What are the pitfalls to watch out for when obtaining a French mortgage?
Based on experience with hundreds of clients, here a few tips: • Never sign a promesse or compromise de vente without a “clause suspensive”. This clause in your contract allows you to recoup your deposit should you not be able to obtain financing on the terms you require. There are many reasons you may need to pull out of the sale: the life insurance exam turned up some surprise information and the rate offered is too high, you don’t obtain a mortgage or you don’t obtain the terms you want from the first round of banks applied to, you suddenly have an unexpected expense that will eat up your down payment money, etc. • Let us know about any serious health issues you have up front. This could affect our strategy to help you obtain the obligatory French life insurance at a reasonable rate and in the deadline required. Remember that we do not know what rate you will be charged until the insurance company studies your full application and health information. • Remember important deadlines •
