The dream of every citizen who works is one day to have or buy your house, to tell you the truth, there is nothing wrong with this. But how about instead of buying a home ready for housing, you consider building one. There may be many advantages to building your own home, one of which is to make it fully customized and in the right measure, plus take advantage of everything you could to make it a smart home.
A well-designed home, in addition to having greater energy efficiency, can be adjusted to reduce repair and maintenance costs and still leave opportunities to customize it with many other features and advances in safety and lighting that appear in the future. Anyway, there are endless ways we can choose to build the house, from the ground up to the final finish. However, for all that, the first step is to determine where all the money will go to build it… it would be a loan to build (credit construction).
The initial steps to obtaining a construction loan are similar to buying an existing home:
1 – Get to know a lender to get a pre-approved loan in the amount that you can repay.
2 – Develop a wish list, including preferred locations and required resources.
3 – Visit land and areas for sale and builders in the selected price range. An experienced real estate broker can be a valuable asset in the right choice of a land and prime area.
Make a loan to build (Construction)
If you plan to build a house with a lot purchased with your own project, you have many more financing options, but there are more steps involved. Unless you are using money saved, you will need to arrange for a construction loan. These are not as widely available as regular home loans so you may have to list what are your chances of getting credit and where to get them.
One of the best known loan to build is the Federal Economic Fund with which you build on your own land and the FGTS can be used as part of the financing payment. The transaction is supported by the Housing Finance System and is guaranteed by the loan as fiduciary alienation. The interest rate starts from 5% per annum, meaning the installment is sure to fit in your pocket. The gross income commitment is not more than 30%.
Requirements to obtain credit
The loans to build home are considered the lowest risk, however, you will need to know the credit score, have to be good to excellent. In some cases, divesting the land or giving something else under guarantee works well. As said the construction loan can be requested even as payroll deductible credit, since the use of the money is not informed to bank and so on.
” If you already own the land, you can use it as equity for your getting the construction loan. “In addition to all the basic documents of a personal loan the income statement and receipts for delivery to Revenue. Your lender will also check the land documentation and necessary assessments.
Families with monthly income up to R $ 3,600.00 have special discounts
Sources of financing for construction
Another way to get the loan to build your new home, is to use your current property as collateral. Your lender can also offer a secured property loan for you to hire and start building the new home, this practice may be feasible for those hoping to sell the new property. This can be a costly operation because of interest and a bit risky, but once you plan everything properly, any type of loan you make will be a great opportunity.
Another approach is to sell your current home and rent a temporary home while awaiting your new construction. While this requires you to move twice, you release equity in your home to use toward your new property.
When you consider all the pros and cons, you will surely find reasons and advantages to make a quick loan to build new home, whether to live, to sell or rent. Build happy!