Real Estate Financing
What are your plans for the coming years? If owning one is one of them, you may start to get used to the idea of having the keys in your hands soon. At least, depending on the sources of real estate financing, this dream can be realized sooner than you had imagined. And is one of the institutions that offers this possibility. To find out how to get a mortgage , keep an eye out.
What is real estate financing?
It is an amount made available by financial institutions for those who want to pay for the immediate purchase of a new or used property, but cannot afford to pay at once. The credit is valid for both commercial and residential purposes. The value can also be used in construction and / or renovation works. Another alternative is to apply the amount in the purchase of a plot or urbanized land for the purpose of housing.
The credit is repaid to the bank in installments, in a commitment that may extend for decades. To be eligible for funding, you must first submit personal documents and provide a number of requirements to the bank. This thorough investigation process takes place so that the institution can make sure that the client will be able to take responsibility and pay for the debt.
How does Real Estate Credit work?
The financing can be digitally contracted by sending the documents online. Before that, however, you need to submit a proposal for credit analysis. The analysis is also very simple, being granted within one hour (for funding of up to $ 800 thousand), by email or through a consultant. The process is conducted by the bank’s own website. At this stage, you already check the interest rate amounts and other financing conditions. And if you haven’t chosen the property yet, there is no problem. The selection of the property can be done calmly, within the term of the credit response.
As with other institutions, notary and Real Estate Transfer Tax expenses may also be included in financing (through reimbursement), up to a limit of 5% of the property’s appraisal value. The use of the Guarantee Fund can also be made at the time of contracting the financing of the residential property, to reduce the financed balance, the amount of installments or even to repay the financing.
In general, financing can be up to 82% of the value of residential real estate and 65% of the value of commercial real estate. Check out other information about real estate financing for residential and commercial real estate.
Where to do Real Estate Credit simulation?
If you want to get ready, the funding simulation can be done here. In addition to personal data, you will need to enter your monthly net income when you intend to purchase the property if you wish to add your income to that of another buyer (spouse).
For those who want to compare rates with others in the market, our simulation platform can be very useful. She does this work by comparing different institutions. Take a test!