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Home loans: Tips and advice for those who want to buy a house at a time of rising interest rates

24 JUNI 2022
Themen
Dicas Bancos Mercado Imobiliário Taxas de Juro Destaque Notícia Homepage Compra de Imóveis Comprar Casa em Portugal Crédito Habitação
The specialist brand in home and personal loans, Twinkloo, leaves some tips to know if it's time to look for a house and prevent further interest hikes.
Home loans: Tips and advice for those who want to buy a house at a time of rising interest rates
The house instalment rose in June, putting even more pressure on the family budget of many families that, in recent months, were already dealing with loss of purchasing power. To the generalized rise in costs and the effects of inflation, now adds the increase in interest rates and, consequently, the installments of home loans, according to a statement sent to SUPERCASA Notícias.

For Dina Raimundo, general manager of Twinkloo, "it is difficult to know for sure how much the installment of home loans may rise, but there are already some indicators that should serve as a warning for what is to come.

According to the responsible, "if the values of the inflation rate remain high for a year, for example, there is no doubt that the interest rates of our credits, especially housing loans, will also grow to values that the Portuguese were not used to seeing since 2015. Therefore, he warns, "the most important thing is that people prepare themselves in the best way to avoid jitters. 

For those who are worried about the interest rates on their mortgages, Twinkloo, a brand that specializes in home and personal credit solutions, leaves some advice that may be useful when it comes time to analyze the current situation, prevent new interest rate hikes and decide if it's time to change your current situation regarding the search for a house.

Fixed rate, variable or mixed? 
When it comes time to apply for your Home Loan, or to transfer it, one of the first questions you will be asked relates to the interest rate you want. This decision may influence your budget, especially in the medium and long term.

In Portugal, most bank loans are at variable rates. Few are the entities that offer a fixed rate throughout the loan. The mixed rate is becoming an option more and more sought after by the Portuguese, in view of the greater security and financial stability it allows.

The increase in the Euribor rates has re-launched this discussion. Under normal market conditions, the instalment of a fixed interest rate loan is higher than the instalment indexed to Euribor. But in the current context, this is a choice that should be well thought out and analyzed. Your financial profile, job stability, effort rate, and the possibility of your monthly income increasing or decreasing are all factors to be weighed in your choice.

Is this the right time to buy a house?
Would you like to move and the rise in interest rates has changed that? Analyze the pros and cons before taking this step, and before you go to the market, do not forget that, at this stage, it is essential to calculate your effort rate, in order not to take "one step further than the other".

The effort rate is, in essence, the calculation that will allow you to understand what percentage of your monthly income will be used to meet your financial commitments. This way, you can understand what income is available for your day-to-day expenses after you have paid off all your credit obligations.

Ask for financing to buy a house?
Buying a house is one of the biggest investments we make in our lives, and with a very strong emotional weight. As such, this is a decision that must be made responsibly and balance reason with heart. 

One of the lessons we have learned from the pandemic context is that when you least expect it, you may have to deal with situations for which you were not prepared. Adverse times, such as those resulting from the current military conflict in Ukraine and rising inflation and interest rates, again demonstrate the importance of finding the financial balance to cope with unexpected situations. 
Themen
Dicas Bancos Mercado Imobiliário Taxas de Juro Destaque Notícia Homepage Compra de Imóveis Comprar Casa em Portugal Crédito Habitação
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