BuySellBA
Administrator
Mortgage loans: How long does it take to find a property? And what happens if I don't find one? - La Nacion Propiedades
Source:
www.lanacion.com.ar
May 07, 2025
Depending on the bank, the period can range from 30 to 90 days, and in some cases it is required to have already chosen the home.
By Candela Contreras
Many mortgage applicants prefer to be sure they can access the loan first before choosing the home.sirtravelalot - Shutterstock
Purchasing a property is one of the most important financial and personal decisions a person makes in their lifetime , and in recent years, with the lack of financing available, many people have been left out of this opportunity . Now, with the return of UVA (Purchasing Value Unit) mortgage loans and a market eager to respond to the lifting of the exchange rate restrictions, the door to owning their own home has reopened.
So much so that since the second half of last year, a change in the trend in property purchases was evident, and 2024 closed with a total of more than 11,000 loans granted , according to data provided by the Tejido Urbano Foundation. But this increase has also been recorded in the number of purchase and sale transactions: in March, there were 992 deeds formalized with a mortgage in the City of Buenos Aires , around 20% of the total number of acts for the month (4,747) and 1,042% more than the same month last year, according to information from the Buenos Aires Notary Association.
What does this tell us? “ When there's a mortgage loan, the cycle is virtuous . A first-time homebuyer who 'never existed' usually appears. And the person who sells their property to the person who received the loan turns around and buys a property that's usually a little larger or of higher value,” the institution states.
However, it's important to keep in mind that there are several steps involved in the process of purchasing a property with a mortgage from a bank to successfully complete the transaction . Thus, one of the most common questions among those starting the process is how long they have to find a property once the bank approves the credit prequalification. Many prefer to be sure they can afford it first before choosing the home.
Each bank has its own conditions regarding its mortgage loan offering.maxie amena
At Banco Nación , one of the main providers of UVA loans, the deadline to find a home is 60 days from prequalification , with the possibility of an extension. This means that applicants have two months to choose the property they wish to purchase and submit all required documentation.
Another bank that offers the same timeframe for finding the right property is Santander. At this bank, customers have a two-month limit to present their chosen home to the bank; after this time, they must re-qualify.
Banco Ciudad allows between 60 and 90 days to revalidate the documentation submitted during loan pre-approval to determine if the credit rating remains valid or needs updating. During this time, the property can be presented .
In the case of Banco Macro , the time allowed is somewhat shorter: 40 days . This limit also counts from the prequalification process, which is the first step in which the bank assesses the applicant's creditworthiness.
For its part, Banco de Córdoba (Bancor) establishes a 30-day period for the client to proceed with the transaction. This short period, according to the bank, responds to the need to keep the applicant's financial information up-to-date. "After 30 days, the financial situation may have changed, either due to new debt or a default," the bank explains. If the client's credit situation remains solid, the applicant can reapply without problems.
Banco Galicia is one of the banks that offers the greatest flexibility, with 60 days to complete the purchase. This longer period may be convenient for those who haven't yet chosen a property or need more time to negotiate the transaction.
In the case of BBVA , they explain that there are two distinct customer profiles: on the one hand, there are those who come first to inquire about how much they could finance based on their income . Generally, they return within a period of no more than two months with a selected property to move forward with the transaction. On the other hand, there are those who already come with a defined property, complete the prequalification and submit the application immediately. In these cases, the process until reaching the notary usually takes about 20 days , and then another 25 to 40 days are added depending on the property in question and the time taken for the title search.
However, not all banks allow you to proceed without a specific property. In the case of Banco Hipotecario and Banco Patagonia , for example, property documentation is required from the start of the process . "There is no set timeframe to find a home because you have to have it chosen from the start. Once the client presents the property documents, the qualification and loan granting process begins directly," explained one of these entities.
The lifting of the exchange rate restrictions introduced changes to the UVA mortgage loan market.SuperOhMo - Shutterstock
Furthermore, in a context of changing rules such as the recent lifting of the currency controls , the time factor plays a key role: the window of opportunity to complete a transaction under favorable conditions may be brief. This is a fundamental aspect to consider, since the real estate market has returned to operating based on the official dollar, within the new exchange rate band established between $1,000 and $1,400, and no longer with the Mexican peso as a reference , as was the case until then.
In this scenario, marked by daily fluctuations in the US dollar within the range, although it has stabilized around $1,200, the amount in pesos the bank grants at the time of signing the deed will depend on the current value of the official dollar . If the exchange rate is near the bottom of the range ($1,000), more people could access a property or aspire to units with a higher dollar value. On the other hand, if the dollar is positioned at the upper end ($1,400), the equation becomes less accessible.
This is because a rising dollar can make it difficult to obtain a mortgage , especially for those with limited incomes or those who need a loan for a specific amount. If the dollar rises significantly while the loan is being processed, the account may not be able to close , which could leave a potential buyer out of the process. This means that more pesos are needed to purchase the same property in dollars. Consequently, the percentage of the loan payment (which must be 25%) increases, which can mean that people who previously qualified are now unable to do so.
Based on this exchange rate band established by the government, market specialists recommend that when searching for a property, you always consider the top of the band , i.e., a dollar at $1,400. If the exchange rate is set at that rate at the time of the deed, it won't be a problem signing, and if it's lower, the installment amounts will be reduced.
www.buysellba.com
Source:
Créditos hipotecarios: ¿en cuánto tiempo hay que encontrar una propiedad? ¿Y qué pasa si no encuentro?
Según el banco, el plazo puede ir de 30 a 90 días, y en algunos casos se exige tener ya elegida la vivienda
www.lanacion.com.ar
May 07, 2025
Depending on the bank, the period can range from 30 to 90 days, and in some cases it is required to have already chosen the home.
By Candela Contreras
Many mortgage applicants prefer to be sure they can access the loan first before choosing the home.sirtravelalot - Shutterstock
Purchasing a property is one of the most important financial and personal decisions a person makes in their lifetime , and in recent years, with the lack of financing available, many people have been left out of this opportunity . Now, with the return of UVA (Purchasing Value Unit) mortgage loans and a market eager to respond to the lifting of the exchange rate restrictions, the door to owning their own home has reopened.
So much so that since the second half of last year, a change in the trend in property purchases was evident, and 2024 closed with a total of more than 11,000 loans granted , according to data provided by the Tejido Urbano Foundation. But this increase has also been recorded in the number of purchase and sale transactions: in March, there were 992 deeds formalized with a mortgage in the City of Buenos Aires , around 20% of the total number of acts for the month (4,747) and 1,042% more than the same month last year, according to information from the Buenos Aires Notary Association.
What does this tell us? “ When there's a mortgage loan, the cycle is virtuous . A first-time homebuyer who 'never existed' usually appears. And the person who sells their property to the person who received the loan turns around and buys a property that's usually a little larger or of higher value,” the institution states.
However, it's important to keep in mind that there are several steps involved in the process of purchasing a property with a mortgage from a bank to successfully complete the transaction . Thus, one of the most common questions among those starting the process is how long they have to find a property once the bank approves the credit prequalification. Many prefer to be sure they can afford it first before choosing the home.
Each bank has its own conditions regarding its mortgage loan offering.maxie amena
How long do I have to find a property?
The answer varies depending on the bank and the type of procedure each one applies . While some allow a specific timeframe for the client to find and submit the property documentation, others require the property to be selected from the start of the process.At Banco Nación , one of the main providers of UVA loans, the deadline to find a home is 60 days from prequalification , with the possibility of an extension. This means that applicants have two months to choose the property they wish to purchase and submit all required documentation.
Another bank that offers the same timeframe for finding the right property is Santander. At this bank, customers have a two-month limit to present their chosen home to the bank; after this time, they must re-qualify.
Banco Ciudad allows between 60 and 90 days to revalidate the documentation submitted during loan pre-approval to determine if the credit rating remains valid or needs updating. During this time, the property can be presented .
In the case of Banco Macro , the time allowed is somewhat shorter: 40 days . This limit also counts from the prequalification process, which is the first step in which the bank assesses the applicant's creditworthiness.
For its part, Banco de Córdoba (Bancor) establishes a 30-day period for the client to proceed with the transaction. This short period, according to the bank, responds to the need to keep the applicant's financial information up-to-date. "After 30 days, the financial situation may have changed, either due to new debt or a default," the bank explains. If the client's credit situation remains solid, the applicant can reapply without problems.
Banco Galicia is one of the banks that offers the greatest flexibility, with 60 days to complete the purchase. This longer period may be convenient for those who haven't yet chosen a property or need more time to negotiate the transaction.
In the case of BBVA , they explain that there are two distinct customer profiles: on the one hand, there are those who come first to inquire about how much they could finance based on their income . Generally, they return within a period of no more than two months with a selected property to move forward with the transaction. On the other hand, there are those who already come with a defined property, complete the prequalification and submit the application immediately. In these cases, the process until reaching the notary usually takes about 20 days , and then another 25 to 40 days are added depending on the property in question and the time taken for the title search.
However, not all banks allow you to proceed without a specific property. In the case of Banco Hipotecario and Banco Patagonia , for example, property documentation is required from the start of the process . "There is no set timeframe to find a home because you have to have it chosen from the start. Once the client presents the property documents, the qualification and loan granting process begins directly," explained one of these entities.
The lifting of the exchange rate restrictions introduced changes to the UVA mortgage loan market.SuperOhMo - Shutterstock
What to keep in mind
For those considering a mortgage , it's a good idea to check in advance which loan option each bank uses. If you already have a property in mind , it may be faster to choose a bank that initiates the entire process together. But if you haven't found the ideal home yet , it's key to choose an institution that offers a reasonable timeframe to search calmly.Furthermore, in a context of changing rules such as the recent lifting of the currency controls , the time factor plays a key role: the window of opportunity to complete a transaction under favorable conditions may be brief. This is a fundamental aspect to consider, since the real estate market has returned to operating based on the official dollar, within the new exchange rate band established between $1,000 and $1,400, and no longer with the Mexican peso as a reference , as was the case until then.
In this scenario, marked by daily fluctuations in the US dollar within the range, although it has stabilized around $1,200, the amount in pesos the bank grants at the time of signing the deed will depend on the current value of the official dollar . If the exchange rate is near the bottom of the range ($1,000), more people could access a property or aspire to units with a higher dollar value. On the other hand, if the dollar is positioned at the upper end ($1,400), the equation becomes less accessible.
This is because a rising dollar can make it difficult to obtain a mortgage , especially for those with limited incomes or those who need a loan for a specific amount. If the dollar rises significantly while the loan is being processed, the account may not be able to close , which could leave a potential buyer out of the process. This means that more pesos are needed to purchase the same property in dollars. Consequently, the percentage of the loan payment (which must be 25%) increases, which can mean that people who previously qualified are now unable to do so.
Based on this exchange rate band established by the government, market specialists recommend that when searching for a property, you always consider the top of the band , i.e., a dollar at $1,400. If the exchange rate is set at that rate at the time of the deed, it won't be a problem signing, and if it's lower, the installment amounts will be reduced.
www.buysellba.com
