A mortgage loan is used for the acquisition, renovation, repair or construction of any part of your current property, it is recommended not to allocate 30% of your salary. As well as this suggestion in this publication, we will talk about some others, but previously it is important to do an internal analysis answering the following questions:
Do you really need it?
Acquiring a home loan is an important debt that you should analyze properly. There must be a compelling reason, for example, if your home is at risk for lack of maintenance. Forget the aesthetic issues at home and ask questions such as: Is it absolutely necessary to fix that now? Can I make my home look cute if I borrow? For non-urgent things, you can find other alternatives.
Will your debts decrease?
Never take a loan if you have not been able to pay another, think with your head cold in matters of an economy if you still have other debts you are convinced to acquire the loan, a good advice is to merge all your debts into one, in this case in the Of the mortgage loan.
Will the value of your home increase?
If you are going to invest in your home, we recommend remodeling or improving something, not buying things to decorate or equip, the point is that your home increases its value the moment you invest your credit, buying a huge screen or smart tv is not an excuse Enough to ask for a mortgage loan.
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If you answered No to the above questions it is time to reconsider whether you really need a mortgage. If not, if you answered positively now it is time to look at the following points:
Check Before Taking a Mortgage
The amount: Sometimes the client does not need an amount as high as the minimum mortgage offered.
The interest: It must be informed if its interest rate is fixed, mixed or variable.
Operational expenses: The institution makes a list of procedures to give you your credit as they are: notary expenses, taxes, valuation, sketches of deeds, etc.
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Additional products to hire: Sometimes the institutions have an attractive offer to acquire clients, however, they have a cost in disguise. For example, they ask to open a current account, to acquire a card with monthly or annual amounts, etc. All these additional products impact on your final debt.
A total amount of credit: You must know the exact amount or installments you must pay each month, which includes all taxes, interest and operating expenses. It is your right and duty as a consumer to be well informed about it.
- The application for real estate loans is increasing
- Most banks pay between 60 and 70% of the cost of the property
- In the Law of preferential interest with interest are 2% for apartment or house, with a transaction price of up to 100% of the sale price of apartment or house; For independents of 80 to 90% with a term of up to 35 years.
Finally, analyze all the options on this credit, compare and choose the one that suits your possibilities.