Real Estate Financing works just like a bank loan. However, the bank stipulates an amount to be granted for a specific destination. And subsequently the final amount is paid through fixed installments with increased interest to be stipulated by the banking institution.
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Furthermore, numerous factors must be taken into consideration when taking out financing, see our tips and how to choose the best bank to finance your property.
How does real estate financing work?
Numerous banks offer financing to their customers, in the form of fixed installments plus additional fees. In general, during the choice, the institution proposes a limit amount to be financed.
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Immediately after choosing the property, it is necessary to continue with the registration and contract bureaucracy. Since it may or may not be approved, subject to credit analysis. In some banks, a minimum deposit of 20% to 30% for the property is required.
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As well as financing with no down payment, they have higher interest rates; and the fewer installments to be financed, the better the interest rates. Here's the chronology:
- Choice of bank;
- Choice of property;
- Submission of the proposal;
- Analysis;
- Final anwser.
Some banks have low financing limits, it is important to have a certain idea of the amount to be financed, in order to look for properties based on the price stipulated by the bank.
Read more: the 3 best property auction sites
What is the minimum income to finance a property worth 150 thousand?
This becomes a difficult question to answer, as it depends on each financial institution. However, it is based on the input values and number of installments.
On average, to finance a property worth R$ 150 thousand, the customer must receive at least R$ 3 thousand. In order to take between R$ 700 – 1 thousand in installments and not have +35% of compromised income.
This study is used to avoid default and financial debt. Look on this website a financing calculator and have a better and specific basis based on your income and financing conditions.
Which bank has the lowest mortgage rate?
According to the latest census carried out by experts, Caixa Econômica Federal has the best real estate financing rates, as depending on the initial down payment and number of installments, they are up to 8% per year
As it is a public body, it is common to have programs that promote access to own housing with easy payments and proof of income.
Since Caixa provides its own real estate financing simulator, in order for its clients to obtain a certain margin and vision of how they will be planning.
However, there is a whole literature behind it, as it will depend on the type of property, value, city and payment model.
How to take out real estate financing?
It is necessary to access Caixa's official website using the link provided in the previous topic. Since you must fill in the data via simulator and at the end, complete the registration through a CCA – Caixa Aqui Correspondent or Bank Agency.
Since in some cases it is necessary for the agent to inspect the property. Therefore, it is necessary to carry some documents, including:
- Proof of income
- Proof of address
- RG
- CPF
And standard supplementary data. The entire real estate financing procedure can be done completely online, however, completed in person at a Caixa branch.