The variety of financing present in the market represents unique opportunities for those who do not have a large amount of financial resources. In the decision to buy a property, the loan guaranteed by banks or financing companies has become fundamental for the realization of the dream of owning a home .
And it is time to evaluate this possibility of acquisition that many people are faced with numerous doubts about real estate financing. Today, we clarify the 7 most common ones to help you in this process. Check out!
1. What does it take to get a mortgage?
The requirements and prerequisites for making a loan depend on the method chosen by the buyer. In a direct negotiation with the construction company – usually for properties in the plant or under construction -, the interested party must only deliver the documentation requested by the company.
On the other hand, if the loan is made at a bank or financing company, the buyer must have a clean record and adequate income for the requested credit amount. In this modality, the value of the installment cannot exceed 30% of the net income. In addition, specific documents are also required.
2. How is the calculation of charges and insurance in real estate financing done?
The amount of the charges varies from one financing to another, but they are usually calculated according to:
- the debit balance;
- the amortization system ;
- interest rates;
- and the remaining term in the contract.
The death and disability insurance and physical damage to the property – used to cover amounts in the event of the death of one of the buyers and possible damage to the property during financing – are usually calculated, respectively, based on:
- in the policy rates on the value of the financing to the percentage of the agreed income of the buyers;
- and the rate on the property’s appraisal value.
3. What are the payment terms in real estate financing?
In bank financing, the payment of the first installment is usually charged within 30 days after signing the contract. If he chooses convenience, the buyer has the option of paying his installments by means of automatic debit or, if he prefers, using the system of slips issued by the bank or financing company.
In case of non-receipt of this document, the client may request a second copy through the contact details provided by the financing agent.
It is also worth noting that some financing allow the advance of payment installments, including using the FGTS resources for this. To find out about this possibility, the interested party must inquire with the bank responsible for the loan.
4. How often can I use FGTS for financing?
As the financing corresponds to a specific percentage of the property’s value, it is very feasible to use FGTS resources to enter the financing. As long as there is a balance available, it is possible to use the FGTS amount to cover the entire amount of the down payment.
If you have used FGTS resources for this purpose, it will be necessary to wait a period of 3 years to use it again. In other words, those who start financing in 2020 will only be able to enter into another property with the resources of the guarantee fund as of, at least, 2022.
Another possibility is to use the resources to repay the financing debt. Thus, in addition to reducing the time to settle the installments, you also reduce the accumulated amount of interest to be paid. For this purpose, FGTS may be used every two years.
You can also use the fund’s resources to decrease the amount to be paid in the installment. In that case, the law allows you to pay up to 80% of the installment amount. In other words, for payment of R $ 2,000.00, for example, the FGTS may pay up to R $ 1,600.00 of the monthly installment. For this purpose, the use of the guarantee fund’s resources must respect the 12-month interval.
5. How is the installment value and the term of the real estate financing calculated?
For the financing of residential properties, the installment may consist of the main charges – monthly interest and amortization installments – and accessories – management fees and the insurance involved (death and disability and damage to the property).
CrediPronto, for example, calculates the value of the financing based on the SAC Table (Constant Amortization System), in which the installments gradually decrease throughout the financing. Thus, the total value of the property can be up to 10% cheaper. This favors not only the client’s pocket but also his future investments since in the SAC Table the interest will also be lower during the contract.
As for the term, financing companies usually offer a payment term of between 180 and 360 months, which is equivalent to a period of 15 to 30 years. However, the longer the established term, the more expensive the financing will be, since the incidence of interest is higher in long-term financing.
For these reasons, it is essential to reflect calmly on the deadlines established by each financing system before closing the deal. After all, as this is a major investment, you can’t take any chances, right? In order not to take this risk, it is enough to plan properly and put everything on the tip of the pencil, in addition to having a consulting firm recognized in the field of real estate financing.
The Itaú Lopes partnership, for example, is a reference when it comes to real estate financing with security and without bureaucracy. The partnership brings benefits both to the end consumer and to the partner who needs to sell the property, acting with quality and efficiency from the beginning of the service until the delivery of the keys.
6. What happens to arrears on real estate financing?
Payments made outside the period established in the real estate financing will be subject to a fine, as well as allowing the financing agent to include information from the buyer’s contract in restrictive credit registrations (SPC and Serasa). The amount of the fine is calculated on the basis of interest for time delay. If the buyer does not pay these installments, his property may be auctioned by the bank.
7. What are the documents needed to make the mortgage?
At first, copies and originals of the following documents are required:
- proof of marital status;
- proof of income.
Income can be proven through pay stubs, income tax returns and bank statements.
For freelancers, the following items are accepted:
- income tax declaration;
- declaration by the category union;
- contract for services;
- receipt of works performed;
- proof of receipt of income made by an accountant.
After evaluating the documentation required in real estate financing, the bank will perform a cadastral analysis to verify the situation of the buyer’s name in SPC or Serasa. If everything is normalized, the value of the credit can be released, at a time determined by the financing agent, to the seller of the property.
In the case of CrediPronto, the customer also gains inconvenience, as the company performs its processes in an agile, practical and free of bureaucratic manner. This credit analysis, for example, is done in 24 hours, and the contract is issued just as quickly.
This is a great differentiator for the company, which has its own legal cell. Thus, CrediPronto does not need to use an outsourced platform for contract analysis, as in most other lenders.
With this reading, it was possible to clarify the main doubts about real estate financing. Now, for sure, you feel more relaxed and prepared to make the contract, don’t you?