What is a Pre-Approved Home Loan
Mortgages In Portugal: The Benefits Of Pre-Approved Mortgages When Looking For A Home
The Buying real estate abroad can be a nerve-wracking experience. But here at idealista we are committed to helping you every step of the way when buying your property in Portugal. It can seem a bit strange with funding too start, especially if you haven't found a suitable property yet. However, this can be a very clever strategy for those who don't want to waste time and it can also be done online. So how can you get one received pre-approved loan from a Portuguese, if you have not yet decided on a property and you do not know how much you will spend to buy it? Let's take a look at it with the help of mortgage experts.
The Pre-approval of a home loan consists of analyzing the client's financial profile, evaluating their income, expenses and associated risk. Depending on this calculation, the bank should be able to advise a customer of the loan amount that would be granted to them. The result of this process is therefore a ceiling that reflects the amount of funding that the credit institution can provide under certain conditions.
The usefulness of this preliminary analysis
- You can set a budget for property search
It is worth remembering that currently most banks and credit institutions in Portugal grant a maximum financing value of up to 90% of the value of the property. If you know how much you can fund you can Set a budget directly when searchingwithout wasting time on real estate that is not within the feasible.
- You can determine the type of property that is suitable for you
Knowing what amount of funding to expect before you start your property search, you can set other criteria for your search. This includes factors such as location, type of property, size and materials.
- You will get a faster answer
Many home purchases fail because when buyers find a home they like, they can't make an immediate commitment and need to get home loan approval first. In the meantime, another interested buyer comes and snatches the property from under your nose. Pre-approval guarantees that, subject to the conditions approved (such as the purchase value of the house), you will receive a loan up to that value. So if you can find the right home at the right price, you just have to complete the purchase.
- The granting of the loan is accelerated
Applying for a home loan while you are in the middle of planning your move can be a bit stressful. Pre-approving the loan will make the process easier and faster in the final stages, and in most cases even allow you to move sooner.
"Ultimately, pre-approval of a home loan can be a way to to make the purchase of real estate more focused and effectivebecause you know what to count on in financing and what type of property to buy right from the start. No waste of time, no false expectations, ”said UCI.
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