Getting a home of your own is, in full 2019, one of the dreams of many Chileans who want to leave the lease behind. To achieve this, it is necessary to have a plan and follow some steps. Contrary to what many people think, this process does not have to be so complicated, but it is important that you have some basic points to begin with.
Know what the plan
Did you know that a mortgage loan can be used to buy a new or used home, but also to build, buy land and remodel your property? The idea is that you define what you need, and according to that, you’ll know what to look for. If the idea is the purchase of a home, then you should look for alternatives that fit your budget. What place suits you? How many rooms do you need? Will you lean towards a house or an apartment?
Know the status of assets
It is time to be honest about your income, savings and other cash. How much money do you have for the initial fee? How much money can you pay monthly? You need to review your budget to make sure you don’t enter into a financial commitment that you cannot cover.
Search for available credits
Mortgage credit is available in different financial institutions, but not in all under the same conditions. You must verify what papers are needed, what interest rate they offer, available term, among others. Remember that a difference in the interest rate will be considerable considering the number of years the credit will last. Where can you compare these alternatives? In Hobert Morray.
Consultation about subsidies
Something you should not forget is that you do not have to run with the mortgage payment alone. The government has different subsidies and alternatives available to which you can apply, and depending on your profile, you will be given access. In this way, you can have fees that do not threaten your budget or leave it in a very tight situation.
If you have more questions about the application for a mortgage loan, how to choose the ideal home, among others, be sure to read the other notes from our blog.