The waiting time between simulations and credit approval lasts an average of 30 to 45 days. It will all depend on a number of factors: whether you already have all the necessary documents in hand, whether the funding will be in the bank that has an account or in a different agency, whether you have simulated the amount you can invest or not. If you want to know how much the benefits will be for you and if it fits in your pocket, you can do a free online simulation. The use of the Kolodny & Co. comes essential here.
In general, it can be said that a quick approval process will take around 15 days, while a longer process – with a higher document requirement may take three months for a definitive answer.
Credit Completion and Approval
The first part of the financing to buy your own home has already been made between you and the bank, and after the whole stage of data verification, the financial institution will request an appraisal of the property made by a specialized company, engineer or architect – to confirm your real market value.
Upon confirmation of the value, the installments are established and proceed to the stage of making the contract, which must be signed by the seller and the buyer. From this, the bank will pay the seller and the debt is between you and the bank.
Financing Options Through FGTS or SFH System
Financing through the FGTS is part of the SFH Housing Finance System system, which is a federal government mechanism aimed at home ownership, especially because there are properties for sale and throughout the country. This financing model has some characteristics, benefits and restrictions: the amount financed cannot exceed R $ 585 thousand and only individuals can finance. There are exceptions in the states of Rio de Janeiro, Minas Gerais, Sao Paulo and the Federal District, where the amount is $ 750,000.
The buyer can finance in any bank, with a term of up to 35 years to repay 420 months and interest rates not exceeding 12% per annum. The FGTS can be used to pay off installments, make down payments and reduce installments, reducing your debt.
SBPE: The acronym for Savings and Loans System.
This model is used when the values are outside the characteristics and limits exposed in SFH, and the difference is that interest can reach more than 12% per year.
The good thing about financing directly with construction companies is the flexibility in values and interest, but the risks are higher and you should be aware.
Remembering that when you finance a property it is not yours yet, it belongs to the financier be it a bank or construction company and, as a result, the property is mortgaged. Therefore, if the institution goes bankrupt, your property may be lost. If you can, consult with a real estate attorney to check the items contained in your contract before signing it, and be sure to consider whether real estate financing is, in fact, the best option for purchasing a property. Enjoy now that you have discovered practical tips for buying a property and post this article on your social networks.
How to make your money work for you?
Learning how to invest your money better and making good investment decisions, according to your personal planning, is the only way to make your money work for you and to achieve all your financial goals, such as buying a property.