Below, Asobancaria provides some financial tips to help make this project a reality:

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• Determine how much money you have for the down payment – this usually equals 30% of the property’s value – including personal savings, severance funds, and other resources.
• If you are using financing, prefer mortgage loans and/or housing leasing contracts, as these are specialized products that offer the best interest rates and terms. It is not recommended to buy a property or pay the down payment using revolving credit or personal loans.
• Avoid going into debt to pay the down payment. It is better to create a savings plan and follow it carefully. Keep in mind that the more debt you have, the lower your borrowing capacity will be.
• Review your household cash flow and make sure you have enough to cover the monthly mortgage payment.
• Buying a home as a couple allows the combined income of both people to be considered when applying for the mortgage loan.

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