Bank Loan Interview & Mortgage Signing Process

If you're not paying the full price upfront, you'll need to apply for a mortgage. Both buyers and sellers must show up in person, bringing original ID cards, proof of income, and the purchase contract.
Here's what you need to keep in mind:

(1) Check how much the bank will lend you and for how long. Some banks set a rule that the loan term plus your age can't exceed 65 for men and 60 for women.

(2) If the approved loan falls short of what you expected, be ready to pay more for the down payment—otherwise you could end up in breach of contract.
Some lawyers recommend spelling out in the contract exactly what happens if the loan doesn't get approved.
If the loan falls through because of a policy change, you can usually walk away. But if the contract says you still have to carry on with the mortgage or pay in full, that's what you'll have to do.
One thing to watch out for: the seller can back out at any time during the loan process, and the court won't force them to cooperate. This means if they change their mind, you'll need to come up with the full payment. If you can't, you won't get the property title.