SANTO DOMINGO – Sharing knowledge, experience, skills, wise advice, or creating content that adds value to our social media accounts is essential for the collective practice of real estate. We're sharing these short videos that three prominent agents uploaded to their accounts, which we believe will be useful for everyone involved in the sector.
¿How to buy a property?
One of the most important steps before buying a property is obtaining a financial rating from banks. This step is vital and will give you a clear picture of your financial situation, preventing disappointments during the purchase and saving you time, energy, and money. I've encountered clients who go property viewings without a clear understanding of their creditworthiness, and when it comes time to buy a property and apply for a loan, they don't qualify for the requested amount. The first thing I do with clients who contact me is an interview to determine what type of property they're looking for, establish an approximate purchase price that fits their financial reality, run interest rate and payment calculations, and, if necessary, pre-qualify them with a network of banks with whom we have professional relationships. This makes property viewings more effective and direct, saving us time, money, and energy. Let's talk! I want to and can assist you with your real estate purchase.
Do you know what capital gains are?
Capital gain is the profit you make between the purchase price of an asset and its sale price. It's essentially an increase in the asset's value that doesn't depend on its owner, but rather arises from various causes, for example..
👉🏻Property location
👉🏻Urban infrastructure
👉🏻Public and private services
👉🏻Urban mobility
👉🏻Projections and trends
👉🏻Home maintenance and preservation
👉🏻Home improvements
A prime example of property appreciation is a home in the real estate developments being built in the Punta Cana area. Buying an apartment here not only acquires a property, but also certainty, stability, peace of mind, and security for the future; the high standard and quality of life in this area will allow the property to increase in value.
Five things you must have to get approved for a mortgage loan
1. Stable Work
Lenders want to be sure you'll be able to repay them, so they may even call your employer to verify your employment and salary.
2. Income Test
According to Investopedia and Fannie Mae, the factors involved in mortgage approval for any borrower, whether employed or self-employed, include: ❇️The
applicant
's income stability.
❇️The location and nature of their employment or business.
❇️In the case of a business, the demand for the product or service offered.
❇️Additionally, buyers must submit IRS Form W-2 pay stubs for the past two years and recent pay stubs showing their income.
3
. Good Credit History
If you don't have a good credit history, you can be sure no one will lend you money to buy a house. Your credit score provides information about how you handle debt.
Since
a mortgage is one of the largest sums of money any financial institution risks on individuals, many places will require you to have a good to excellent credit history.
4
. Your age matters
. You must be of legal age. And although it's not a strict rule, it's true that if you're over 70 years old, it will be more difficult to get a mortgage because payments are usually made monthly over a period of 15 to 30 years, even if you have excellent credit.
5.
Being a bank customer.
While there are many mortgage options on the market, the first step for many is to go to a bank and request this support. However, according to "La Opinión," some of these financial institutions will require the person to be a client or have a savings or checking account with the institution.
