Saturday, October 24, 2020
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This is the reason why a housing loan is more expensive than it appears

Buying a home is not an expense that is exceeded overnight. Most of these types of purchases are made through a mortgage loan that has a term of up to 30 years; that is, three decades paying for your property to be entirely yours.

One of the most difficult points to overcome is the case of the initial fee, since many people find it difficult to save the amount needed to access credit. However, there is another aspect that is worrying and often ends up causing an imbalance in user finances.

These are the additional expenses to the credit.

home loan with money cash

Once the financing is granted, there are a series of expenses that must be covered and that demand up to 5% of the value of the home. If this expense is not considered within the budget, the user will be forced to request an additional credit to cover them, since it is not an amount as small as it seems.

Among the extra expenses generated by a loan of this type, there are: The appraisal, promise of purchase sale, study of titles, certificate of Tradition and Freedom, deed and registration.

Some banks charge for the study of securities

money cash

While some include it in the mortgage. In any case, you should consult this aspect when choosing with which institution you will apply for the loan. Remember that there are good options and others that do not suit you so much, everything will depend on your profile and your financial situation. It’s like riding a bike, the first time you fall, but try until you learn and never forget how you do it. Keep adjusting your budget until you learn. The future of your family depends on it.

Now that you know what the additional expenses are, allocate a percentage of your savings to cover them, so that once you apply for the loan, there is no place for surprises.

 

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