Mortgage loans in Peru are one of the types of products offered by more than 30 financial institutions; For example, there is the Goodline mortgage loan or the BBA mortgage loan simulator. Despite being so popular, not all provide the same benefits to their customers. In fact, it is necessary to compare the different offers before choosing one. Today we tell you how to choose the best mortgage loan.
Do not choose the first option that comes your way
The key to finding the best mortgage loan is to be able to compare alternatives. That way you won’t take the first offer, which can offer you fewer benefits and more interests than others in the market.
Make sure you have a good amount for the down payment
Banks will not finance the purchase of your land, apartment or house 100%. Actually, they only finance 85% (on average). For this reason, it will be necessary that before requesting a mortgage loan you have at least 15% of the value of the property for the initial installment. The benefit of having a higher initial installment is that the amount borrowed is reduced, that way, so do the monthly payments and interest.
Compare the interest rate of financial institutions
There are two terms that you should keep in mind when applying for a mortgage loan. On the one hand, there is the TCEA and on the other the TEA, but what do they imply? The TEA is the Annual Effective Rate, that is, the interest the bank will charge you; while the TCEA is the sum of the TEA and other additional expenses. To know that you choose the right credit, evaluate that TCEA is lower.
Evaluate how long the bank offers to pay the debt
Not all mortgage loans are offered for the same period. Ideally, before requesting your loan, you should be clear about your monthly payment capacity to know how many years you plan to finish paying it. For example, if with your salary you estimate that you can cancel the debt in twenty years, an entity that commits you to pay in ten will not serve you.
Consider the conditions offered by each bank
Not only does the interest rate charged by the bank matter, although it is an important point; but also the conditions for the loan. For example, there are those who can even charge you penalties for prepayments and this will not be convenient if you want to get out of debt before the date.
Ask for the loan in the currency in which you receive your income
This is a factor that may go unnoticed by some, but will eventually have consequences. The best thing is that the loan you ask for is paid in the currency that you receive your income because that way it will not affect, in the payment of the monthly payments, the changes in the exchange rate.
Consider the bank’s reputation
A bank may offer you the perfect offer, but before deciding on that one, you better research a little more about its services. For example, there are banks with which it is impossible to communicate if you want, perhaps: “reschedule your payments”, among other factors that you should take into account.
Since you have everything clear to choose the best mortgage loan in Peru, it’s time to look for the house or apartment you always wanted. The premiere properties are a good choice and investment, if you choose them, remember to acquire it through a real estate agency with confidence and track record, which meets the project’s delivery times. Meet the departments we have available for you!