local currency (lei) or in euros, depending on the currency in which you receive your income.

If you are considering applying for a mortgage loan, here are some useful pieces of information:

  • The minimum value of a mortgage loan is €3,000.
  • The maximum value of the mortgage loan is calculated based on the applicant’s repayment capacity (debt-to-income ratio) and the value of the property provided as collateral for the mortgage loan (Loan-to-Value ratio, or LTV).
  • The down payment required for a mortgage loan is a minimum of 15% for a loan in local currency (lei) and a minimum of 30% for a loan in euros. You can obtain a mortgage loan with a zero down payment by providing an additional property as collateral – the property can be owned by a third party. In this case, a maximum of 60% of the value of both properties can be financed. The down payment represents the amount you will pay in addition to the mortgage loan for the property purchase. A larger down payment on a mortgage loan leads to a lower interest rate.
  • Having an income is necessary if you want to apply for a mortgage loan. This income can come from various sources, such as salaries (including bonuses and other salary-related income), self-employment income, dividend income, pensions, rental income, royalties, management contracts, salaries earned abroad, per diems, meal vouchers, etc.
  • The debt-to-income ratio for a mortgage loan represents the monthly installments you will pay. These installments can amount to up to 40% of your monthly income, and up to 45% in the case of a first home. The debt-to-income ratio is determined separately for each mortgage loan application based on the obtained credit score.
  • The annual interest rate for a mortgage loan can be fixed for the first years and then become variable, or it can be variable for the entire duration of the loan. The interest rate can change based on the Euribor index or the introduction of a reference index calculated exclusively based on interbank transactions at a certain period.
    Indicele de referință pentru creditele acordate în lei (IRCC) cu dobandă variabilă se calculează și se publică în fiecare zi lucrătoare pe website-ul Băncii Naționale a României și reprezintă rata de dobandă calculată ca medie ponderată a ratelor de dobandă cu volumele tranzacțiilor de pe piața interbancară. Indicele de referință se calculează la finalul fiecărui trimestru ca medie aritmetică a ratelor de dobandă zilnice determinate pentru trimestrul anterior, urmând a se aplica de fiecare insituție de credit pentru trimesterul următor.
  • The fees and bank charges that apply to a mortgage loan depend on the chosen bank. These can include fees for credit file analysis, property evaluation fees, mortgage loan administration fees, or early repayment fees of up to 1%, applicable only to fixed-rate mortgage loans.
  • The repayment period for a mortgage loan can range from 3 to 35 years.
  • You can request partial or total early repayment of a mortgage loan with the bank’s agreement.
  • To increase your chances of obtaining a mortgage loan, co-borrowers can apply together with the applicant. Co-borrowers can be family members: spouse, siblings, parents, or even anyone outside the family (friends, colleagues, etc.). 

Considered income for eligibility includes:

  • a maximum debt-to-income ratio of 40% (certain exceptions)
  • salaries
  • dividend income
  • rental income
  • management and administration contracts
  • copyright contracts
  • childcare allowances
  • self-employment income (individuals and companies)

The Bright Finance team of specialists can help you obtain an advantageous mortgage loan.

Financial consultation is free by law, which means that you benefit from the support of a team with expertise in obtaining a favorable mortgage loan.

Our team consists of individuals with over 15 years of experience in the banking system. We have a deep understanding of the Romanian banking market, the mechanisms of this type of credit, and the details of banking procedures. Therefore, we can guide you to a mortgage loan with the lowest fees.

We have access to offers from over 15 banks and financial institutions, and we can recommend the package that best suits your needs. Additionally, due to our high volume, we can prioritize financing applications and optimize costs.

Moreover, there is no need for you to obtain the available offers from banks or institutions that provide mortgage loans, because we do that for you. We have the competence to analyze them and retain only those offers that align with your plans.

Why consider a mortgage loan?

  • You benefit from a long repayment period.
  • You can obtain a larger sum compared to personal loans.
  • You will have lower interest rates compared to personal loans.
  • You have the possibility of early repayment.
  • It can be an investment for a real estate business.
  • You can obtain refinancing for a mortgage loan with better lending terms.

Where do we start?

The Bright Finance team of specialists guides you step by step in obtaining the desired mortgage loan. The first step is to prepare the documents:

  • Identity documents (ID card/passport) for the mortgage loan applicant; spouse of the mortgage loan applicant (if married); co-borrower (if applicable).
  • Marriage certificate – for the mortgage loan applicant (if applicable).
  • Documents regarding payment commitments – other mortgage loans or any type of loans that the applicant holds at the time of applying for a mortgage loan (if applicable).
  • Property ownership documents for the property that will be mortgaged, or that will be acquired through a mortgage loan, as well as any documents required for the evaluation process (cadastre plan, land register extract, etc.).
  • Proof of income for the mortgage loan applicant, spouse (if the family income is considered for budget calculations).

Our specialists help you build your application in a way that will maximize your credit score and minimize the risk of rejection.

A financial product broker does not charge commissions from clients. Therefore, the financial broker’s services are free, as the credit institutions and non-bank financial institutions pay the credit broker for the intermediation of each loan.

Apply for consultancy now

Whatever type of loan you need, Bright Finance’s team of specialists will help you achieve maximum benefits with minimum obligations and guide you step-by-step to achieving your goals quickly.


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