Real estate financing simulation: what to know

For the Portuguese who want to buy their own house, it takes a lot of patience and willingness. After all, there are several details that involve this process, right? To make your life easier, try to do real estate financing simulation in Portugal.

With the financing simulation, you can already get a sense of the amounts to be paid. You can do the simulation through the bank and online simulators. However, pay attention to the details that we will present. Thus, you will make the simulation even more effective.

Find out which is the best platform to simulate real estate financing without down payment in Portugal

Bear in mind that there are several online platforms that facilitate the real estate financing simulation in Portugal. With the internet, you can do this procedure in a practical and fast way. The best thing about it is that it all happens in the comfort of your own home.

So don't go from bank to bank! After all, you can do the simulation directly on the companies' websites. Another possibility is to look for free simulators that compare financing from different banks in one place.

However, do not use a simulator of spread. This is because this type of simulator only performs the calculation of interest. The ideal option is a home loan simulator. But, as has already been said, prefer the ones that are online.

This type of simulator calculates all costs associated with financing. These also include interest, insurance, taxes and commission charges. That way, you'll be able to get a more realistic sense of how much you'll pay on your financing. In addition, you will know how long you will pay off your debt.

What are the basic requirements for simulating no down payment?

In addition to doing the simulation, you also need to know what the basic requirements are for financing real estate with no down payment. The credit policy in Portuguese lands, through the Bank of Portugal, indicates the maximum period of 40 years for the repayment of the financing.

Still thinking about deadlines, it is important to highlight one more point. The sum of the term of the financing and the age of the interested party can never exceed 75 to 80 years. Therefore, the older the customer, the shorter the term to pay off the loan. So, be sure to keep an eye on it!

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To guarantee the approval of the mortgage loan, it is necessary to present the maximum amount of guarantees to the credit institution. Therefore, the documentation includes bank and salary statements. In addition, it also considers employment contracts and income tax.

That said, we hope we have helped you to better understand how the aspects related to doing real estate financing simulation in Portugal. So, be sure to ensure the safety of realizing your dream.