Most people dream of having their own home, but perhaps a considerable portion are unaware of the details of the various credit possibilities offered by financial institutions.
Therefore, they need to know the stages of the real estate financing process in order to have more peace of mind in this operation. In this post, we will explain what is the proposal analysis in financing and present the main information on the topic. In addition, we will point out which documents are necessary to carry out this step and what is evaluated during the procedure. Here, you will also find out how long it takes to approve the loan and more.
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What is proposal analysis in financing?
Proposal analysis is only the first phase carried out by banks or finance companies to provide real estate credit to their customers after making the financing calculation. All people who need installments to pay for their property will have to go through it after choosing the most attractive modality that fits their profile.
If you choose to consult a professional who works with the sale of real estate, you will be guided on the options offered at the time of the sale and if it is worthwhile to make financing. As he is inserted in this scenario, it is normal that he knows the alternatives and is always up to date on the best conditions offered by the institutions, the lowest interest rates and the accessibility of credit.
What documents are needed at this stage?
The main documents required by banking institutions when requesting real estate financing are:
- General Registry (RG);
- Individual Taxpayer Registration (CPF);
- proof of income, marital status and address;
- negative certificate of debts;
- declaration of Income Tax (IR);
- extract from the Guarantee Fund for Length of Service ( FGTS );
- Work and Social Security Card (CTPS).
These documents are sent to the institution to carry out the credit analysis of the potential buyer and verify the information provided by him. She will ascertain the payment term, which varies between 60 months (five years), 180 months (15 years), 360 months (30 years) and can reach up to 420 months (35 years).
Other points assessed are the buyer’s income, the condition of the property, its market value and location, in addition to the report prepared by a specialist and other important issues. If everything is within the bank’s parameters, it will release the credit for the sale.
After evaluating the possibility of granting credit, the financial institution analyzes the legal issues related to the asset that will be financed. In this phase, the guarantee, the veracity of the data presented, the suitability of the documents, etc., are investigated. In addition, it requires documentation from the seller of the property to complete the financing contract.
What is evaluated at this stage of the process?
In addition to the buyer’s supporting documentation, personal documents, proof of payment of Property and Urban Property Tax (IPTU) and residence of the owner of the property that is for sale are analyzed. The real estate agent is responsible for answering the buyer’s doubts about the financing process.
The bank assesses the buyer’s default history, its profile, the percentage of income that may be compromised according to the consumer’s ability to pay, the price of the property and its location, among other aspects. You can take the help of a real estate professional to find out which institution is the most suitable to provide the credit.
How long does it take to approve the financing?
Financing approval may take some time, depending on the banking institution chosen, with a variation between five and 15 days. There are several steps for the credit to be approved, for example, prior analysis, technical evaluation, and choice of insurance, collection of signatures, notary registration and payment to the current owner of the asset.
All of these phases are completed successfully and more quickly when there are no pending issues registered. The financing contract is finalized and the interested parties are responsible for the payment of the Property and Real Estate Transfer Tax (ITBI), in addition to paying off bank fees. Finally, it is necessary to pay the emoluments expenses in the Real Estate Registry where the property is located.
It is worth noting that several teams evaluate the documents and the decision to grant the financing is usually taken together. The future buyer asks for the credit, the banks do all the analyzes and carry out the contracting and monitoring of the business, while the buyer and the seller disburse the financial resources necessary to close the deal.
How to accompany the analysis of the proposal?
You will be able to follow the analysis of your proposal through the website of the selected banking institution. It will contain the main stages of the required financing, however, it is necessary to enter personal data in the indicated fields. Normally, the applicant’s CPF, his date of birth and his proposal number must be informed.
This information is sent to your email when the agency registers the application and asks for your email address. Take a look at your inbox calmly and find it to track the status of the application. Each financial institution has its own monitoring system.
Use your computer or cell phone to monitor the operation, from sending the documents to the final payment to the seller. Information on all stages of the process and contract is made available to consumers in the virtual environment. In some cases, it is possible to track installment payments and generate a second copy of slips.
Did you understand how the proposal analysis works in financing? Be sure to read calmly the clauses inserted in the contractual instrument that specifies the value of the installments. As interest is applied, the amounts may increase or decrease during the term of the contract. If you think it is necessary, talk to the accountant and ask all your questions before signing the document.
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