Located in the south western part of Europe, Portugal has progressed enormously in the recent years to consolidate its position as one of the premier world powers along with the other first world nations. There are certain necessary conditions which have to be fulfilled by the purchasers before applying for a mortgage from the various sources. The most important among these is the condition of life assurance or Seguranca da Vida which refers to the convincing on the part of the prospective buyer that he will repay the loan acquired in his lifetime. Apart from this he is required to possess legitimate identity proofs and passport and for the inhabitants of the country it is necessary to produce the Residency Cards. The fact that he earns enough to be able to repay the mortgage amount is also an assurance that will be asked for by the mortgage providers. In fact, relevant bank statements and proofs of transaction regarding the confirmation of pay slips and repayment of loans are very important in this case. Tax declarations and pay slips are equally vital documents. For the sake of insurance, undergoing medical check ups or Atestado Medico is also mandatory.

Mortgages can be attained from three main sources in Portugal. Mortgage brokers are often helpful in providing assistance to the prospective purchasers and can give valuable advice regarding the best deals available in the market out of their experience and taking their aid can save the people from unnecessary wastage of time. This is immensely beneficial fro those who are first timers in case of such transactions. Banks are the easiest options when it comes to mortgages and in Portugal almost all the banks follow similar rules and regulations with regard to mortgages and there way of working is also very systematic. Estate agents are also another option available to those who are to undertake mortgages.