To buy or not to buy, that is the question. The dream of home ownership seems to be increasingly distant from the Brazilian people. For that to happen, families are resorting to real estate financing with the lowest interest rates and prolonged conditions for paying it. However, how to choose? What to do? Where should we start?
With that in mind, we decided to write a guide, presenting you with factors that you should take into account when deciding on a proposal. Here you will see practical tips, comparisons between financing plans and lists of the main pitfalls in the market. Are you ready?
Tips for you to finance your new property
You can get the credit before you find the dream property
In order for you to be able to facilitate this process, you can apply for financing at the bank before you even find the house you’ve always dreamed of. If your order is approved, then the bank will proceed to deliver you a letter of credit. It gives you the necessary assurance to proceed with the negotiation. This letter is valid for at least three months.
Compare market conditions
As contracts involve many clauses that are not always negotiable, your chance is to choose from those available, those that have the best option. Be careful to act through intermediary companies. Remember that she is targeting the commission that the finance company will pass on if she manages to complete the sale, which does not always mean a positive gain for the consumer. Compare rates and be incisive.
Be careful when counting on FGTS
One of the conditions for it to be used is in the purchase of properties that cost up to R $ 500 thousand reais. With that amount, you can’t buy a new apartment in noble-class neighborhoods in the main Brazilian cities… The best way is to count on your own savings to honor your entry into the business, which operates with an oscillation between 10% to 20% of the price .
Bet on the decreasing system in the installments
Many people feel at ease when the plots are fixed. However, decreasing ones are the best options for you. That’s because it gradually decreases the value of the installment, making you able to honor your commitment and at the end of it, you are paying very little. In addition, interest amortization is higher. It is worth investing!
Banks still usually work with different rates for borrower candidates who are not their customers. To give you an idea, if you are interested in opening an account, you can get a reduction of 1 or 2 percentage points. This is because the bank creates a relationship with you, feeling more secure and providing a credit of confidence, even if small, which is already a great advantage.
CEF is not always a good option
Contrary to what is spreading, CEF may not be the cheapest option on the market. Other services end up making Caixa’s value more expensive, such as death or disability insurance, which tend to be more expensive than in other banks. Try to research and understand the composition of the plot before deciding.
Banks that have a partnership are not always cheaper
Often, for convenience, whoever buys a property ends up doing the financing at the accredited bank. This facilitates the release of credit and money, but it can also indicate an extra expense. Remember that the best option is not to do business with whoever appears first, but with the one who has the best proposal to offer.
The total amount can vary up to 30%
That difference is real and it exists. Adding the installments, the difference between the banks that offer the best payment terms can reach 32%, according to the CFIN. We properties of R $ 500 thousand, the difference reaches R $ 250 thousand! If you put it on the tip of the pencil, it’s glaring, isn’t it?
Don’t let the value of the first installment fool you
Some banks create an illusory idea in the first installment, causing the consumer to fall into error. It is also worth looking at the last installment, so you can see if, over the course of these 20, 30 years, you will be able to honor your financial commitment. Remember that here, the total cost of installments is the sum that really matters. If you have any doubts, redo the account at home.
Debts do count
Your debts enter the account in terms of income commitment. Therefore, if you are trying to pass a letter of credit, it is necessary for you to assess your situation. Remember that we cannot exceed 30% of the gross family income. To compose this income you can add other income, such as that of the wife or husband.
The maximum term may vary
In the past, banks worked with 30-year financing. Today, the vast majority have already joined the 35-year-old scheme. With the long-term option, the installments end up getting smaller and it becomes a good alternative. If you don’t have the money to invest in a smaller commitment, it’s worth it. Generally, 25 years is the most approved letter of credit by popular banks.
Cut costs with migrating to another bank
Some banks offer the possibility to transfer their financing, reducing interest and decreasing the active debt. This has so far not been regulated by the central bank, but it is a very common practice. You can extend the term to pay or even refinance the property up to 60% of its value. This difference calculated from one bank to another can be withdrawn in cash or written off in the real estate installment itself.
And you, do you have any tips you want to add to our article? Tell us!