Questions on mortgages in Brazil

G

gringo

New Member
Hello,

My wife, a Brazilian, wants to move back to Campinas to be close to her family while I'm away on business. (I'm an airline pilot, gone for 3 or so weeks at a time)

There is a condo for sale in the same building that her mother lives in. The gentleman in asking for R$180,000.

I've been doing some research online, but I'm getting a lot of websites dated 2007 or earlier; I don't know how current the information is.

What's required for purchase? Is it 10% or 20% down payment?

What's the current interest rate at? 12%?

Is the standard term 20 years?

Is there a penalty for paying off early?

My paycheck gets deposited into a US bank account. How difficult is it to wire funds between the US and Brazil? Or would it be easier to just come into the country every moth with a few thousand dollars?

Thanks for your help!

Obrigado,

Gringo
 
debzor

debzor

New Member
Hello,

My wife, a Brazilian, wants to move back to Campinas to be close to her family while I'm away on business. (I'm an airline pilot, gone for 3 or so weeks at a time)

There is a condo for sale in the same building that her mother lives in. The gentleman in asking for R$180,000.

I've been doing some research online, but I'm getting a lot of websites dated 2007 or earlier; I don't know how current the information is.

What's required for purchase? Is it 10% or 20% down payment?

What's the current interest rate at? 12%?

Is the standard term 20 years?

Is there a penalty for paying off early?

My paycheck gets deposited into a US bank account. How difficult is it to wire funds between the US and Brazil? Or would it be easier to just come into the country every moth with a few thousand dollars?

Thanks for your help!

Obrigado,

Gringo
Hi Gringo

You may struggle.

Your figures are broadly correct, but my concern is that you get paid in the US, and I doubt a bank here will consider any employment other than in Brazil. Your wife could apply if she works here.

Alternatively apply in the US for a loan, and spend it here!
 
G

gringo

New Member
Thanks debzor.

I don't own any property here in the States. Are there banks here that would finance an overseas purchase? Or would that route typically be to refinance an existing property and pull cash out?

Thanks again,

Gringo
 
debzor

debzor

New Member
Thanks debzor.

I don't own any property here in the States. Are there banks here that would finance an overseas purchase? Or would that route typically be to refinance an existing property and pull cash out?

Thanks again,

Gringo
I believe banks in your own country would be more likely to lend you money on the basis of your permanent income in the US. However I do not think they would accept an overseas property in Brazil as security.

Therefore, as you say, you may well need to offer an existing property in the US as security.
 
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