Tools to search and buy a home

Buying a home is a big deal for most middle-income people. However, there are multiple tools that reduce uncertainty and obtain financing. Making a simulation of the mortgage, for example, allows us to know the best financial options.

What should I know before looking for a home and applying for a mortgage?

The process of buying a home involves a series of successive instances in which the person’s interest in property and its odds economics and budget. However, in most cases people require some type of financial assistance or apply for a mortgage to pay for the operation.

In this sense, clear criteria should be established for the type of property desired and the search factors needed to find it. This includes the characteristics of the home, its state of conservation and its geographical location, among others. Also, the analysis of our economic situation it will be essential to continue and obtain a mortgage.

Being a major operation, it is necessary to carry out a financial consultation with our bank or financial advisor. To obtain a mortgage, we generally must dispose of 20% of the value of the housesince this type of loan usually cover up to 80% of the total value of the property. Therefore, as far as the search is concerned, our budget is four times greater with a mortgage.

In the same way, we must consider that the financial cost resulting from contracting a mortgage for the purchase of a home must not exceed 35% of total income. In this sense, the value of payment of installments and interest should stay below this threshold so as not to affect our quality of life. In case we find ourselves above said value, one option is request an extension of the payment term to reduce it.

Tools to search and buy a home

Regarding the search process in particular, there are many free tools and platforms on-line that offer different services associated with the real estate sector and that simplify the task. In fact, many of the agents and professionals in the sector use this same type of tool to carry out appraisals, virtual tours or simulate mortgage loans.

Search Engine with Artificial Intelligence

The first great resource to search for a property before verifying our options for a mortgage are the real estate searchers. These types of platforms use algorithmic systems and data processing functions to classify and organize the different properties of the market.

This kind of tools reduce uncertainty and simplify the search depending on the user profile and interests. Indeed, they use different search criteria that include the location of the property, its building characteristics and price, among many others, to retrieve those properties that fit our profile.

There are many of these programs on the market. Generally, landlords and real estate agencies they usually publish the offers in several of them to get more exposure. However, the more of them we consult, older they will be our chances of finding a property to our measure and start processing a mortgage.

tours virtual property

real estate searchers simplify the search process and allow us to determine the most suitable options for us. However, once the best properties have been selected, it is advisable to make a virtual visit of it to know the lighting, the layout of the environments or simply check that its design and aesthetics are attractive to us.

It is a tool that has virtual tours on the computerbut also includes the possibility of using augmented reality to enhance the experience and get a true 360 ​​spatial view° of the property. In case the property is to your liking, the person can then continue with an in-person visit.

Generally, these types of tools are found in the same real estate search engines —in the most advanced of them—. However, not everyone has one. In these cases, we cannot avoid visit the property to determine if it fitsOur interests. In this case, the opportunity can be used to verify the integrity of the property and its facilities.

Appraisal on-line free

This tool can be found included in any of the mentioned platformsin a specialized platform in appraisal or platform of a certain real estate agency. It is used for know the value of the property depending on its construction characteristics, covered square meters, environments, location, price of other properties, and a multitude of other categories.

These types of tools have a great capacity for know the price of market housing and accurately calculate the amount needed to access a mortgage. Usually these are free access and usually also offer the possibility of hire financial services mortgage and loan.

In short, this type of platform can be very useful when the price of properties is open to negotiation or when we intend to put our Property for sale. In the case of purchase, it allows us to know the market value and improve our chances during said negotiation.

mortgage simulation

Finally, platforms of this type constitute financial tools applied to the real estate sector. Similar to real estate search, this is a great way to know the type of financing or mortgage that we can access. Being a free toolthis step can be done before you start looking to determine an approximate budget.

The operation of this type of tool is similar to the real estate search engine: it is an artificial intelligence system that allows access a list of banks, verified financial institutions and providers that offer mortgages and loans for the purchase of a home based on multiple search parameters.

Make a simulation of the mortgage It greatly facilitates the process of calculating our financed budget. As usual, search engines incorporate this function to search for the property together with the simulation of the mortgage. The type of mortgage, however, will depend on the user and their financial profile: that is, your credit history, guarantees and payment capacity.