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Home credit analysis is the first step to finally being able to buy your new home. It is the step in which the bank assesses whether you will be able to honor a debt with the size of the property you want to acquire. It is also the moment when that bank accepts (or not) a long relationship with you, which can last a few years or even a few decades (even three).

That’s why it’s so important to understand how to get your credit review approved, and what exactly the bank will check on this initial assessment. In this article, we will answer your main doubts about credit analysis. We will explain throughout the text:

Home Loan Analysis: How to Apply for One?
How long does it take to approve a mortgage loan?
What are Credit Review Forms?
What documents are required for credit analysis?
Property credit: how to get it
Credit analysis for companies and individuals: is there a difference?
How does Caixa’s credit analysis work?
Home Loan Analysis: How to Apply for One?

To request a credit analysis, you can either go in person to your preferred bank branch or apply online. Usually, banks provide a simulator on their official websites. At the end of the simulation, they ask you if you want to submit that data for a credit analysis.

And then, within a period that varies according to each institution, banks respond by email if your credit has been approved. Another option is to seek out credit counseling. This service is advantageous because you can request credit analysis from more than one bank at the same time, allowing you to compare rates and terms. Loft Cred does this work for free.

How long does it take to approve a mortgage loan?

According to Rafael Godoi, a specialist in real estate financing at Loft Cred, an average term in the market is three days. “It’s a reasonable turnaround time,” he explains. However, the time it takes to approve credit for a mortgage can be faster or slower.

Some banks, such as Itaú, take up to an hour to respond to a proposal if the property is worth up to R$1 million. Others do a more detailed analysis before saying “yes” to the customer.

Understand how credit analysis works

This is the case of Bradesco, which has two stages of credit approval. “The pre-approval takes up to one hour and is just a registration consultation. And you also have the credit approval stage, in which you even need to register the property to submit a proposal”, observes Rafael.

What are Credit Review Forms?

In general, at this stage, the bank does not ask for detailed forms to do the credit analysis. It only requires the personal and income information of each of the buyers involved. Filling in these fields is usually very quick. We recommend that you check that you are informing the bank of the correct amounts, and that you keep the personal documents at your side when filling it out.

What documents are required for credit analysis?

In credit analysis, many banks ask for information, not documents. Especially if you are already a client and have a record with the institution. “You can approve a credit without documents, but you need to do all the registration. And the bank links what you have entered with an internal registration that it has”, explains Rafael Godoi.

At this stage of the financing, the bank will check your data to get a clearer idea of ​​your ability to pay the installments. For this, he will:

Check if you are a good payer: he can do this by checking your CPF. Through this number, you can find out what your credit score is, if you have a “dirty” name on lists of credit protection agencies (such as SPC and Serasa) and if you appear on the bank’s internal restriction lists. These lists include “bad customers” and people who have visible debts in the Central Bank system
Check if you have enough income: the bank needs to know that your net monthly household income will not be committed by more than 30% for the payment of installments (even if the installments fall in value over the term)

Typically, the additional documents that the bank may ask for, especially if you are not a customer, are proof of income. According to Rafael Godoi, from Loft Cred, “the documents requested vary according to the client’s profile”.

“For an employee, the bank will ask for the last three payslips and an income tax. For a businessman, he will ask for income tax and the last three bank statements. Or Santander, which even asks for corporate income tax for the entrepreneur. For the self-employed, it would be the IR and the last six extracts. It’s very relative and depends on the person’s profession”, says Rafael.

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