Myths and Reality of Mortgage Lending in Estonia: Expert Opinion of Brokers

Mortgage lending in Estonia is a topic that gives rise to many myths and misconceptions. Let's figure out what is true and what is fiction.

Myth #1: Mortgages in Estonia are not available to foreigners. This is not entirely true. Banks in Estonia are allowed to grant mortgages to foreigners, but they do impose stricter requirements related to income, work experience, and other parameters.

Myth #2: Mortgage interest rates in Estonia are high. In reality, mortgage interest rates in Estonia are quite comparable to European rates, and in some cases, even lower.

Myth #3: Getting a mortgage in Estonia is difficult. The process of applying for a mortgage in Estonia is standard and involves document preparation, property appraisal, and approval of the credit application by the bank. However, for foreigners who are not familiar with the local legislation, this may seem complicated. In such cases, brokers come to the rescue - specialists who will help you navigate the nuances of the process and overcome all its stages.

Myth #4: There is no competition among banks in Estonia in the field of mortgage lending. This is a misconception. Banks in Estonia actively compete for clients by offering various mortgage conditions.

And now, a couple of tips from brokers:

1. Always compare the conditions offered by different banks. Don't limit yourself to just one offer.
2. Remember that the interest rate on the mortgage is not the only parameter to consider. Fees, early repayment conditions, insurance, and others are also important.
3. Don't hesitate to seek help from brokers. This will help you save time and nerves, as well as avoid possible mistakes.

Mortgage specialists will help you understand all the intricacies of the process and choose the most advantageous conditions.