The Real Estate Portal provides an online mortgage tool that puts lenders in competition for your mortgage, resulting in better rates and more deals.
—Scott Kirk, CEO, BuyProperty.com
LISBON, PORTUGAL, July 5, 2022 /EINPresswire.com/ — BuyProperty.com, Portugal’s fastest growing property portal, has launched a new mortgage tool that includes an automated online mortgage calculator and simulation. This will help applicants find the best rate by putting lenders in competition for their variable, fixed and blended rate mortgages.
Borrowers often contact the bank they have an account with to apply for a mortgage. As a result, banks offer higher rates because they know that borrowers are likely to accept the first offer made to them. BuyProperty.com changes this dynamic by sending the borrower’s request to multiple lenders so the customer is in control to accept the lowest rate. This process is particularly advantageous for expats moving to Portugal, as not all banks lend to all foreigners. Life insurance, for example, is often mandatory and can increase mortgage rates unreasonably, the mortgage tool finds the best rates that don’t require the borrower to have life insurance with the lender that sometimes saves 300 to 400 € per month.
The deposit percentage also plays a role in determining the best banks to submit applications to. Some will not consider borrowers with less than 30% deposit while others are willing to accept 10-20% deposit depending on the residency status of the borrower.
The biggest benefit comes from this new mortgage tool that helps validate properties as buy-to-let. Each property in Portugal lists the number of rental days of similar properties, how many per day it rents, and how much revenue can be generated for that property as a buy-to-let (less taxes and expenses). This data information is valuable for foreigners looking to buy a property in Portugal as a Buy-To-Let as it helps validate their purchase as a good investment before buying it. These data points were previously only available to Agents, now available for the first time to Buyers.
Getting pre-approved through the BuyProperty.com mortgage tool offers additional benefits. There are usually more buyers than properties available and some property sellers will not consider a buyer’s offer unless they have been pre-approved for a mortgage. Other times the property is sold before a mortgage has been approved. By getting pre-approved, buyers are better equipped and less likely to miss out on their dream property.
BuyProperty.com’s mortgage tool helps you find the best rate and property in Portugal for your needs.
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