What is it and why does the down payment exist?
The initial fee is the amount of money that you must pay in cash, once the credit is requested. It is usually 10% of the total amount. However, this percentage may vary depending on the bank, the real estate agency or the seller. This means that, if the house costs s/200,000, you must pay s/20,000 as a starter. The rest will be financed by the credit that was granted to you and from there your financial obligations (monthly installments) will be only with the bank.
The initial payment exists because the bank must make sure that you will not stop paying the mortgage loan installments, once the apartment is obtained. At the same time, it also shows you that you have the capacity and willingness to save, in addition to leaving in evidencia the amount of wealth that you should approximately own. Which is good, as that provides confidence.
Therefore, before embarking on the search for your new home, you have to be very clear that not only savings is extremely important. Ifnot also to be orderly with your finances and have a good credit history, since only then can you access a mortgage loan.
Ready to buy your own apartment?
Currently V&V real estate has more than 13 real estate projects forsale located in the best districts of Lima. Contact us at +51 944 569 555 and tell us what you are looking for so we can help you find your new apartment. You can also visit our website https://vyv.pe/