When does the money from the mortgage credit get deposited into the account?

The process until the credit is made available.

The purchase of a house with a housing credit involves several steps, and one of the most common doubts of buyers is at what moment the money from the loan is effectively made available.

The process follows a set of steps that ensure the safety of both the buyer and the bank. These are the steps until the credit is made available.

Approval of credit

After simulation and submission of the necessary documentation, the bank evaluates the credit feasibility, the buyer's effort rate, and the property value. If everything is in order, the bank issues pre-approval.

Property evaluation

The bank carries out a property evaluation to determine the maximum amount that can be financed. This step is essential to ensure that the loan amount is appropriate to the real value of the property.

Read also: What is the impact of a property appraisal?

Signature of the deed

After final approval, the property deed is scheduled, formalizing the purchase. At this moment, the buyer, seller, bank, and notary meet to sign the contracts.

Notice also: House Purchase: What should I know about the deed?

When is the money actually transferred?  

The housing loan money is not directly deposited into the buyer's account. Instead, the bank transfers the amount directly to the seller or responsible entity (such as a real estate agency or builder) at the time of the deed.

In the case of a purchase with a mortgage, the bank only releases the funds when the property is registered as collateral for the loan, which can take a few hours or, in some cases, even a few days.

And if credit includes financing for construction?

If the housing credit includes an extra amount for works, that value can be made available in stages, according to the progress of the works and the submission of invoices or execution reports.

The money from the mortgage is made available on the day of the deed, but goes directly to the seller and not to the buyer.  

If there is additional financing for works, the values can be progressively released. It is essential to be prepared for each stage of the process and ensure that all documents are compliant to avoid delays.

Read also: Home credit for works: Invest in the transformation of your home

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