First conversation
Step 01You
An advisor asks what you earn, what you owe and what you have saved, then tells you the ceiling before you fall in love with a house.
Nothing yetFrom first call to the keys.
What a mortgage application actually involves, in the order it happens, with the paperwork named at every step.
Plate 01 Which market France · notary-ledConventional loan · escrow-led
Two markets, two processes.
A French notary and an American escrow officer do not do the same job. Pick the market and every step, document and figure below changes with it.
Seven
Steps to the keys
58 days41 days
Median, first call to keys
7 — 8 %2 — 5 %
Notary and taxes on topClosing costs on top
NotaireEscrow
Holds the money
Start a European applicationStart a US application
Plate 02 The whole run France · notary-ledConventional loan · escrow-led
58 days41 days from first call to the keys.
Day 0 — day 58
Simulation and file
Step 02You · Advisor
The file is built once and sent to several lenders at the same time. Three months of statements is the part everybody underestimates.
Payslips, tax notice, bank statementsOffer on the house
Step 03You · Agent
The preliminary contract is signed and a deposit is lodged with the notary. Your ten-day cooling-off period starts here, by law.
Compromis de venteLender decision
Step 04Bank
The bank underwrites the file and issues a formal loan offer. It cannot be accepted for eleven days — another statutory pause.
Offre de prêtValuation and cover
Step 05Bank · Insurer
The property is valued for the bank and life cover is put in place; most lenders will not release funds without it.
Expertise · Assurance emprunteurNotary checks title
Step 06Notaire
The notary verifies ownership, charges, planning and rights of way, and prepares the deed for signature.
Titre de propriétéSignature and keys
Step 07Notaire · You
The deed is read aloud, funds move the same day and the keys change hands across the table.
Acte authentiqueYou act Lender Third party 21 of the 58 days are statutory waiting
Day 0 — day 41
First conversation
Step 01You
A loan officer reviews income, debts and credit, and tells you the price band you can defend before you start viewing.
Nothing yetPre-approval
Step 02Lender
A soft file is underwritten and a letter is issued. Without it most sellers will not look at your offer at all.
Pre-approval letterOffer accepted
Step 03You · Realtor
The contract is signed, earnest money goes into escrow and the clock on the closing date starts running.
Purchase agreementLoan application
Step 04You · Lender
The full application goes in, the rate is locked and a Loan Estimate must reach you within three business days.
Loan estimate · W-2s · StatementsAppraisal and inspection
Step 05Appraiser
An independent appraiser decides whether the house supports the price. A low appraisal is the most common reason a deal is renegotiated.
Appraisal reportUnderwriting
Step 06Lender
Every document is verified and conditions are cleared. Do not change job or open a credit line while this is happening.
Conditions · Title reportClosing
Step 07Escrow · You
The Closing Disclosure arrives three days before signing, the escrow company disburses the funds and the deed is recorded.
Closing disclosure · DeedYou act Lender Third party 18 of the 41 days sit with the lender
Plate 03 Schedule of documents Ref. AV-DOC-26 · EuropeUnited States
Your paperwork
No.DocumentNeededAt step
Before we can quoteFive documents
01 Passport or ID cardBoth parties, valid on the day of signature Now Step 02
02 Three payslipsThe three most recent, or two years of accounts if self-employed Now Step 02
03 Tax noticeAvis d’imposition for the last two years Now Step 02
04 Three months of statementsEvery account, including the one your salary lands in Now Step 02
05 Proof of depositWhere the money came from — savings, sale or gift Now Step 02
After an accepted offerFour documents
06 Compromis de venteSigned by both parties, from the notary or the agent Later Step 03
07 Medical questionnaireFor the life cover the lender requires Later Step 05
08 Home insurance policyIn force on the day the deed is signed Later Step 06
09 Proof of funds transferDeposit and fees sent to the notary’s account Later Step 07
Before we can quoteFive documents
01 Government IDDriver’s licence or passport, for every borrower Now Step 02
02 Two months of pay stubsOr two years of returns if self-employed Now Step 02
03 W-2s and tax returnsTwo full years, all schedules included Now Step 02
04 Two months of statementsEvery account; large deposits must be explained Now Step 02
05 Credit authorisationWritten permission to pull your score Now Step 02
After an accepted offerFour documents
06 Purchase agreementFully executed, with all addenda Later Step 03
07 Homeowner’s insuranceBound and paid for the first year Later Step 06
08 Gift letterIf any part of the down payment is a gift Later Step 06
09 Cleared-to-close fundsWired to escrow, not brought as a cheque Later Step 07
Nine documents in allFive before we quote
The three months of statements is what holds files up. Ask your bank for them the day you start, not the day we ask.
Underwriters query large deposits. If money moved into your account recently, write down where it came from before anybody asks.
Five documents get you a quote
The other four follow an accepted offer
Documents in totalNine
Needed to quoteFive
Most delayedBank statementsDeposit sourcing
Plate 04 Who is involved France · notary-ledConventional loan · escrow-led
Five people, one of them yours.
YoursPaid by you
Mortgage advisor
Builds the file once, sends it to several lenders and stays on the case until the deed is signed.
Meets youDay one
On steps01 — 07
LenderPaid by the bank
Bank underwriter
Reads your file and decides whether the loan is issued. You will never speak to them directly.
Meets youNever
On steps04
LenderPaid by the bank
Valuer
Visits the house on the bank’s behalf to confirm it is worth what you agreed to pay.
Meets youAt the property
On steps05
NeutralPaid by you
Notaire
A public officer, not a lawyer for either side. Holds the deposit, checks the title and reads the deed aloud.
Meets youAt signature
On steps03 · 06 · 07
RequiredPaid by you
Insurer
Provides the life cover the lender insists on before it will release the funds.
Meets youBy post
On steps05
YoursPaid by you
Loan officer
Takes the application, locks the rate and chases every condition until the file is cleared to close.
Meets youDay one
On steps01 — 07
LenderPaid by the lender
Underwriter
Verifies income, assets and credit against the programme rules, and sets the conditions to clear.
Meets youNever
On steps06
IndependentPaid by you
Appraiser
Values the house for the lender. A figure below the contract price is the most common reason a deal is renegotiated.
Meets youAt the property
On steps05
NeutralSplit at closing
Escrow officer
Holds the earnest money and every dollar of the loan, then disburses on the day the deed is recorded.
Meets youAt closing
On steps03 · 07
RequiredPaid by you
Title insurer
Searches the title and insures the lender — and, if you buy your own policy, you — against a claim on it.
Meets youBy post
On steps06 — 07
Only the first one works for you The notary is neutral by law — not your lawyerEscrow is neutral — it works for the transaction, not for you
Plate 05 Three runs compared France · notary-ledConventional loan · escrow-led
The same seven steps, three speeds.
Run 03877116154 What drives it
Fastest run
36 days
−22 days on the median
Everything ready, nothing queried
Median run
58 days
The benchmark
What most files actually do
Slowest run
154 days
+96 days on the median
Documents chased, valuation queried
First conversationSimulation and fileOffer on the houseLender decisionValuation and coverNotary checks titleSignature and keys
What makes the difference
The lender’s decision is the widest step — twelve days at best, forty at worst.
36 days fastest · 154 days slowest
Run 0275482109 What drives it
Fastest run
22 days
−19 days on the median
Everything ready, nothing queried
Median run
41 days
The benchmark
What most files actually do
Slowest run
109 days
+68 days on the median
Documents chased, valuation queried
First conversationPre-approvalOffer acceptedLoan applicationAppraisal and inspectionUnderwritingClosing
What makes the difference
Underwriting is the widest step — seven days at best, thirty at worst.
22 days fastest · 109 days slowest
Plate 06 Five warnings France · notary-ledConventional loan · escrow-led
What we tell every client not to do.
Most common firstEvery failed file falls into one of these five
Changing job mid-file
A new contract, a probation period or a move to self-employment resets the lender’s view of your income.
Do this instead
If a job change is coming, tell the advisor before you sign anything — sometimes waiting six weeks is the whole answer.
Taking on new credit
A car loan or a new card taken during the file changes the debt ratio the bank has already approved.
Do this instead
Buy nothing on credit between the first meeting and the signature. Not a sofa, not a phone.
Valuation below the price
The bank’s valuer disagrees with what you agreed to pay and will only lend against the lower figure.
Do this instead
Keep a margin in the deposit. If the gap is small, it is usually cheaper to cover it than to lose the house.
Incomplete paperwork
One missing statement or an out-of-date tax notice can hold a file for a fortnight while everyone waits.
Do this instead
Send everything at once, even the pages you think are irrelevant. Partial files go to the back of the queue.
The rate moves
An offer takes weeks to issue; if rates rise in between, the payment you budgeted for is no longer the one offered.
Do this instead
Take the offer the day it is valid rather than shopping for a tenth of a point that may not exist next week.
Change nothing about your money between the first meeting and the signature. One file in nine does not complete
Most common firstEvery failed file falls into one of these five
Changing job mid-file
Underwriting verifies employment days before closing. A new employer, or a switch to commission, stops the file.
Do this instead
Do not resign, take a new role or go self-employed until the loan has funded — however good the offer looks.
New credit or big purchases
A furniture loan or a new card pulls the score down and changes the debt-to-income the lender approved.
Do this instead
No new accounts, no large balances, no co-signing between pre-approval and closing.
Appraisal comes in low
The lender will not lend above the appraised value, whatever the contract says. The gap is yours to cover.
Do this instead
Write an appraisal contingency into the offer, and keep cash back for a small shortfall.
Unsourced deposits
Any large deposit into your account has to be traced. Cash and unexplained transfers are the classic hold-up.
Do this instead
Paper-trail every transfer over a thousand dollars, and get a gift letter signed the day the money arrives.
Rate lock expires
A lock runs thirty to sixty days. If the file slips past it, the rate is re-priced at today’s market.
Do this instead
Lock when the offer is accepted, not when you start looking, and ask what an extension would cost before you need one.
Change nothing about your money between pre-approval and closing. One file in seven does not close
Specimen
Plate 07 Completion statement, specimen Ref. AV-CST-26 · EuropeUnited States
Cost of the transaction
No.ItemShareAmount
01 Notary fees and transfer tax7.0 % of price 85 % €62 300
02 Lender arrangement fee1.0 % of the loan 10 % €7 120
03 ValuationFlat fee 0 % €350
04 Life cover, first year0.34 % of the loan 3 % €2 421
05 Registration and searchesFlat fee 1 % €900
Fees and taxes 8.2 % of the price €73 091
Deposit €178 000
Cash needed on the day €251 091
No.ItemShareAmount
01 Lender fees1.0 % of the loan 26 % $7,120
02 Title insurance and escrow0.8 % of price 26 % $7,120
03 Appraisal and inspectionFlat fee 3 % $950
04 Prepaid taxes and insurance0.9 % of price 29 % $8,010
05 Recording and transfer0.5 % of price 16 % $4,450
Fees and taxes 3.1 % of the price $27,650
Deposit $178,000
Cash needed on the day $205,650
Price€890 000
Deposit20 %
On the other side of the Atlantic
The same purchase in the United States would cost about 3.2 % in closing costs — less than half.
Notary fees are the reason a French purchase needs eight per cent in cash on top of the deposit. Most of it is tax, not the notary’s own charge.
Frais de notaire are roughly 80 % transfer tax
On the other side of the Atlantic
The same purchase in France would cost about 8.2 % in notary fees and transfer tax — more than double.
Closing costs run two to five per cent. Some are negotiable with the seller — ask before the offer is signed, not after.
Some closing costs can be paid by the seller
Open
Plate 08 Application slip Ref. AV-APP-26 · EuropeUnited States
Find out what you can borrow, before you view.Get pre-approved before you make an offer.
One conversation gives you a ceiling you can defend at a viewing. We build the file once and send it to several lenders; you pay us nothing.No seller looks twice at an offer without a pre-approval letter. Twelve minutes now saves you the house you would otherwise lose.
12
Minutes to complete
5
Documents needed
0
Credit checks to start
Rather speak to someone? Talk to a mortgage advisor
01 Advisor calls Within 24 h
02 File to the lendersPre-approval letter Day 3 — 10Day 3 — 7
03 Loan offerRate locked Day 19 — 38Day 13 — 18
04 Keys 58 days41 days
Broker feeNone, either market
