Mortgage loans are an excellent option for financing your dream home. However, there is a great diversity of alternatives to choose from, which can confuse the future buyer. Therefore, I will give you some tips so that your choice does not look so complicated.
Evaluate your financial capacity
The first thing to analyze is if you really have the financial capacity to assume long-term indebtedness. You should avoid overindebtedness and not assume more credits than can really be paid. It is recommended that the fee you pay for the mortgage loan does not exceed 30% of your income.
Try to save to cover a portion of the down payment
Many of the mortgage loans in the market finance up to 90% of the price of the property. However, if you have the option of giving a little more initial fee, it would benefit you in the long term, since you would be paying a lower fee. Seek to obtain credit in the same currency as your income
Currently, we live in a context where the exchange rate has risen. As a mortgage loan is a long-term investment, it is advisable to obtain it in the same currency as our income, to avoid losses due to the volatility of the exchange rate.
4. Carefully analyze the term according to your economic situation
While it is true, in the longer term, the fee decreases, but remember that in that way we are also paying more interest. If your financial capacity allows you to borrow on a slightly shorter term, it is recommended that you take a mortgage loan with a shorter term. Also, keep in mind that if you are over 50, it is very likely that the financial institution will grant you a shorter term.
Compare the existing alternatives in the market
You should pay close attention to the following variables: initial fee, monthly fee, interest amount, annual effective rate, annual effective cost rate (includes annual effective rate with the cost of insurance and shipping), etc., offered by the different Bank entities.
Consider the My Housing fund option
The option of funds offered by the state, such as My Housing, can be very attractive because of the benefits they offer. An interesting advantage is the good payer bonus, which gives you a discount on the monthly fee if you pay on time.