Even with Covid-19, Portuguese house prices have risen. And that made the whole market move. Whoever wants to sell, sees a good profit opportunity, whoever wants to buy, can negotiate good prices. But many families, no matter how fast they need to move, face a major barrier: bank loans. Do you know what criteria help? What can be a hindrance? To help, we made a short list with important tips when looking for a financial institution.
All very well calculated.
Asking for a bank loan to purchase a property is a big step. Unlike other debts, the long term for payment requires, first of all, a lot of seriousness and discipline. However, before you even go to the bank, you need to do the accounts in detail. We even did a story on the blog telling you how to program yourself to apply for a loan. How much are you willing to pay monthly? Will you be able to maintain an emergency reserve even if you pay the installment? Do you have stability in your job? Do you already have a relationship with a bank? Do you have a history of being a good payer? All the details will help you and your family to understand if this is the best time to buy.
Choosing the best.
Entreparedes has properties for all types of families and people: from the widest and most comfortable to the most luxurious. And defining the property well is the first measure to know if the value fits or not in your income. So, see a property on our website, entreparedes.pt. schedule a visit. And always talk to our consultants.
If possible, see more than one option and evaluate the pros and cons: from location to room division. Another important factor in deciding the purchase is whether the property is ready or if it is still under construction. This will directly influence your decision.
Negotiating is the best way out.
After choosing a property, it is time to make the second most important choice: that of the financial institution that you will apply for the loan. Evaluate from the relationship, interest rates, installment values. And, even after analyzing it well, negotiate.
But remember: to lend the money, the bank can make a thorough assessment of your financial life, and some factors can be fundamental to your success:
Age: banks generally make real estate loans to people between 25 and 55 years old. However, each institution can carry out its own rules.
Relationship: The bank can check your entire history. If you have borrowed before and paid off the debt, if there is any pending, etc.
Financial and job stability: How long have you been working? How long have you been in the same job? This question can be decisive when applying for a loan. So, research and count on our advice to find the property and the perfect financing for you.