Deciding to buy a property is one of the most important economic decisions to face.
Taking into account all the variables that are presented when opting for a real estate loan, it is best not to relax but rather be attentive and seek good information, take precaution and make a long-term analysis.
Keys to keep in mind
I had a good savings base
The first thing you have to know is that mortgage loans do not cover the total value of the home to be acquired; Actually, you must have money that will be complemented with the loan in order to raise enough money.
If you have the opportunity, you can choose to provide a higher possible percentage of entry, so that the fees you face are as thin as possible.
Before signing, you must compare the conditions offered by different banks, guarantees required, payment facilities, late concessions and any other useful information to choose the best option.
If we understand what details to pay more attention to, we can avoid many problems that may appear in the future.
I reduced the deadlines as much as you can
You should try to make the loan duration as short as possible. While the amount of fees will make them a lower cost, it can be an excess to take a loan at 40 years, since it is unpredictable what can happen with your finances, and even more so because it is such a long term.
In addition, according to the type of credit you access, interest can vary dramatically.
All mortgage loans are different, so you must establish what matters most to you; whether the cost, the flexibility of the payments, or the stability of the installments.
It is necessary to know that the conditions of a mortgage loan are open and therefore, they can be negotiated.
And keep in mind that, once the mortgage has been signed, nothing of the contract can be changed, so it is especially important to make sure that the expense can be met without problems.
I read the letter girl
Pay special attention to the clauses considered abusive and illegal, when they are not informed in a transparent and clear way to the consumer.
A good advice is to face the contract with a lawyer or other specialist, so that you clarify any doubts before signing.
Do not exceed 80%
Experts say that it is not convenient to ask the Bank for more than 80% of the value of the appraisal of the property.
For this reason, you must have money to disburse at least 20% of the price. Of course, as we mentioned earlier, if you can disburse more input, you will have a lower mortgage burden and a greater financial slack before and after acquiring the home.
Watch the fees
Rather than worrying about the monthly fee, you have to pay attention to the conditions that could vary this monthly amount up or down; such as the base interest rate, the differential, other clauses, mitigating, etc.
The increasing quota must also be monitored, a percentage of increase to be added each year that can imply a significant additional disbursement.
We hope you find this guide useful, and a motivation to face something as important as a real estate loan . While the road is winding, you can finally reach the long-awaited moment of acquiring your own home, a challenge and a dream to which all people aspire.