Mortgage documents

While technically mortgage documents are set by each credit institution individually, in practice, there is a common list of documents required by almost every one of them:

• mortgage application (bank-specific)
• ID (e.g. a passport)
• information about your household income
  • an excerpt for the registers of the State Revenue Service of Latvia
  • a bank account excerpt for the last 6 months
• evaluation of the property you are interested in

Depending on the credit institution and other circumstances, you may be required to provide additional information on your income, general financial status, credit history, as well as on the property you are interested in, including technical and legal assessments.

Some of the documents mentioned in this article may also require to be notarized. This and other procedure may or may not be organized by bank. This means, that, depending on a bank, you may be required to submit each document individually or as a part of a document package, as well as in a certain order. Banks that offer more mediatorship may fill and submit some documents on your behalf, or include them in other documents, thus making the whole procedure simpler.

Another thing to consider is that evaluations, estimates and other documents of assessment must be provided by specialized licensed agencies. Some banks accept such documents from any certified Latvian institution, while others may have a limited list of trusted agencies.

Mortgage for building property

In case you apply for a loan to build a piece of real estate, not buy it, additional documents will usually be required. These are:

• expense estimate
• construction project
• construction permit

Guarantor mortgage

A separate case to consider is a home loan with a guarantor. A guarantor mortgage is a home ownership loan that involves a person, who is legally obliged to pay off your loan, in case you are unable to do that. This requires a guarantee application to be filled out, indicating more or less the same information the loan taker provides: ID, income, job type etc.

Government guarantor

In Latvia, families with children can apply for a government-backed mortgage. In this case, the following additional documents will be required:

• children’s birth certificates
• declaration of residence place

Mortgage registration in a Land Book

After your mortgage application has been approved, you need to notarize and submit the following documents to your local Land Book. This can skipped, if the documents (except for the application) are already in the relevant Land Book, but then in the application you need to specify the address of a property and the number of the Land Book, where the documents are located.

• Land Book registration application
• Mortgage contract
• An approval for collaterals from the spouse of the person providing said collaterals, or a proof of individual or shared ownership of the collaterals
• And agreement note from a third party, if a restraint on alienation is registered for that party
• Receipts proving that all the relevant state fees has been paid
• A power of attorney or its notarized copy, if the documents are signed based on it

Document preperation and real estate financing services

Choosing the right mortgage option for your situation is essential for any real estate transaction. Whether you are buying, selling, or investing in property, you also need to consider the property taxes that apply to your deals.

You may also want to explore the benefits of non-bank mortgage lenders, which can offer more flexibility and lower rates than traditional banks. That's why our document draft service is the perfect solution for you.

We will help you create professional and accurate documents that cover all the aspects of real estate financing, including mortgage terms, fees, and risks. Our service will save you time, money, and hassle. Don't let this opportunity pass you by. Contact us today and get started with our real estate document draft service.