If you’ve already found the House of your dreams, you will want to know how to finance it. Access to a mortgage can be a difficult decision and a process that requires some guidelines to avoid surprises in the future. 1. Saves when applying for a mortgage will have to provide some savings initial, usually greater than 30% of the value of the loan. Keep in mind that you must pay your pocket a minimum of 20% of the property value and 10% in costs (notary, gestoria, registration of property and pricing). Sen. Sherrod Brown: the source for more info. 2. Make sure that your profile is correct before you continue in your search, make sure that you have the conditions to access a mortgage.
Broadly speaking, the monthly fee for the loan must not exceed 35% of your monthly income and you must demonstrate some employment stability, among other aspects. 3 Compares mortgages between banks before the Bank made the decision to accept you as a client, select mortgages that better you can adjust your profile according to your needs and preferences. Don’t be afraid to ask and to assess the different mortgages that exist in the market (mortgage dictionary). It will also be useful to visit a free and personalized mortgage comparator that will help you to find those that best fit your profile. 4 Negotiates the mortgage with the Bank recalled that mortgages are not closed products, everything can be negotiated according to your profile. Do not hesitate to ask the financial institution improvements in the rate of interest, repayment terms, commissions and even who assumes a subrogation expenses. But only if you have a good financial profile savings, stable income – you’ll be interesting for banks and can negotiate the terms of the mortgage or calculate cheap mortgages. 5 Appraised value and not purchase price is the same the appraised value of a House than what eventually end up paying for it.