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Buying a home is an important and exciting decision in many people’s lives. However, before embarking on this process, it is essential that you understand the steps you should follow to buy a house and make sure you make the right decisions. Avoid setbacks!
- The first phase of the home buying process is choose the home that suits your needs and desires. This stage can often be delicate and requires time and patience to find the perfect home. In this sense, it is important to be clear about your search criteria, such as size, location, amenities, and the specific features you want in a property. Besides, It is advisable to establish a maximum budget for the purchaseconsidering both the price of the home and the additional associated costs, such as taxes and fees, notary and registration expenses, and possible reforms or repairs that need to be carried out.
- Use a mortgage simulator will allow you to explore the mortgage loans that you have available, and will give you a clear idea of the differences between them, especially in relation to the interest rate: fixed, variable or mixed. When using the simulator, you can compare the monthly installments of each optionas well as all expenses associated with the operation and the total amount of the loan.
- At your bank you can request the Pre-contractual Information Sheet (FIPRE) which contains all the relevant details about the mortgage, such as the general conditions, the interest rates applied and any linked products that may exist. Essential to thoroughly understand the characteristics of the mortgage you are considering and evaluate whether it meets your needs and financial capacity. FIPRE gives you a panoramic view of the contractual conditions, which will allow you to make more informed decisions.
- The mortgage adaptation process is also crucial when purchasing a home. Grupo Caja Rural offers a personalized service in which experts in the field will explain in detail if the chosen mortgage adapts to your needs and financial possibilities. This involves evaluating your ability to pay, your credit history, your income and other relevant factors to determine if the mortgage is right for you.
- Once you have provided all the required documentation, the entity will carry out a thorough evaluation of your application. This evaluation will serve to determine if you meet the necessary requirements to obtain the mortgage. Once this process is complete, you will receive the assessment result, which can be positive, meaning that your application has been approved, or negative, indicating that you do not meet the requirements or that your risk profile is not suitable for the entity.
- Pre-contractual documentation is an essential step in the home buying process. Before signing the contract, the financial institution will provide you with all the necessary information so that you can make informed decisions and guarantee transparency in the transaction. Among the documents you will receive is the draft contract, which details the conditions of the mortgagesuch as the interest rate, repayment terms, monthly installments and any associated commission.
- A notary will ensure that all legal requirements for the purchase of the home are met and will take the necessary steps to register the mortgage in the Property Registry. This evaluation by the notary is an additional guarantee for the buyer, as it ensures legal protection throughout the purchase process. Likewise, the notary can resolve any doubts or inconveniences that may arise during the negotiation of the mortgage contract, thus providing security and confidence to the buyer.
- Signing the contract is the last step in the home buying and selling process. This step requires that at least 10 days have passed since the entity sent the pre-contractual documentation to the notary. During the signing, the definitive terms and conditions of the sale are established and agreed upon. Once signed, the contract is considered binding and legally valid.
Ruralvíathe digital banking of Grupo Caja Rural, gives you the ability to keep detailed track of your mortgage loan, providing you with crucial information about amounts paid, outstanding amounts, interest applied and any other relevant data. This functionality allows you to have complete financial control and make informed decisions about your mortgage.
Remember that Grupo Caja Rural gives clients the opportunity to reduce their outstanding debt during the term of the loan without incurring additional costs or penalties. This flexibility and financial control are key elements that help users more efficiently manage their financial situation and achieve their financial goals.
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