Buying an apartment - recommended down payment

General topics related to Living in Chile
User avatar
admin
Site Admin
Posts: 24151
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: Buying an apartment - recommended down payment

Post by admin » Sun Mar 07, 2021 4:54 pm

There is a new law that in theory let's you move mortgage from bank to bank. never done it, but it suppose to improve competition.

yes, it common for the big developers to have a deal with one or several banks, and they provide the guarantee or some other deal.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

User avatar
admin
Site Admin
Posts: 24151
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: Buying an apartment - recommended down payment

Post by admin » Sun Mar 07, 2021 5:00 pm

also, worth keeping an eye on mortgage rates.

we baught our house with 20% down, and got the lowest rate at the time. couple years later the mortgage rates moved down again, and we were able to refinance at an even lower rate. As I recall it worked out to like 15 million pesos over the life of the mortgage, and the bank was even more willing to give us the best rate because we had already made a couple years of regular payments without being late.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

for31
Rank: Chile Forum Tourist
Posts: 21
Joined: Wed Oct 07, 2020 7:11 pm

Re: Buying an apartment - recommended down payment

Post by for31 » Sun Mar 07, 2021 7:40 pm

Thanks a lot for so many useful answers and suggestions ! Very much appreciated. Admin mentioned now it might be a good time for buying a property. I am actually wondering whether we are already at the peak of prices for real estate ? It seems to me (I am not a pro by any means though) that only during the past 7-10 years prices for apartments / houses went up by factor of two or so (in various comunas in Santiago). I am curious if the market is seriously overheated (and at some point we might see the prices go down) or the trend is real and now it is indeed the best time for a purchase ? :roll:

User avatar
admin
Site Admin
Posts: 24151
Joined: Sat Aug 26, 2006 11:02 pm
Location: Frutillar, Chile
Contact:

Re: Buying an apartment - recommended down payment

Post by admin » Mon Mar 08, 2021 8:30 am

for31 wrote:
Sun Mar 07, 2021 7:40 pm
Thanks a lot for so many useful answers and suggestions ! Very much appreciated. Admin mentioned now it might be a good time for buying a property. I am actually wondering whether we are already at the peak of prices for real estate ? It seems to me (I am not a pro by any means though) that only during the past 7-10 years prices for apartments / houses went up by factor of two or so (in various comunas in Santiago). I am curious if the market is seriously overheated (and at some point we might see the prices go down) or the trend is real and now it is indeed the best time for a purchase ? :roll:
yea, everyone has been asking if the real estate market in Chile is overheated for years. Like probably one of our first conversations on this forum.

The apartment market is definitely not overheated right now, as the big developers had to throw the breaks on and dump their stock of unsold apartments durring the pandemic. everyone that could, started looking at buying houses. being stuck in an apartment was not much fun.

now where, is probably more important.
Spencer Global Chile: Legal, relocation, and Investment assistance in Chile.
For more information visit: https://www.spencerglobal.com

From USA and outside Chile dial 1-917-727-5985 (U.S.), in Chile dial 65 2 42 1024 or by cell 747 97974.

Post Reply