First of all, you need to be aware of how much you earn and calculate your monthly family income. By adding these amounts, it is possible to increase the possibilities of releasing credit for financing in financial institutions.
This calculation is made through the sum of the individual gross income of all residents of the same household. Check it out below.
Individual gross income = salaries + extra income + pensions + pensions + other sources of income
Thus, Janaína’s individual gross income is equivalent to R$2,000.00. For example, Janaína is a primary school teacher and earns R$1,500.00 per month. In addition, she makes an extra income giving extra classes on weekends and manages to secure an additional R$500.00 per month.
Carlos, her husband, earns about R$1,600.00 a month at work and receives a pension of R$200.00. Consequently, Carlos’ individual gross income will be R$1,800.00.
After discovering the individual income of each resident, it’s time to calculate the monthly family income!
Therefore, adding the values identified above, we have access to Janaína’s family income, which is equivalent to R$ 3,800.00.
See how easy it is? However, if you still have any difficulties when making these calculations, just ask for help from one of our brokers.
Also, if you want to know how to finance an apartment you need to organize your finances and cut unnecessary expenses!
Cut unnecessary expenses
Cutting out unnecessary expenses may seem silly at first. However, these small, non-essential expenses can mess up your budget without you even noticing!
For this, it is necessary to organize the finances and put on paper all the expenses that are essential for the well-being of your family, such as food, water and electricity bills, internet, telephone plans, among others.
After being aware of this, it is possible to identify what the superfluous costs are and, consequently, save an extra amount to invest in financing your apartment.
A simple way to save is to transfer to savings any extra money that is sitting in your checking account, for example.
But, to know how much you will need to invest in real estate financing, you must identify the price of the apartment of your dreams, without forgetting that the value must be in accordance with your family’s financial reality!
Choose the ideal apartment for your family
When choosing an apartment to live in, it is necessary to search for something that meets your needs and is within your financial reality.
After all, it’s no use putting your feet in your hands and choosing a property you can’t afford, right?
To avoid future headaches, do some research! Only then will you be able to find a property that is comfortable for your family and that fits your budget without having to go through tight spots.
When choosing your apartment, you need to consider a few things, such as:
- Property Quality;
- If The Neighborhood Is Quiet;
- If There Are Bus Stops In The Region, Hospitals, Supermarkets, Schools, Colleges And Leisure Options, Among Others, According To Your Needs.
After choosing the ideal apartment for your family, it’s time to define the type of financing that best suits your needs.
Understand how to finance an apartment
If you want to buy your first property, but still don’t know how to finance an apartment, it’s time to understand how this form of payment works and what is necessary to apply for the value of the property.
The mortgage is a program offered by banks for the purchase of real estate through construction.
It is not necessary to be a client of the bank from which you are going to request the loan. However, if you are, it’s easier to get credit approval.
This happens because the bank is aware of the transactions you make in the account! Thus, it is easy to prove that you are able to pay the loan.
The lines of credit vary according to the income of each buyer, so that the amounts are adapted to the financial reality of the person making the request!
One of the main characteristics of real estate financing has to do with the long terms of installments to pay off the investment, reaching up to 35 years.
So, if you have already decided how to finance an apartment, it is essential that you have a clean name in SPC and Serasa.
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Have your name cleared in SPC and Serasa
The granting of credit for financing is only given to people who have no CPF restrictions.
If you are married, it is important that your spouse is also regular in the SPC and Serasa, as the financing will be in both their names.
Also, your spouse may be the second person on the list if your application for credit is denied.
To find out the status of your CPF, you can register on the Serasa website and make this consultation online. If you want to make income with your spouse, the same is necessary for your spouse.
Having a clean name in the SPC and Serasa is extremely important so that your credit application for real estate financing is approved. In addition, it is essential that you have all the documents you need to start the procedure at hand!
Gather the necessary documentation
In order for your request for funding to be approved, everything must be in order with your documentation.
For this reason, your monthly family income needs to be proven through these documents, as this is the guarantee that you will be able to pay for the mortgage payments.
If you work under a formal contract, you can prove your income through your paycheck. For this reason, it is critical that you have current copies of this document. Also, have at hand:
- Birth Certificate;
- Marriage Certificate (If Applicable);
- Proof Of Address (Updated);
- Work Card;
- Income Tax Return (If Applicable).
However, if you are self-employed or a legal entity (through the MEI, for example), proof of your income can be done by presenting a bank statement for the last few months. Therefore, gather all the necessary documents:
- Joint Certificate Of Payment Of Debts Related To Federal Taxes;
- Birth Certificate;
- Marriage Certificate (If Applicable).
This is the basic documentation you need to have on hand to apply for a mortgage.
But, if you intend to use the FGTS to pay part of the financing, you must have:
- The FGTS Statement, Authenticated Or Stamped, Issued By Caixa;
- Updated Proof Of Residence;
- Work Card;
- Income Tax Declaration (If Applicable);
- Proof Of The Spouse’s Income Tax Return, If Any (In Case Of Stable Union Or Marriage).
If you choose to use the FGTS when financing an apartment, remember: you cannot have any property registered in the Housing Financing System (SFH) registered in your name.
After following all these tips, it’s time to make your dream of homeownership come true!
Make your dream of homeownership come true
Now that you know how to finance an apartment, how to better understand your income and cut unnecessary expenses, it is important to understand the procedures for obtaining a loan in the main banks in the country!
To decide which bank to apply for a mortgage loan, make a comparison of interest rates and see which best suits your financial reality.
Another factor that you should take into account when buying an apartment is not to commit more than 30% of your family income.
This will give you more security so your mortgage installments don’t snowball, and keep your finances balanced. If you want to keep in mind what this amount will be, make the simulation of your financing online and contact us!
Also take the opportunity to check out our other contents:
- Get Out Of Rent With Minha Casa Minha Vida Guarapuava
- Learn How To Invest In Real Estate And Secure Extra Income
- Learn All About Caixa Econômica’s New Mortgage Loan
Prestes Construtora: by people, for people
Different, bold and innovative: this is Prestes Construtora, which has been operating in the Paraná market since 2009. With the mission to generate prosperity and develop happy communities, it develops real estate projects that turn dreams into reality.
Our expertise is in the Minha Casa Minha Vida program. We work to become the best and largest construction company in the segment in Paraná, but without forgetting the high standard business. Our commitment is to promote the quality of life and well-being of our customers and the community, with ethics and responsibility.