Like many real estate market situations, financing has some details that may seem a little complicated, but don’t worry; we show you all the points you need to pay attention to before making yours.
From the moment you decide that you want to finance a property at 33 realty, you must contact a bank that, when evaluating your documentation, will determine whether or not the credit will be approved for you. After this credit is approved, the bank will pay the financed amount to the seller.
Finding The Institution That Best Suits Your Needs
Several banks can carry out this process; if you are already a customer of one, when carrying out the financing with them, the documentation approval process can happen faster; however, know that it is not necessary to be a customer of a bank to carry out financing with it, your choice should be based on the following indicators, which vary between banks, finding the institution that best suits your needs:
Credit Approval Period
The period required for the evaluation of the buyer’s documentation and the allocation of resources can vary significantly between banks; if you are in a hurry, it is recommended to look for institutions that carry out this release faster;
Maximum Percentage Of Financing
A maximum percentage of the property’s value can be financed, requiring you to pay the remaining percentage in cash as a down payment. This financeable percentage varies typically between 70% and 80% between institutions;
To compensate for the risks and costs involved in this operation and the inflation that occurs during the monthly payment, the bank incorporates an interest rate to the installments that the buyer must pay. This fee varies from bank to bank but is usually offered at a rate close to 10% per year.
The Maximum Term For Payment
The maximum term that the buyer has to pay off his debt varies between institutions; banks usually offer a maximum of 420 months (35 years). However, it is interesting that you choose a term that provides a monthly fee that best fits your budget.
A Realtor at 33 realty offers a simulator, and with it, you can determine the amount you want to finance the payment term. With these numbers chosen, the values of the first and last installments that must be paid are shown, and the minimum income required for such installments is permitted.