A mortgage loan is a money loan for the purchase, construction or remodeling of a home or apartment. As it is an important sum and a decision that has a great impact on the financial health of a person or a family, it is advisable to take certain considerations before assuming the responsibility of fulfilling the dream of owning a home.
Thorough search
Many times, applying for a mortgage loan to buy a house or apartment is a once-in-a-lifetime decision. Therefore, the choice of housing should not be taken lightly. A dedicated search will allow you to find the offer that best suits the needs of each person. In addition, it will also be important to have information on housing prices by area at hand and to stay informed about how the sector is moving and not spend more than necessary.
How much can I borrow?
Before applying for the mortgage loan, it should be taken into account that by the very fact of being a credit, the financial entities that grant it will/a review the client’s credit history. Check the level of savings and indebtedness, but the ideal is not to present faults or reported debts.
Likewise, it is very important to have defined the maximum amount that can be assumed, as well as the committed payment term and the monthly fee to be paid. How much monthly money can be allocated to pay the mortgage loan, and for how many years is it going to be made? The ideal is to allocate a maximum of a third of the salary, but it must also be taken into account how much initial payment was given. The minimum is 10% of the value of the property, but it will always help to give a little more.
On this point, it is also interesting to look for green or sustainable housing alternatives that. Due to their environmentally friendly characteristics. Usually have more attractive prices. In Peru, BBVA offers the Green Mortgage Credit. That gives the possibility of acquiring a home in a project financed by the bank and with EDGE or LEED certification, with the benefit of a Green Bonus of up to S/25M paid into the savings account.
Post-purchase expenses
It is generally believed that after assuming a mortgage loan, the dream of owning a home has already been fulfilled. But this statement is not entirely true. Assuming the purchase of a home is only the first step. Furnishing the property and designing it according to what was always wanted is a long road. That brings with it heavy expenses. In that sense, planning, putting together a budget and saving money for these future investments is the most effective decision to avoid becoming unbalanced in finances.
Real estate fairs
Taking into account the steps mentioned will help the client to decide better, and as an extra help. Today there are real estate fairs that offer attractive offers that can be accessed digitally.
BBVA participates in a large number of face-to-face and online fairs. Offering its clients financing structured according to their needs with a preferential rate. With the guidance of a mortgage executive and with the appraisal cost paid by the bank.
