Buying a property is something serious and requires thought and preparation! Therefore, it is essential that you prepare yourself financially to apply for housing credit before applying for it.

At this point, there are several steps that should have your attention. Also care and details that cannot escape the eye. In fact, all of this is essential for you to do good business. So, follow the tips below!

To guarantee contracting a good deal and the financial capacity to pay the installments of a housing loan, it is important to find out a lot about the subject, as you are doing by reading this text.

So, continue and see important tips on how to prepare to apply for housing credit. So, win good deals and finally acquire the property you dreamed of!

If you want to buy a property it is important to keep this in mind from the start. After all, you will need to have savings available to present as a down payment.

After all, even though there are home loans that offer financing of 100% of the value of the property, this is not the best choice. This is because the value of the installments will be higher, as will the applicable interest.

Also, because this greatly restricts the options you will have for hiring. Therefore, it is important to organize yourself to have the entry fee available.

The most common (and recommended) is that you have at least 20% of the property's value. To do this, you can now:

Continuing with the steps to apply for housing credit, it is crucial that your name is clean. In other words, that he is not registered on the Banco de Portugal black list, a document that is updated monthly.

It lists those who are late in paying their debts and “dirties” the name of the consumer, who is prevented from obtaining new credit agreements. So make sure your name is clean.

To do this, you can do a quick online search on the Banco de Portugal website. If there is any debt registered, in fact, try to negotiate it as quickly as possible.

Only when your name is clear (after payment of outstanding debts) will you be able to apply for the loan. So, get ready to apply for housing credit!

To apply for a housing loan you will need to present some important documents. Therefore, separate the following documentation:

This last document, as well as the blacklist, is available on the Banco de Portugal website. It is important because it provides a summary of consumers’ financial lives.

Continuing with the essential preparations to apply for housing credit, know that it is a good time to study finance and learn more about the financial world and credits.

For example, it is important to know the types of fees, how they apply and other details. After all, they are part of a financial commitment that you will make. Therefore, knowing what will impact your finances becomes essential.

Therefore, try to follow news about the financial market and study financial publications available online, okay? Like Mr Card’s posts!

One of the important factors for applying for housing credit refers to payment deadlines. Banco de Portugal stipulates maximum deadlines according to the consumer's age group.

And, although all banks follow this regulation, note that these are maximum deadlines. Therefore, they correspond to the ceiling, but the bank may offer less time.

Preparing to apply for housing credit also requires knowledge of where you can apply for it. That is, which banks can help you.

To do this, try to find out more about banking institutions. See what rules each one practices and the average loan conditions.

Likewise, find out what the institution’s image is in the market and consumers. Also, do credit simulations. With this, you can buy the conditions of each one and know who has the most beneficial rules.

Before applying for housing credit, it is essential that you know your budget. After all, you will take on a debt that will accompany you for years and years.

Therefore, you must be sure that you will be able to pay the installments. Otherwise, you could end up with a bad name, as well as losing your property.

So, write down all your expenses. Consider both short-term and long-term. Also, write down fixed and variable expenses.

Likewise, consider what your income is and your expectations for it to increase or decrease. Likewise, be sure to analyze scenarios in which you are left without salary income.

All of this helps you stay organized. Also, look at solutions, such as waiting to apply for credit, making emergency savings or seeking extra income.

Furthermore, these considerations are relevant as they help in choosing credit interest rates (mixed, variable or fixed).

Finally, do you want to know more about housing credit? Then access the article below! In it, we explain what the types are, the characteristics of each one and how the rates work. Check out!