Valentine's Day: How to choose the best joint home loan.

How to choose the best home loan as a couple?  

Buying a home as a couple to "move in together" and start building a family can represent an important step. The choice of the best two-person home loan can make all the difference in the financial stability of the couple.

When thinking about buying the first house together, it is essential to understand how to choose the most advantageous housing credit and what to consider before making that decision. So, with Valentine's Day approaching, let's see what needs to be considered in choosing this financing.

Mortgage credit for two: Advantages and benefits  

Opting for a home loan as a couple can bring several advantages, such as:  

• Greater financing capacity: Joint income increases the chances of obtaining better conditions; 

• Lower spread: With higher yields and lower risk for the bank, they can benefit from more competitive interest rates; 

• Sharing of responsibility: The division of expenses makes the monthly payment more balanced for both.

Compare bank conditions.

Next, before making a decision, it is essential to compare offers from different banks, evaluating the following:

• Interest rate (spread and Euribor): Directly influences the value of the installment.

• Financed amount: Usually, banks lend up to 90% of the property value (if under 35 years, they can access the state's public guarantee for 100% financing);  

• Loan term: The longer the term, the lower the installment, but the more interest they will pay in the end.  

• Mandatory insurances: Life insurance and home multirisk insurance are required and can vary greatly in cost.

Interest rate regime

In addition, they must also pay attention to choosing the interest rate regime. There are the following options:  

• Variable rate: The installment can go up or down, as it is indexed to the Euribor. It can be advantageous in moments of low rates, but it brings higher risk.

• Fixed rate: The value of the installment remains stable throughout the loan, offering greater security, but it may be more expensive.

• Mixed tax: Combines an initial fixed rate period (usually 5 to 10 years) before switching to variable.

Initial costs

Finally, buying a house involves high initial costs. In addition to the down payment (at least 10% to 20% of the property value), there are other expenses to consider:

• IMT (Municipal Tax on Real Estate Transfers): Varies according to the value of the house and if it is the primary residence;  

• Stamp Duty:  Paid at the signing of the contract;

• Writing and registration costs: Include notary fees and fees;

• Bank fees: Some banks charge opening credit commissions.

Being prepared for these expenses prevents unpleasant surprises and ensures a more peaceful purchase.  

However, note that if you are up to 35 years old, and meet other requirements, you may be exempt from these payments by accessing the currently active benefits. Learn more about these measures here:  

Plan our financial future together

Before moving forward with a home loan, make a realistic analysis of your financial situation. Evaluate your monthly budget and how much you can truly afford in installments without compromising other expenses.

They can also set up an emergency fund, as unforeseen events may arise over the years, and consider the possibility of repaying the loan early in the future to reduce interest.

A credit intermediary can help both today and in the future.

In the search and choice of the right credit, having a credit intermediary with you in the pre, during, and post-contracting process can be the key.

An experienced agent in the market who deals with all the bureaucracy and communication with the banks, evaluates your financial availability, and guides you in comparing proposals to identify the ideal proposal for you, at no cost? It's at Poupança no Minuto.

Simulate your new two-person credit now and move forward with the beginning of creating your new home: