Documents needed for the MORTGAGE: Passaport, Tax Return, 3 last paystubs and bank statements and Credit Report. Marriage certificate (if necessary) and NIF (Fiscal number in Portugal) that you can send it later to the banks. If you are married the banks will also need your partner´s documents listed above.
You can quote your mortgage with us even without a NIF (Portuguese Fiscal Number). We will send you the bank proposals so you already know which bank works better for you. Later when you start looking for your property our team can issue your standard NIF. (ADVICE: Avoid the provisional NIF issued by some banks just to open an account when you are abroad. Later to get the standard NIF you will have to cancel the provisional one and only then start the process for the standard NIF and this process can take time and delay your process). Talk to our team and get ASAP the standard NIF avoiding delays in your mortgage process.
I am married but if I buy a home in Portugal it will be purchased using my inheritance funds. In the US I am allowed to keep that as a separate asset from my husband so my children from a previous marriage can inherit it and any sole property I purchase with it. I cannot co- mingle it or that protection for my children is gone. So my question is- as a married woman can I purchase property in Portugal in my name only using only my documentation?
@@debbieb9815 Hi Debbie. Thanks for you comment. Yes, it can be done using a declaration of marital property regime. Talk to our team so we can provide further information on this matter.
Sound quality in last interview is lacking-would have been wise to conduct sound check with guest prior to the interview. Fortunately the mortgage broker was clear.
Hey Josh, cool videos. We've lived in Portugal for 2 yrs now. Just wanted to add a couple things here from my observations and experience. Not all banks / mortgages require life insurance, it can be negotiated. Of course the banks want you to have it because it's extra profit on your loan, but if you have a pretty strong profile, it can be avoided. Another thing to consider is that debt to income ratio in Portugal is calculated based upon net income, not gross which is totally different than the US. Your mortgage broker seems sharp. Boa sorte!
Hey Josh, another great video. In addition to the 20%-30% down payment, the buyer will pay an estimated 7% to 9% in closing costs based on the purchase price, plus the cost of a solicitor or lawyer to help with the process of making sure everything is legal. (IMI) Municipal property tax: 0.3% to 0.5% (IS) Tax stamps: 0.8% (IMT) Municipal real estate transfer tax: 4.42% to 4.7% Notary fees and land registration fees: 0.2% to 1.2%
Thanks, Thomas. Yeah, there are a lot of up front costs involved with buying here especially compared to other places around the world. It feels pretty daunting doesn't it. Have you all bought here already? - Josh & Kalie
@@ExpatsEverywhere It is not official yet (a well known developer in Lagos has to get the construction license est. 1/22, then we can sign the promissory contract), but I would say yes, it is new construction in Lagos, between Dona Ana and Camilo beaches. We will have a sea view to Dona Ana. Estimated completion is Spring 2024. You, Kalie, and Cia will be welcome to use it when it is done. We will keep you posted on our journey over the next two years.
Hi Thomas. Let me try to help a little bit. The IMI is not a closing cost, you pay it in the subsequent year of the purchase and you can get a exemption of 3 years if it’s your first house in Portugal. Stamp tax is exactly 0,8% as you said but the Notary fees and land registration is not a percentage of the deed, it is currently 990€ or less, depending where is the deed. The IMT depends if it’s a house for rent or for living and it is an exponencial curve starting from 92.000€ (below that value IMT = zero). An IMT for a house of 250.000 will be 8.412€ (3,3%)or 9.336€ (3,7%) just as an example. So in that case of a 250.000€ property the closing cost are 4,9% even for a secondary house. Hope it helps!
@@flaviamitkiewicz3125 Thanks Flavia. So much good information! As buyers, I think we all like to have an idea in mind when shopping for a home. It helps us save and/or budget.
Excellent presentation! Rafael is a very polite person, extremely trustworthy and with a very high level of professionalism. I recommend it to everyone!
Hi Josh , this is Kathleen . I used to belong to your patron page . I spent a month last year traveling Portugal And I believe I will come again in Sept and look for a place to buy . I have learned so much from you &. Kalie and am so very great full to both . I am looking at the Algarve , Real de Sontago ( spelling ) . So please give Kalie and your beautiful Daugherty my best . I may join your Chanel again for advise and referrals . Take good care of your beautiful family !
Hi Kathleen, it's good to hear from you again. We're glad that you learned so much from us. We're happy to provide that information. I'll let Kalie and Cia know that you said hello. Vila Real de Santo Antonio? Hope you do join again. Support like yours helps. 💪 - Josh & Kalie
This videos are full of treasures. Porto is really interesting for Valencias education, far better than Lisbon IMHO. You made a video in July in Coimbra with Sandra Fonseca from Radical, and showed three studios, the first one Combatentes 125A 5B. Well, I now rented 5 C till end of 2022 in order to apply for the NHR regime. It´s still empty, but I have a KLM flight on December 28th from EZE (Buenos Aires) to Madrid. My plan is to spend new year in Coimbra. I reiterate, I´m a Schengen pass holder, so I don´t need to do paperwork from overseas. Your videos are a great guidance for me. Thank you!
Thanks, Teo! We appreciate the update and we're glad that Sandra could get you a spot. 😊We're glad to hear that our videos have been a great guidance for you. - Josh & Kalie
Great info! I worked in insurance in Canada for several years. Never buy your mortgage insurance from the bank!! It sounds like Portugal is the same. When you buy it from the bank, they are the beneficiary (to cover the mortgage)… the thing is that the bank gets all of it. So if you get insurance for the balance owing, and then pay down the mortgage, the bank gets all the money… even if the debt is half of what it was. Buy it separately then the money goes to the beneficiary to pay off the balance of the mortgage, and then they can keep the rest of. The money.
As always, very informative Video about mortgage and house purchase by Expat everywhere! You asked the right questions that were bothering me! Best wishes!
Thank you very much! Is there a great stereo on "Let's Get Movin'"? The jet sound? That's fun! 😁We're about to dabble into more sound effects on our video. 😅 Wish us luck. - Josh & Kalie
@@ExpatsEverywhere Yes, travels through my head, proves that there is no vacuum there(good to know). Good luck(or "Break a Leg" as they say in the theater world) for everything. You guys are having a great adventure, stay safe.
It was a suggestion if you bought a property as an investment, but sure, you could probably buy something now with the intent to move in 6, 9, 12 months and rent it on the short to medium term market, why not? - Josh & Kalie
FIXED and VARIABLE RATE, which one is better? Both fixed and variable rate are at historic lows. So you can go with a fixed rate (that is usually higher than the variable rate) and get the same installments every month during the entire mortgage term (that gives you a perfect cash flow forecast) OR you can choose the variable rate which is indexed to Euribor (Euro Interbank Offered Rate) and get your installments lower or higher, depending on the Euribor rate announced by the EMMI for the current period. The rates for Euribor usually are function of the inflation in Europe.
Thank you for this....you guys always provide information rich videos and this one is so useful. Rafael sounds like gem, too! Good luck to you, Kalie and Cia, the vertical community sounds so awesome! ✌🏾❤🇵🇹
Very amazing and clarifying video in which Rafael explains lots of details and helps people understand the process in Portugal. Thanks for all your tips and professional knowledge!!
So glad to hear you can get a loan to renovate a property as well as purchase it! We won’t be moving until 2024, but will keep Rafael in mind when we are ready!
Thank you Melissa. Our team is ready to help you whenever you are ready to purchase a property. Please fell free to contact us when the time comes. Kind regards
@Karina Oliveira Sure Karina. I work in the entire country and Islands. We can schedule a meeting so I can understand your plans and answer initial questions that you might have. Rafael
good morning my beautiful people if you plan on living in Portugal check figueira da foz it's in the center of the country's coast standard of living much cheaper than Lisbon or Porto and close enough to go to Lisbon or Porto as often as you want
He is a mortgage broker which takes commission off the bank provider. It works very similar to Australia but the interest rates are much lower in Europe than in Australia in terms of mortgages.
We have mortgage brokers here in Canada as well. Twenty years ago I utilized a mortgage broker to get my first mortgage. It didn’t cost me anything and I got a mortgage at a much lower rate with one of the top banks, and at a much lower interest rate than what I would have been received from the bank if I had gone to them directly. At one point, I wanted to take the Mortgage Broker training. There is good money to be made as a Mortgage Broker. The big banks pays good commission to Brokers for the businesses they bring to them.
Mortgage brokers in Portugal make their commission from the bank. We started with a mortgage broker and, after clearing it with him, requested a mortgage from our bank which he had no relationship with, and they ended up offering us the best deal. He had no issues with us choosing our own bank even though he would not get a commission.
We're glad it was helpful. If you'd like we can make an introduction. Shoot me an email at contact@expatseverywhere.com it's night here but if I wake up to your email, I can see if he can respond to you tomorrow morning. - Josh
Hey guys! The norm is 30% for sure but if you have an European, Canadian or US passport and you declare Income tax in these countries you can get 20% in a couple of banks. The 10% is only for residents with salaries paid in Portugal. Hope it helps!
This is such a helpful video! I'm curious how this works if you plan to do a mix of the work yourself and with a contractor. I can do some of the cosmetic work and landscaping, for example, but wouldn't be able to do the roof
Hey Valeria, that's currently how you do it. We have a partner that we use called Bordr. There's a link in the description section of this video and if you use it, you get a discount on their service. - Josh & Kalie
You're welcome. Thanks for watching. We don't know if there's a hard and fast rule to be honest. Foreigners tend to get 80% though, but it really depends on the debt to income ratio and the lending rules of the bank. You'd probably need to chat with Rafael. If you'd like an intro, email me at contact@expatseverywhere.com - Josh
Great video, Josh! We're hoping to find a place in which we can purchase outright but with home prices continuing to rise this might not net us a suitable property so a future mortgage might be needed. Very informative. Thank you and good luck to you & Kaley in finding a home that you will love.
Thank you!! Thanks for sharing about your property hunt and buying desires. We'd love to have the cash to buy outright too. You can get better deals that way I think. - Josh & Kalie
Hi. Portugese Golden Visa is issued to foreigners, buying a property above 280K. Is mortage allowed for Golden Visa properties? If yes, what should be the downpayment? Can Rafael help with buying a suitable property?
Great information, Buying and renovating is similar to the US. You get the mortgage, and a construction loan.Whats different is the requirement to obtain Life insurance to cover the total amount of the loan. Rates between banks sounds similar, so I guess it's a matter of how the bank chosen operates. Surrendering personal information has been tricky since you are not physically there. This was my concern giving all the financials to VFS global handling the visa application.
how easy or difficult is it to refinance a loan? For example currently rates are high and if we do a fix rate mortgage now, and 5 years from now (hopefully) rates will be lower and i want to refinance it again on a fixed rate, is it possible?
The best way to take advantage of the negative real interest rates and apply for real estate credit. Makes no sense to try to do it all by yourself you can count on a professional. Much faster and, moneywise, more efficient Those who are not familiar with portuguese culture must keep in mind that the country is known for still having a high level of burocracy.
You never save time or money rehabbing a property unless you are a professional contractor. Or better phrased, it will take you twice as much money and three times the amount of time you think it will.
Hi Nurture. You don´t need VISAs of any kind to buy and finance a property in Portugal. The important is showing Tax Returns, PayStubs, Credit Reports, etc to the banks. Even if you want to buy the property remotely we can introduce lawyers to represent you during the entire process. We made a bunch of deeds remotely and the customer just has to come to Portugal, get the keys and start living at the new property.
Usually you don´t need to do that here cause the commission is the same. Some banks are more friendly to account opening and remote mortgage process, these can be a good reasons to choose a bank.
sometimes, properties come up for sale that can be financed 100%, usuallly used properties repossessed by banks. Expect some renovation to be necessary.
We'd love to make an introduction for you if you'd like. Email me at contact@expatseverywhere.com 30% for foreigners is kind of the norm but it could be a bit less. - Josh
@@jmbpinto73 that's really cool information, José! And would you mind sharing where would someone look for this kind of property? The dedicated banks' real estate websites? Thanks for sharing!
Fantastic video Josh and Kalie. Very much needed in this space. I spoke with Millenium when I was there in Portugal about the mortgage process, but your video added a few bits of info. Do you know if their are options for cashout refis in Portugal? In other to scale faster. That's the one thing as an investor that would give me pause to shift funds into more than 1 Portuguese property.
Yes, it is possible to refinance, provided you stay within the loan to value ratio. "Value" is determined by the external appraisal ordered by the bank, they organize that you just have to wait for it to be done.
Hey, Jason, thank you. We appreciate the vote of confidence in the content we're creating. We'll let the pros take over answering you questions. 😅 - Josh & Kalie
Does Rafael do any checks on the property that a client may be interested in? That is, checking if all taxes etc. are paid up, whether buildings on the property are registered? Does the bank's lawyer deal with this?
hi. I know that as a non-EU citizen, I can buy a house in Portugal like any other foreigner but can this buying, bring me a residence permit? I mean if I buy a house with any budget can I live in Portugal in my house, or for that permit my investment should reach a minimum investment on the real estate (like golden visa for example)?
My wife and I recently traveled to Portugal, we were told that we needed insurance if we were to buy a house because of our age 60+ what could we expect. We think that we could possibly put down up to 50%
Banks in 🇵🇹 do not finance based on your credit score, but based on your salary, income to debt ratio, (DTI) and they will chk your debts against the registered by the Bank of Portugal 🇵🇹. All debts you incur are registered in the BOP via NIF Nr. If you do not pay on a Portuguese debt, it will be reported to the BOP, so don't think that irresponsabilities as such, or billing issues that go wrong and not resolved, go unoticed or looked into by the bank, it is, but by itself it does not mean you will not get a mortgage. However, the salary is the key, plus job situation, nr. of years employed, nr. of years at your position, if you are near retirement age, savings, and of course DTI %.
Thanks Josh, great video with lots of detail! One point you seemed pleased about was the 2 years deferment on repayments other than interest for a renovations loan but to be clear, wouldn’t that just apply to the renovations loan and not the house mortgage? i.e. they are seperate loans so you would still be paying for 2 homes while you are renting and renovating the new home (i.e. rent+mortgage on house+interest on the 2nd renovations loan), correct?
Hi Grant. Thank you for your comment. There are lot of variations on this matter. For example, 1) if you already have a land and you wanna construct a house you will be for two years paying an interest-only mortgage. 2) If you also want to finance the land (usually the banks don´t like to finance land but it´s possible to find a bank which finances 50% or maybe a little more) plus the construction then here even with two mortgages, one will not be so expensive and the other one will be interest only for 2 years. 3) You can also finance a house to renovate it, let´s suppose a property that when is completed costs 500.000€, so instead of paying a 500.000€ mortgage you will probably would be paying a regular mortgage of 300.000€ for a "second hand" house plus a 100.000€ interest only mortgage for the renewal. And when it´s done the renewed house will probably be appraised for 500.000€. It is still an advantage. I´ll be glad to show you other scenarios when you want to. Please get in touch with: "contact@expatseverywhere.com" for further information. Kind regards. Rafael
You're welcome, Grant. I think Rafael was able to answer your question regarding the options. Let me know if you want to connect with him. I'd be glad to. Email me at contact@expatseverywhere.com - Josh & Kalie
The main hurdle with renting a property on Airbnb would be getting the right permit. You need an AL (alojamento local) certification to do short-term letting. - Josh & Kalie
If you prepay a 200k mortgage, the penalty is 40k (fixed rate 2%) or 10k (variable 0.5%). Why did the broker say the prepayment penalty is not so much. I'm confused.
@@ExpatsEverywhere You're so right! I was doing 20%! Thanks for clarifying. The penalty isn't bad at all. Do you know if it's possible to negotiate away the prepay penalty?
Greetings, Hi Josh, I have a question, Is it better to open a bank account with the bank that is recommended by the Mortgage Broker, Because from what we know we have to open a bank account in Portugal first with our NIF and than we can do any other transaction in Portugal. So, Just asking? From Singapore. Thanks
Hi! In general, it's the thing to do. I wouldn't get too hung up on this part of it. It's probably best to open a bank account for your daily use with a bank that you want/don't mind using on a weekly basis and if your lender is a different bank so be it. I hope that helps. Please send my love back to Singapore. - Josh
Josh great video I got lots of information. I plan to move to Portugal from the US in 2 to 3 years how can I connect with Rafael ? keep up with the good work Muito Obrigado
Thank, Jorge. We're glad that you found it informative. We decide to try something different with this video and we're happy with the way it turned out. 😁 Shoot me an email at contact@expatseverywhere.com and I'd love to make the introduction for you. - Josh
@@ExpatsEverywhere With your knowledge and experience do you think the industry would be open to joining a multiple listing service if it was available and free to start?
@@PCNProperties I have no idea. Why one doesn't currently exist is beyond me. It's silly. It is commonly said that the bank that does the most lending in the area has the best comps (for obvious reasons). - Josh
@@ExpatsEverywhere I may just build it. It’s simple enough, but I would need the buy in. If all closings are public record I could compile that data for the MLS data base.
You can apply for one online. If you used a service like bordr.io, we have a discount code for our viewers. "expatseverywhere" gets you €10 off their service. Check out this video. th-cam.com/video/mCCTjMZeihY/w-d-xo.html - Josh & Kalie
@@Mr.S65 I just went through a comparison with 2 lawyers while I was in Portugal a few weeks ago. They charged almost 4 to 5 times what Bordr charges. I went with Bordr. Wish I had thought of service they're providing. They're going to corner the market with the company they started. Call around though to make sure.
@@JasonJFlippingLife I found out the NIF is free in Portugal. If I happen to be there, I’ll do it myself just like the guys here did it. Thanks for the piece of advice though.
@@JH_Davies_Tlangthan11 Thanks for writing back. A foreigner can buy a property in Portugal with a mortgage regardless of visa or residency status. We've known people that have bought remotely from their home country. - Josh & Kalie
Thanks!
This is really kind, Gerry. We appreciate the channel support for content like this. - Josh & Kalie
I bought my apartment with Rafael. I had no stress and all the steps in the process were fantastics. He is a person to be trust.
That's for the vote of confidence, Emilia. We're on this journey. Congrats on buying an apartment. 🙌 - Josh & Kalie
How do i get in touch with Rafael ?
Hi Emilia how can I get in contact with Rafael?
Documents needed for the MORTGAGE: Passaport, Tax Return, 3 last paystubs and bank statements and Credit Report. Marriage certificate (if necessary) and NIF (Fiscal number in Portugal) that you can send it later to the banks. If you are married the banks will also need your partner´s documents listed above.
You can quote your mortgage with us even without a NIF (Portuguese Fiscal Number). We will send you the bank proposals so you already know which bank works better for you. Later when you start looking for your property our team can issue your standard NIF. (ADVICE: Avoid the provisional NIF issued by some banks just to open an account when you are abroad. Later to get the standard NIF you will have to cancel the provisional one and only then start the process for the standard NIF and this process can take time and delay your process). Talk to our team and get ASAP the standard NIF avoiding delays in your mortgage process.
I am married but if I buy a home in Portugal it will be purchased using my inheritance funds. In the US I am allowed to keep that as a separate asset from my husband so my children from a previous marriage can inherit it and any sole property I purchase with it. I cannot co- mingle it or that protection for my children is gone. So my question is- as a married woman can I purchase property in Portugal in my name only using only my documentation?
@@debbieb9815 Hi Debbie. Thanks for you comment. Yes, it can be done using a declaration of marital property regime. Talk to our team so we can provide further information on this matter.
Hi Rafael, very informative session, thank you. Any chances contacting you via email in order to ask additional questions?
Sound quality in last interview is lacking-would have been wise to conduct sound check with guest prior to the interview. Fortunately the mortgage broker was clear.
Hey Josh, cool videos. We've lived in Portugal for 2 yrs now. Just wanted to add a couple things here from my observations and experience. Not all banks / mortgages require life insurance, it can be negotiated. Of course the banks want you to have it because it's extra profit on your loan, but if you have a pretty strong profile, it can be avoided. Another thing to consider is that debt to income ratio in Portugal is calculated based upon net income, not gross which is totally different than the US. Your mortgage broker seems sharp. Boa sorte!
Thank you very much. We appreciate it. Rafael has been very helpful so far. All the best to you. Hope you're enjoying Portugal. - Josh & Kalie
Thank you, Josh you asked all the questions I needed Answers to .Wow!🌍
Awesome! We're glad we were able to answer all your questions. 😁 - Josh & Kalie
Hey Josh, another great video. In addition to the 20%-30% down payment, the buyer will pay an estimated 7% to 9% in closing costs based on the purchase price, plus the cost of a solicitor or lawyer to help with the process of making sure everything is legal.
(IMI) Municipal property tax: 0.3% to 0.5%
(IS) Tax stamps: 0.8%
(IMT) Municipal real estate transfer tax: 4.42% to 4.7%
Notary fees and land registration fees: 0.2% to 1.2%
Thanks, Thomas.
Yeah, there are a lot of up front costs involved with buying here especially compared to other places around the world. It feels pretty daunting doesn't it. Have you all bought here already? - Josh & Kalie
@@ExpatsEverywhere It is not official yet (a well known developer in Lagos has to get the construction license est. 1/22, then we can sign the promissory contract), but I would say yes, it is new construction in Lagos, between Dona Ana and Camilo beaches. We will have a sea view to Dona Ana. Estimated completion is Spring 2024. You, Kalie, and Cia will be welcome to use it when it is done. We will keep you posted on our journey over the next two years.
Hi Thomas. Let me try to help a little bit. The IMI is not a closing cost, you pay it in the subsequent year of the purchase and you can get a exemption of 3 years if it’s your first house in Portugal. Stamp tax is exactly 0,8% as you said but the Notary fees and land registration is not a percentage of the deed, it is currently 990€ or less, depending where is the deed. The IMT depends if it’s a house for rent or for living and it is an exponencial curve starting from 92.000€ (below that value IMT = zero). An IMT for a house of 250.000 will be 8.412€ (3,3%)or 9.336€ (3,7%) just as an example. So in that case of a 250.000€ property the closing cost are 4,9% even for a secondary house. Hope it helps!
@@flaviamitkiewicz3125 Thanks Flavia. So much good information! As buyers, I think we all like to have an idea in mind when shopping for a home. It helps us save and/or budget.
Last Year I had an online chat with Rafael and he seems really experienced and realible economist.
Thanks for sharing your experience with Rafael, Luciana. - Josh & Kalie
Thanks
Thanks for the useful information Josh, we're in a process of moving. Would you be able to send the information of the broker please?
Thank you so much for the channel support, Peter. - Josh & Kalie
Shoot me an email at contact@expatseverywhere.com and I would be happy to make an introduction. - Josh
@@ExpatsEverywhere dropped you a mail Josh & Kalie
We got it! Thanks, Peter.
I am buying next year my house in Portugal! Thank Rafael! I live in Miami today!
Nice! Congrats. 😊 - Josh & Kalie
Outstanding video Josh. Thank you.
Glad you liked it! Thank you. 🙏 💪 - Josh & Kalie
Great Information! Thank you!
Our pleasure! Than you. - Josh & Kalie
The TH-cam is very informative, you're a good interviewer. Thanks.
We appreciate that! We aim to be informative! - Josh & Kalie
My fav vid so far! Great information! Thanks so much!
Thank you for the support Aaron! For further information: contact@expatseverywhere.com
That's so awesome to hear, Aaron!! We appreciate it. - Josh & Kalie
Excellent presentation! Rafael is a very polite person, extremely trustworthy and with a very high level of professionalism. I recommend it to everyone!
Hi Eduardo. Thank you very much for your compliment and support.
Thanks, Eduardo. We appreciate the vote of confidence. - Josh & Kalie
Great video, thank you.
Thanks, Jeffery. All the best to you. - Josh & Kalie
that is exactly what i looking. Thank you for the video
Awesome! So glad to hear it. - Josh & Kalie
Hi Josh , this is Kathleen . I used to belong to your patron page . I spent a month last year traveling Portugal And I believe I will come again in Sept and look for a place to buy . I have learned so much from you &. Kalie and am so very great full to both . I am looking at the Algarve , Real de Sontago ( spelling ) . So please give Kalie and your beautiful Daugherty my best . I may join your Chanel again for advise and referrals . Take good care of your beautiful family !
Hi Kathleen, it's good to hear from you again. We're glad that you learned so much from us. We're happy to provide that information. I'll let Kalie and Cia know that you said hello. Vila Real de Santo Antonio? Hope you do join again. Support like yours helps. 💪 - Josh & Kalie
This videos are full of treasures. Porto is really interesting for Valencias education, far better than Lisbon IMHO. You made a video in July in Coimbra with Sandra Fonseca from Radical, and showed three studios,
the first one Combatentes 125A 5B. Well, I now rented 5 C till end of 2022 in order to apply for the NHR regime. It´s still empty, but I have a KLM flight on December 28th from EZE (Buenos Aires) to Madrid. My plan is to spend new year in Coimbra. I reiterate, I´m a Schengen pass holder, so I don´t need to do paperwork from overseas. Your videos are a great guidance for me. Thank you!
Thanks, Teo! We appreciate the update and we're glad that Sandra could get you a spot. 😊We're glad to hear that our videos have been a great guidance for you. - Josh & Kalie
Great interview with the realtor guy. Enlightened a lot of topics! Thumbs up!
Thanks, Ric. We appreciate it. - Josh & Kalie
Great info! I worked in insurance in Canada for several years. Never buy your mortgage insurance from the bank!! It sounds like Portugal is the same. When you buy it from the bank, they are the beneficiary (to cover the mortgage)… the thing is that the bank gets all of it. So if you get insurance for the balance owing, and then pay down the mortgage, the bank gets all the money… even if the debt is half of what it was. Buy it separately then the money goes to the beneficiary to pay off the balance of the mortgage, and then they can keep the rest of. The money.
Hi Jen. Thank youvery much for your comment and support. Kind regards.
Hey Jen! Thanks for the comment. Sorry it took a few days to reply. We've been on the road. 😅 - Josh & Kalie
As always, very informative Video about mortgage and house purchase by Expat everywhere! You asked the right questions that were bothering me! Best wishes!
Good one, as always. Listened on headphones, great stereo "swish" on "Let's get movin".
Thank you very much! Is there a great stereo on "Let's Get Movin'"? The jet sound? That's fun! 😁We're about to dabble into more sound effects on our video. 😅 Wish us luck. - Josh & Kalie
@@ExpatsEverywhere Yes, travels through my head, proves that there is no vacuum there(good to know). Good luck(or "Break a Leg" as they say in the theater world) for everything. You guys are having a great adventure, stay safe.
8:08 Did I hear that right? You can Rent your new property for a period before coming over?
It was a suggestion if you bought a property as an investment, but sure, you could probably buy something now with the intent to move in 6, 9, 12 months and rent it on the short to medium term market, why not? - Josh & Kalie
you're still paying the interest only payments there fellaw on the rehab loan.... just wanna make sure we are on the same planet. Love it!
Really great information. Thanks for the video!
Thank you. We're glad you think so. - Josh & Kalie
FIXED and VARIABLE RATE, which one is better? Both fixed and variable rate are at historic lows. So you can go with a fixed rate (that is usually higher than the variable rate) and get the same installments every month during the entire mortgage term (that gives you a perfect cash flow forecast) OR you can choose the variable rate which is indexed to Euribor (Euro Interbank Offered Rate) and get your installments lower or higher, depending on the Euribor rate announced by the EMMI for the current period. The rates for Euribor usually are function of the inflation in Europe.
Euribor is not an European Central Bank Rate
Hi Rafael, can retired people be guarantors in Portugal for a mortgage?
@@chismetime4u Yes! It´s for sure possible.
Thanks so much for this video, very informative
You are so welcome! We appreciate you watching and calling it informative. That's one of our targets for our videos. - Josh & Kalie
Thank you for this....you guys always provide information rich videos and this one is so useful. Rafael sounds like gem, too! Good luck to you, Kalie and Cia, the vertical community sounds so awesome! ✌🏾❤🇵🇹
Our pleasure! Thanks for watching. Sorry for the delayed reply. We appreciate the comment and encouragement. Rafael has been great. - Josh & Kalie
Very amazing and clarifying video in which Rafael explains lots of details and helps people understand the process in Portugal. Thanks for all your tips and professional knowledge!!
Thank you Fabricio for you support! For further information: contact@expatseverywhere.com
Thank you. We appreciate it. We're glad that you liked the video. 😁 - Josh & Kalie
A wealth of great information when purchasing a home in Portugal! Wonderful video, great job, Josh!
Thank you. 😁 - Josh & Kalie
Excellent video, and extremely appreciated by me! Thank you so much! I needed this info!
Hi Alisson. Thank you for your support. If you need further information please let us know.
Thank you, Allison! We are happy you're so pumped about the video! - Josh & Kalie
Amazing you can finance in Portugal using Tax Returns from Canada and US
😊 - Josh & Kalie
So glad to hear you can get a loan to renovate a property as well as purchase it! We won’t be moving until 2024, but will keep Rafael in mind when we are ready!
Thank you Melissa. Our team is ready to help you whenever you are ready to purchase a property. Please fell free to contact us when the time comes. Kind regards
We're pretty happy about it too! 😁 - Josh & Kalie
@Karina Oliveira Sure Karina. I work in the entire country and Islands. We can schedule a meeting so I can understand your plans and answer initial questions that you might have. Rafael
Thanks Josh! Incredible information to have. You and Kalie are doing great things. Very much appreciated!
Thank you very much, WG! That's really encouraging to hear. 🙏 We really, really appreciate this comment. - Josh & Kalie
Excellent video! Answered a lot of our questions/concerns.
Thanks, Caroline! We're glad to hear we answered so much for you. - Josh & Kalie
Great vídeo! Rafael explain step by step what is necessary to get a mortage.
Thank you Eduardo. Any questions you have we are available to answer it anytime. Kind regards
As always Great job Josh & Kelie !! You're my heroes . Wish you all the best !!! Thanks
Thank you! You too! We appreciate the kind words and support. - Josh & Kalie
Boa! Rafael é meu contato número 1 quando se trata de imóveis em POrtugal
😁 - Josh & Kalie
Great video! It's very enlightening and provides accurate information for those, who want to get a property in Portugal. Thanks!
Thank you Gustavo. We do appreciate it.
Thank you, Gustavo. - Josh & Kalie
Great video! Thank you so much!
You're welcome. We're glad you liked it! - Josh & Kalie
A lot of great information on this video..
Thank you. 🙏 - Josh & Kalie
Thanks for the information!
You're welcome. Thanks for watching. - Josh & Kalie
Thank you for this video! I'm currently in Lisbon and found it very helpful.
You're very welcome, Jade. 😁 How's life in Lisbon for ya? - Josh & Kalie
@@ExpatsEverywhere It's awesome (as always)! I'm only here for a month this time but already planning my next trip (soon) for longer :D
Amazing video!… really informative and perfect timing for me… thank you 🙏🏻
Thanks, Gerardo! We appreciate it. Thanks for the email too. - Josh & Kalie
Great content!
Thanks, scooter! - Josh & Kalie
Rafael, I live in Aracaju city, Brasil.
Its very important to Know your excelent job in Portugal.
I wish success Forever
👏👏👏🍀🍀🍀
Hi Cris! Nice to hear from you! Thank you for all your support. Kind regards
Lovely.
good morning my beautiful people if you plan on living in Portugal check figueira da foz it's in the center of the country's coast standard of living much cheaper than Lisbon or Porto and close enough to go to Lisbon or Porto as often as you want
He is a mortgage broker which takes commission off the bank provider. It works very similar to Australia but the interest rates are much lower in Europe than in Australia in terms of mortgages.
We have mortgage brokers here in Canada as well. Twenty years ago I utilized a mortgage broker to get my first mortgage. It didn’t cost me anything and I got a mortgage at a much lower rate with one of the top banks, and at a much lower interest rate than what I would have been received from the bank if I had gone to them directly.
At one point, I wanted to take the Mortgage Broker training. There is good money to be made as a Mortgage Broker. The big banks pays good commission to Brokers for the businesses they bring to them.
Thanks for sharing. - Josh & Kalie
Mortgage brokers in Portugal make their commission from the bank. We started with a mortgage broker and, after clearing it with him, requested a mortgage from our bank which he had no relationship with, and they ended up offering us the best deal. He had no issues with us choosing our own bank even though he would not get a commission.
I just spent a week in Portugal looking at properties and I need to connect with Raphael. Can you make the introduction?
Hi Regge! Please send an email to contact@expatseverywhere.com
I bought an apartment with Rafael and he support me with the mortgage, It was really great!👍🏻
Thanks for your support Patricia. Merry Christmas!
Thanks for sharing your experience, Patricia! - Josh & Kalie
@@rafaelfonsecaportugal May I contact you for my mortgage plans? Thanks in advance!
This is so helpful, thank you! What is the best way to contact Rafael?
We're glad it was helpful. If you'd like we can make an introduction. Shoot me an email at contact@expatseverywhere.com it's night here but if I wake up to your email, I can see if he can respond to you tomorrow morning. - Josh
This was a great video with clear information on getting a mortgage. Thank you so much!
Thank you Debbie. Our team is at your disposal anytime. Kind regards
You're welcome. Debbie B. We're happy to hear it! - Josh & Kalie
Nice explanation on a subject kind of tricky, specially for a newcomer like me...
Thanks Raul. We are waiting for you and Vivi here in Portugal.
Thank you, Raul. - Josh & Kalie
Great video! Helps people understand the nuts and bolts of real estate financing in Portugal. Kudos! 👌
Thanks, Ricardo!! - Josh & Kalie
Please🙏🏻 share Raphael information.
Hi Julian! Please send a brief email to
contact@expatseverywhere.com so we can schedule a video meeting. Kind regards. Rafael
Email contact@expatseverywhere.com and Josh will make an introduction for you. - Josh & Kalie
Excelent explanation!!
Thank you Hugo for you support! Merry Christmas
Thank you very much, Hugo! - Josh & Kalie
What is the usual down payment? I couldn't find it mentioned in the video. Online I see anything ranging from 10% to 40%, pretty broad...
We're seeing that 30% seems to be the norm for foreigners right now. - Josh & Kalie
@@ExpatsEverywhere Tough! Even with you guys being full time fiscal residents?
Hey guys! The norm is 30% for sure but if you have an European, Canadian or US passport and you declare Income tax in these countries you can get 20% in a couple of banks.
The 10% is only for residents with salaries paid in Portugal. Hope it helps!
This is such a helpful video! I'm curious how this works if you plan to do a mix of the work yourself and with a contractor. I can do some of the cosmetic work and landscaping, for example, but wouldn't be able to do the roof
Great video. Very informative and the way to go.
Thank you, Sharon! We're glad to hear it's informative. - Josh & Kalie
Hi Sharon! How is it going? Love your horses! Thank you for your support.
@@rafaelfonsecaportugal. I hope to move in 1-2 years and hope you can help me.
Hello! Awesome video. It is possible I apply for the NIF online? Thank you all 🙏🏼
Hey Valeria, that's currently how you do it. We have a partner that we use called Bordr. There's a link in the description section of this video and if you use it, you get a discount on their service. - Josh & Kalie
Rafael is very qualified and we choose him to work with.
Thanks Sonia! I do appreciate it. Please send my best to Chris!
😁 Thanks for sharing, Sonia. - Josh & Kalie
Hi, thanks for the information. Do you know by any chance what is the minimum down payment by percentage for the first and second property
You're welcome. Thanks for watching. We don't know if there's a hard and fast rule to be honest. Foreigners tend to get 80% though, but it really depends on the debt to income ratio and the lending rules of the bank. You'd probably need to chat with Rafael. If you'd like an intro, email me at contact@expatseverywhere.com - Josh
Great Video very informative.
Hi Cleaning Time. Thank you for your support. Glad you liked it.
Thank you very much! - Josh & Kalie
Thank you so much!!! We are moving to Portugal soon and are looking for a property:) would love to meet with you one day!
Keep us posted, Anna. - Josh & Kalie
What the name of the company that Rapheal works at?
Hi Sha La Vie. I work for Decisões e Soluções in Portugal, the largest mortgage company in Portugal.
Wow! Invaluable information! Well done. 🙏
Thank you Elizabeth. The Expats Everywhere team is at your disposal anytime.
@@rafaelfonsecaportugal 🙏🤗
😊 You're the best! - Josh & Kalie
Excellent video 👌
Thank you 👍 - Josh & Kalie
Great video, Josh! We're hoping to find a place in which we can purchase outright but with home prices continuing to rise this might not net us a suitable property so a future mortgage might be needed. Very informative. Thank you and good luck to you & Kaley in finding a home that you will love.
Thank you!! Thanks for sharing about your property hunt and buying desires. We'd love to have the cash to buy outright too. You can get better deals that way I think. - Josh & Kalie
Hi. Portugese Golden Visa is issued to foreigners, buying a property above 280K. Is mortage allowed for Golden Visa properties? If yes, what should be the downpayment? Can Rafael help with buying a suitable property?
Great information, Buying and renovating is similar to the US. You get the mortgage, and a construction loan.Whats different is the requirement to obtain Life insurance to cover the total amount of the loan. Rates between banks sounds similar, so I guess it's a matter of how the bank chosen operates.
Surrendering personal information has been tricky since you are not physically there. This was my concern giving all the financials to VFS global handling the visa application.
Thanks!
Yeah, it feels weird to just send that information away. It's opposite what we're told for cyber security, isn't it? - Josh & Kalie
how easy or difficult is it to refinance a loan? For example currently rates are high and if we do a fix rate mortgage now, and 5 years from now (hopefully) rates will be lower and i want to refinance it again on a fixed rate, is it possible?
Very good
Thanks, Joao! - Josh & Kalie
Does Rafael deal with mortgages in Central Portugal?
Sure Cathy! All over Portugal and the islands.
Does Rafael only cover northern Portugal not Lisbon area?
He can provide mortgage services Portugal wide. - Josh & Kalie
The best way to take advantage of the negative real interest rates and apply for real estate credit. Makes no sense to try to do it all by yourself you can count on a professional. Much faster and, moneywise, more efficient Those who are not familiar with portuguese culture must keep in mind that the country is known for still having a high level of burocracy.
Hi Rodrigo. Glad you like the video. Thank you so much for your comment and support. Kind regards
True story, Rodrigo! Thanks for the comment. - Josh & Kalie
Thank you for the great video and all the information.
Can you please let me know how to contact Rafael? I need to ask him more specific questions.
You're very welcome. Thanks for your email. Good connecting with you over there. - Josh & Kalie
You never save time or money rehabbing a property unless you are a professional contractor. Or better phrased, it will take you twice as much money and three times the amount of time you think it will.
Great interview. Do you need a D7 before you begin the mortgage process? Thank you 🙏🏾
Hi Nurture. You don´t need VISAs of any kind to buy and finance a property in Portugal. The important is showing Tax Returns, PayStubs, Credit Reports, etc to the banks. Even if you want to buy the property remotely we can introduce lawyers to represent you during the entire process. We made a bunch of deeds remotely and the customer just has to come to Portugal, get the keys and start living at the new property.
Thank you. We appreciate it. Nope, you don't need any visa. Some people are just pure investors from abroad. - Josh & Kalie
Good information and thank you for that. I like to pay a fee, because then the broker has an obligation to me. Otherwise he's working for the Bank.
Usually you don´t need to do that here cause the commission is the same. Some banks are more friendly to account opening and remote mortgage process, these can be a good reasons to choose a bank.
Muito bom
Thank you, Rodrigo! - Josh & Kalie
Excellent video 🎉🎊🎉
Thank you very much! We appreciate it. - Josh & Kalie
Would you mind sharing his info. Also is it always a case to have 30% for down payment?
Rafael's TH-cam channel:
th-cam.com/users/RafaelFonsecaInvestiremPORTUGAL
sometimes, properties come up for sale that can be financed 100%, usuallly used properties repossessed by banks. Expect some renovation to be necessary.
We'd love to make an introduction for you if you'd like. Email me at contact@expatseverywhere.com
30% for foreigners is kind of the norm but it could be a bit less. - Josh
@@jmbpinto73 that's really cool information, José! And would you mind sharing where would someone look for this kind of property? The dedicated banks' real estate websites? Thanks for sharing!
Josh, that was a very informative video! I will be on touch with you privately about the broker.
Thanks, Wendy! I appreciate it and saw your message. I wrote you back. 😁 - Josh & Kalie
I think the biggest takeaway here is that in Portugal, bank mortgage guys hang out in awesome leather jackets. Another reason to go to Portugal.
😂 Leather jackets for the win! - Josh & Kalie
Fantastic video Josh and Kalie. Very much needed in this space. I spoke with Millenium when I was there in Portugal about the mortgage process, but your video added a few bits of info. Do you know if their are options for cashout refis in Portugal? In other to scale faster. That's the one thing as an investor that would give me pause to shift funds into more than 1 Portuguese property.
Yes, it is possible to refinance, provided you stay within the loan to value ratio. "Value" is determined by the external appraisal ordered by the bank, they organize that you just have to wait for it to be done.
Hi Jason. If you already have your current mortgage around 50% paid you can go for a cash out refinance to acquire other property.
Hey, Jason, thank you. We appreciate the vote of confidence in the content we're creating. We'll let the pros take over answering you questions. 😅 - Josh & Kalie
@@rafaelfonsecaportugal. Thanks Rafael.
Does Rafael do any checks on the property that a client may be interested in? That is, checking if all taxes etc. are paid up, whether buildings on the property are registered? Does the bank's lawyer deal with this?
Hi Ric. Sure the bank will check if all documents are in order. When financing the client doesn´t need to worry about that.
Does, Rafael's answer help you out, Ric? - Josh & Kalie
Planning to byy a property in Portugal. Any Ideas
I have plenty of ideas. 😊 Email me at contact@expatseverywhere.com and we can chat about it. - Josh
hi. I know that as a non-EU citizen, I can buy a house in Portugal like any other foreigner but can this buying, bring me a residence permit? I mean if I buy a house with any budget can I live in Portugal in my house, or for that permit my investment should reach a minimum investment on the real estate (like golden visa for example)?
Not automatically, but it will help you to qualify for residencies and visas
My wife and I recently traveled to Portugal, we were told that we needed insurance if we were to buy a house because of our age 60+ what could we expect. We think that we could possibly put down up to 50%
Hi Steven. This is not entirely correct (about the life insurance). Send an email and we will try to help you.
Interested to buy a flat in porto, I m working and living in UAE. What is 1st step.
First you should check wiith the banks how much you can get... and then start your search.
Banks in 🇵🇹 do not finance based on your credit score, but based on your salary, income to debt ratio, (DTI) and they will chk your debts against the registered by the Bank of Portugal 🇵🇹. All debts you incur are registered in the BOP via NIF Nr. If you do not pay on a Portuguese debt, it will be reported to the BOP, so don't think that irresponsabilities as such, or billing issues that go wrong and not resolved, go unoticed or looked into by the bank, it is, but by itself it does not mean you will not get a mortgage. However, the salary is the key, plus job situation, nr. of years employed, nr. of years at your position, if you are near retirement age, savings, and of course DTI %.
Thanks Josh, great video with lots of detail! One point you seemed pleased about was the 2 years deferment on repayments other than interest for a renovations loan but to be clear, wouldn’t that just apply to the renovations loan and not the house mortgage? i.e. they are seperate loans so you would still be paying for 2 homes while you are renting and renovating the new home (i.e. rent+mortgage on house+interest on the 2nd renovations loan), correct?
Hi Grant. Thank you for your comment. There are lot of variations on this matter. For example, 1) if you already have a land and you wanna construct a house you will be for two years paying an interest-only mortgage. 2) If you also want to finance the land (usually the banks don´t like to finance land but it´s possible to find a bank which finances 50% or maybe a little more) plus the construction then here even with two mortgages, one will not be so expensive and the other one will be interest only for 2 years. 3) You can also finance a house to renovate it, let´s suppose a property that when is completed costs 500.000€, so instead of paying a 500.000€ mortgage you will probably would be paying a regular mortgage of 300.000€ for a "second hand" house plus a 100.000€ interest only mortgage for the renewal. And when it´s done the renewed house will probably be appraised for 500.000€. It is still an advantage. I´ll be glad to show you other scenarios when you want to. Please get in touch with: "contact@expatseverywhere.com" for further information. Kind regards. Rafael
You're welcome, Grant. I think Rafael was able to answer your question regarding the options. Let me know if you want to connect with him. I'd be glad to. Email me at contact@expatseverywhere.com - Josh & Kalie
Can you rent your property on Airbnb or do you need a buy to let mortgage?
The main hurdle with renting a property on Airbnb would be getting the right permit. You need an AL (alojamento local) certification to do short-term letting. - Josh & Kalie
@@ExpatsEverywhere Thanks - very good video by the way!
If you prepay a 200k mortgage, the penalty is 40k (fixed rate 2%) or 10k (variable 0.5%). Why did the broker say the prepayment penalty is not so much. I'm confused.
Your math is off. 2% of 200k is 4k. - Josh & Kalie
@@ExpatsEverywhere You're so right! I was doing 20%! Thanks for clarifying. The penalty isn't bad at all. Do you know if it's possible to negotiate away the prepay penalty?
@@PatrinaOzurumba 😁 😅. It's worth a shot in asking.
Greetings, Hi Josh, I have a question, Is it better to open a bank account with the bank that is recommended by the Mortgage Broker, Because from what we know we have to open a bank account in Portugal first with our NIF and than we can do any other transaction in Portugal. So, Just asking? From Singapore. Thanks
Hi! In general, it's the thing to do. I wouldn't get too hung up on this part of it. It's probably best to open a bank account for your daily use with a bank that you want/don't mind using on a weekly basis and if your lender is a different bank so be it. I hope that helps. Please send my love back to Singapore. - Josh
Josh great video I got lots of information. I plan to move to Portugal from the US in 2 to 3 years how can I connect with Rafael ? keep up with the good work Muito Obrigado
Thank, Jorge. We're glad that you found it informative. We decide to try something different with this video and we're happy with the way it turned out. 😁 Shoot me an email at contact@expatseverywhere.com and I'd love to make the introduction for you. - Josh
What about an appraisal on the property? Doesn’t the bank want to make sure the value is the collateral?
Yes, appraisals will be ordered. They do struggle with comps because there's no MLS here. - Josh
@@ExpatsEverywhere With your knowledge and experience do you think the industry would be open to joining a multiple listing service if it was available and free to start?
@@PCNProperties I have no idea. Why one doesn't currently exist is beyond me. It's silly. It is commonly said that the bank that does the most lending in the area has the best comps (for obvious reasons). - Josh
@@ExpatsEverywhere I may just build it. It’s simple enough, but I would need the buy in. If all closings are public record I could compile that data for the MLS data base.
I may have overlooked it but I didn’t see Rafael’s contact info. Would you share that please. Thanks!
Hi Debra! Thanks for you comment. Please send an email to contact@expatseverywhere.com
Thanks for writing us, Debra! - Josh & Kalie
How do you get a NIF if you don’t live there ?
You can apply for one online. If you used a service like bordr.io, we have a discount code for our viewers. "expatseverywhere" gets you €10 off their service. Check out this video. th-cam.com/video/mCCTjMZeihY/w-d-xo.html - Josh & Kalie
@@ExpatsEverywhere I checked out that option. Is it that expensive in Portugal too? Thanks
@@Mr.S65 I just went through a comparison with 2 lawyers while I was in Portugal a few weeks ago. They charged almost 4 to 5 times what Bordr charges. I went with Bordr. Wish I had thought of service they're providing. They're going to corner the market with the company they started. Call around though to make sure.
@@JasonJFlippingLife I found out the NIF is free in Portugal. If I happen to be there, I’ll do it myself just like the guys here did it. Thanks for the piece of advice though.
Can immigrant buy a home in Portugal after he/she got TRC ?
Sorry, we're not sure what a TRC is. - Josh & Kalie
@@ExpatsEverywhere TRC (Temporary Residence Card) is a card from government which immigrant got after 18 months in Portugal.
@@JH_Davies_Tlangthan11 Thanks for writing back. A foreigner can buy a property in Portugal with a mortgage regardless of visa or residency status. We've known people that have bought remotely from their home country. - Josh & Kalie