Mortgage property either for a home or any other commercial property or rural property, can be a wise and time-saving investment. It can also turn out to be a disastrous act if you are not careful. If you are buying a home anywhere in Brazil or one of the thousands of buildings in our capitals, be careful not to fall into these seven mortgage miscalculations.
Are you going to mortgage a property?
The process for completing the hiring of a mortgage loan is definitely not like making the unsecured personal loan application, the mortgage for real estate is a complex system and very rarely goes without fail.
Today you can choose lenders who claim to do the whole process of applying for mortgage online in a snap or can also choose as most who access the phone and will personally solve all the processing of the request in agencies and physical stores. Well, anyway, if you are a future borrower and want to make real estate mortgage without complication, it is interesting to read the article through to the end.
Do not research about your lender or lender
Choosing a mortgage lender is one of the most important decisions of a citizen’s life about to buy a financed property, so there is no need to be in a hurry. Take time to determine what your greatest needs and preferences are. Read the many reviews, reviews and credit policies of the prospective creditors before making your concrete decision on any of them.
Fall in the trap of low interest rates without reading the contract
Low interest rates are apparently tempting, but sometimes a problem happens, they are only available for a limited time, so you need to start the fast process to actually save some money with a mortgage on the property.
In order not to be cheated, it is advisable to obtain the written fee (advertising, pamphlet or newspaper etc.). This is especially true in pre-approved loans – beware! Because? In general the offers are only for a limited time or hide other fees or have tricky as conditions. Make sure you have enough time to find your property within that time frame and eliminate possible contractual pranks. Stay tuned to the CET, not always only a low interest rate will ensure a good deal if other extra additional fees are abusive.
Not choosing the best loan for you
It is essential to know what your situation is and what you are looking for regarding credit for buying property. There are pros and cons in all types of financing, so choose wisely what suits you best. Do not be afraid to ask and take away all doubts with your lender.
Do not compare the types of fees applied
Fixed rates always sound like the wisest and safest option when making a mortgage for real estate. Fixed is not invariably better for everyone. Consider the savings and the length of the contract you plan to make, especially if you live on the property.
If you want to mortgage in the short term or long term, always make the calculations necessary to know exactly what will help you save a few thousand reais.
Do not read the clauses and negotiate before signing the contract
Mortgage documentation can be tedious, but every little detail counts whether to please or against you. Take some time to understand well about this and make sure you are fully aware of each additional fee and whether you will agree to everything before signing.
Some small clauses may seem obligatory when in fact they are not. Do not be lazy to read the contract carefully, if you need to hire a lawyer, this attitude can even make you pay hundreds, even thousands of dollars less or more per year.
NOTE: For you to become more expert in the subject making mortgage of property, we list below some of our best articles that speak on the subject.
- 3 Tips To Find The Best Mortgage Credit
2. How to avoid having to refinance your mortgage
3. You are ready to apply for a real estate mortgage
4. Basic Guide to Mortgage for Property Purchase
5. 8 Important Questions Before Applying for Mortgage
6. 6 Tips To Get Mortgage Credit To Buy Property
7. Mortgages: How to get approved when applying for a mortgage
8. Cash Mortgage: How the Mortgage Property Works Box
9. Banks to make mortgage loan simulation
10. Itaú mortgage with property guarantee: How does it work?
11. How the mortgage of Bradesco – Credfacil property works
12. Mortgage Loan – Mortgage to get money
Closing the deal at the wrong time
You may be anxious to close the deal, but closing at certain times of the month or in periods of economic change (eg, Copom – Selic meeting) may mean paying more expensive fees and additional charges unnecessarily. Closing at the beginning of the month for example will cause the borrower to pay more interest on the total loan, unlike the month-end mortgage contracts.
This can significantly increase the value of the installment and the final debit balance. Sometimes waiting another week or two can save hundreds of dollars. Well, as you can avoid not to make these mistakes in mortgage lending, just think and analyze the issue a little more. Do more research, compare and fully calculate all costs.
If you are trying to mortgage property with cheap interest rate for investment or housing, do not waste time or effort researching, the very essence is to have both, save money without suffering by making the wrong choices.
With a little extra care, taking on a home mortgage may be the best decision of your life and your family!