Step 16 of 48 Phase 2: Organize Your Finances
2.9 Mortgage Pre-Approval in Spain
Understand the mortgage pre-approval process with Spanish banks and why it matters.
What Spanish Pre-Approval Involves
- Income and employment verification
- Review of existing debts and commitments
- Assessment of deposit funds available
- Basic credit checks (not a formal score like in other countries)
Benefits of Getting Pre-Approved
- Know your realistic budget before viewing properties
- Shows sellers you are a serious, credible buyer
- Speeds up the formal mortgage application later
- Helps you compare offers from different Spanish banks
Common Mistakes to Avoid
- Assuming pre-approval is a guaranteed mortgage offer
- Not getting pre-approval before signing the arras contract
- Making major financial changes after pre-approval
- Forgetting that the final amount depends on the property valuation (tasación)